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Sunday, 27 September, 2020, 14 : 00 PM [IST]

'OYO has taken necessary steps to weather the storm'

Dismissing all speculations of Softbank being stressed about their hospitality-focused venture Oyo in the current climate, Rajeev Misra, Chief Executive Officer and Head at SoftBank Investment Advisers at the Global Business Summit said, "They have taken necessary steps to weather the storm, and we are happy with this trajectory."

He further added, "OYO has sufficient capital to last for over two years. Although it is not growing as much, they have recently undertaken a lot of measures to cut their operational expenses down.  Previously it was USD 100 million per month, now they have cut it down to USD 30 million a month." He also shared that the company is investing in technologies to be relevant in the future.
Commenting on the geographic focus of OYO, Misra shared, "They are focusing more on India, South-East Asia, and Middle-East." He also informed that their joint venture with OYO in Latin America and the US was going good.
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