Ritesh Agarwal: Latest News

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19.05.2021 / 16:21

OYO to pay 8 months full salary as part of COVID-19 bereavement support: Ritesh Agarwal

NEW DELHI : OYO founder and Group CEO Ritesh Agarwal said in a series of tweets on Wednesday that OYO will support the families of the employees who have lost their lives due to COVID-19, with 8 months' pay in full and support the education of their children for 5 years as part of bereavement support. "COVID-19's second wave has been devastating for many.

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Battered Oyo’s plan for life after covid

BENGALURU : One year ago, Oyo (Oravel Stays Pvt. Ltd), was not just India’s second-most valuable internet startup, it was one of the biggest employers among internet companies in the country.

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OYO announces ESOPs for all furloughed employees impacted by Covid-19

New Delhi: Hospitality firm OYO is granting employee stock ownership plans (ESOPs) worth a total of around ₹130 crore to all its furloughed employees impacted by the COVID-19 pandemic as part of its efforts to minimise the disruption being experienced by them, an internal e-mail from its founder Ritesh Agarwal said on Monday.

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Oyo says it has capital runway of 3-4 years, to not exit any market

BENGALURU : Hospitality unicorn Oyo Hotels and Homes said it has enough cash to run its business for at least three more years without raising capital and the company will not exit any of its markets, at present, despite the collapse in the hotel business globally amid coronavirus outbreak.

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In a post-covid world, Oyo runs out of room

MUMBAI : Last week, in a video message to Oyo employees, the company’s 26-year-old founder Ritesh Agarwal admitted that its revenues had plunged by “over 50-60%" in recent weeks, and that its cash “runway has come under severe stress." In response to this crisis brought about by the covid-19 outbreak, he said Oyo will reduce “every controllable cost," cut capital expenditure and abandon its pursuit of acquisitions.

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Masayoshi Son’s $2 billion guarantee at risk as coronavirus hits star entrepreneur Ritesh Agarwal's Oyo

Just nine months ago, Masayoshi Son publicly declared Ritesh Agarwal one of the star entrepreneurs backed by his SoftBank Group Corp. The Japanese billionaire boasted that Agarwal’s Oyo Hotels & Homes was poised to overtake the biggest hotel chains in the world just a few years after its founding. “It’s unimaginable," Son said on stage at SoftBank World in Tokyo. “At 25, he’s going to be world’s biggest hotel king."

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OYO starts furloughing in US, select markets; India to be unaffected

NEW DELHI : Hospitality firm OYO on Wednesday said it has started placing its few employees on furloughs or temporary leaves in the US and other select markets on account of slump in the hospitality industry due to COVID-19 pandemic. The company said that India remains unaffected till the lockdown period.

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OYO founder to forego FY21 salary, leadership team to take 25%-50% cut

NEW DELHI: The leadership team at OYO Hotels & Homes, led by founder Ritesh Agarwal, today joined the ranks of Mahindra group, InterGlobe Enterprises and others in taking voluntary salary cuts to help their company tide over the covid-19-induced damage to their business and also show solidarity with their workers.

Ritesh Agarwal city New Delhi hospital quarantine sanitizer SOLIDARITY

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0