Oyo Founder Ritesh Agarwal to forego 100 pc of his annual salary

With travel, hospitality and tourism sectors among the worst affected by COVID-19, Oyo's Founder and Group CEO Ritesh Agarwal on Thursday decided to forego 100 per cent of his salary for rest of the year.

The company's entire executive leadership team has taken a voluntary pay cut starting at 25 per cent, with many opting for an additional uncapped amount and some going up to 50 per cent "to enable building the runway for the company".

"Oyo is doing everything to support the world with its limited resources in this pandemic from making isolation centres to finding a safe place for first responders," said Agarwal.

"Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100 per cent of my salary for the rest of the year," he said in a statement.

In line with the government's direction, Oyo said it has taken a series of measures to accommodate frontline medical staff, aircrew, corporates, tourists, paying guests as well as foreign nationals stranded in the nationwide lockdown.

Recently, Oyo also partnered with Apollo Hospitals to offer sanitised beds and facilities in certain COVID-19 exclusive hotels it identified within its network in the proximity of Apollo Hospitals.

The partnership will be activated in six cities -- Mumbai, New Delhi, Hyderabad, Chennai, Bengaluru and Kolkata -- for the purposes of self-quarantine and isolation for suspected COVID-19 patients that require medical observation and supervision.