Oyo wasn't prepared for zero occupancy rate crisis: Ritesh Agarwal2 min read . Updated: 22 Sep 2020, 05:13 PM IST
- The startup had laid off around 5,000 employees just before the lockdown and later furloughed employee's salaries to keep expenditures on the check and save cash in an uncertain environment
BENGALURU : Oyo was not prepared for a business crisis that saw its occupancy rates dropping to almost zero for a few months after the lockdown was enforced in March, said Ritesh Agarwal, founder and chief executive of the hospitality unicorn.
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