India: Hotel start-up OYO, the next promising venture of Softbank’s Vision fund, has announced its goals for 2020.
The company has centred its plans for the new year around four distinct thrusts: sustainable growth, operational excellence, the path to profitability and training and governance. These hope to build a stronger organisation as the company plans to expand.
Specifics announced in the press release include adopting OYO’s tech products across different markets, revamping its focus on efficiency, expanding teams that can lessen OYO’s entry time into new markets, and cut operating costs.
CEO for India/South Asia Rohit Kapoor said: “The senior management team in India and I are fully committed to creating a sustainable business model following our core values.”
“We will continue to double down our efforts in providing enhanced customer experience, delivering value for our asset owners while ensuring the professional development of all our OYOpreneurs and building a fantastic culture.”
OYO’s business has come into question recently after it announced a massive round of layoffs in its core markets of India and China earlier this month. The company’s shift to a model focused on sustainability shifts it away from the aggressive growth it began with, a strategy which some journalists have argued may prove fatal.
The company is still planning expansion, appointing a new COO for its European vacation homes division, as well as a business head devoted solely to the UK market. With its South Asian hotel acquisition strategy seemingly on the downturn, Europe may be the next site for Ritesh Agarwal’s start-up star.