Business

OYO has $1 billion to fund operations until IPO, says CEO Ritesh Agarwal

Updated : December 02, 2020 05:06 PM IST

Agarwal said at the end of the day, what is the right time to go out for IPO is frankly a decision of the board to make.

OYO founder and CEO Ritesh Agarwal said the hospitality firm has around $1 billion to fund its operations until an initial public offering. The young CEO said during a fireside chat with OYO board member Troy Alstead that the firm is slowly recovering from the impact of the pandemic.

"...the company has good amount of cash, we have continued to hold on to close to a billion dollars of cash... at the same time, we've been very disciplined in making sure that we can respond to the crisis in a good way to try and ensure that we can come out of it at the right time," Agarwal said.

While noting that the company already has a substantial amount of good looking opportunities that exist, he said, "our view is that our management's focus is to make sure that we give a very well designed, IPO-ready company, available for our shareholders and our board members to make the right decision".

While he did not give a clear timeline for the IPO, Agarwal said at the end of the day, what is the right time to go out (for IPO) is frankly a decision of the board to make and the management will ensure that the firm is ready to go public. He also added that the road ahead-2021- will be much better than the current year.

(With agency inputs)

OYO has $1 billion to fund operations until IPO, says CEO Ritesh Agarwal

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