Hospitality firm Oyo Hotels and Homes plans to focus on its 50 million markets — India, Southeast Asia, Northern Europe, China and the US — and not expand to new markets in the aftermath of the Covid-19 pandemic, a company official said.
The company, which saw its gross margins fall sharply after the outbreak of Covid-19, said its gross margins are now back to 85 per cent of the pre-pandemic levels.
"Crisis brings clarity. For us, the clarity that this (Covid-19 pandemic) has brought is that we have clear visibility..we operate in around 80 countries..our core three regions where we are market leaders or market leading in are India, Southeast Asia and Northern Europe and two markets where we are becoming clear challengers are China and the US. These are the five focussed markets we are going after.
‘’Within these, our aspiration is wherever we are market leading or market leaders we want to expand our lead by going deeper rather than that of broader. In markets such as the US, China, we want to continuously improve our products and services to win market share. We are broad enough to not have to expand any more,’’ OYO founder and group CEO Ritesh Agarwal said.
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