Oyo rooms which emerged as an internet start-up and took India by storm through its unconventional ideas and liberal approach towards couples has become a giant in the Hospitality Industry. By giving the Indian youth some freedom and a private space to live their romantic dreams OYO established very strong roots in the ground of hospitality.
The ongoing pandemic of Covid-19 virus has taken down many industry giants and OYO is no stranger to its devastating powers. Before the pandemic struck India hard and brought it’s economy down on its knees, OYO was the Pegasus of Indian hotel industry that caught a little cold when Covid-19 impact struck the market down and bleeded out many companies like it.
Nevertheless, as we know that OYO doesn’t know how to give up and back down, it pushed back the avalanche of economic, operational and functional disaster and is constantly trying to get back up while the COVID-19 waves keep on hitting India and the world badly. OYO's India business is now EBITDA positive and the company is earning similar gross profits globally in dollars since January 2021 as it did This OYO news is a relief for the investors and the CEO Ritesh Agarwal.
'OYO is on a steady path of resurgence in 2021 and we are seeing signs of recovery across India, Europe, and Southeast Asia. OYO's survival through the Covid crisis and our resurgence show that we are a company with strong fundamentals and high value potential,' said the firm's founder and Group CEO Ritesh Agarwal in an e-mail in March.
This is a story opposite to the BigBasket News, Grofers News which explained how these grocery delivering companies earned a huge profit during the pandemic. The pandemic was not all the same for everyone, some were able to make a fortune out of it, some were barely able to drag themselves out of the economic breakdown and some didn’t even live to see the light of day after the COVID-19 crisis.
Covid-19’s impact on Startups was brutal, many crumbled, went bankrupt or said that they had the money to survive only for a few days or months and if they didn’t receive any magical help, they will be doomed and might not get back up on their feet. Some managed to save themselves with funding from investors or the government and some saw a rapid rise in their business. However, this isn’t over so let’s brace ourselves and work together to come out of it unharmed, healthy and happy.
