Covid-19 Forces Oyo To Merge Japan Ops, New CEO On Anvil
OYO will be merging its hotel booking business and apartment-rental operations OYO Life in Japan in the aftermath of the pandemic. The company will also be promoting OYO Life country head, Ryoma Yamamoto, to the CEO position of the combined entity called OYO Japan.
Ritesh Agarwal had come on record in April to confirm OYO’s occupancy rate and revenues have dropped by more than 50 to 60% and the company’s balance sheet has come under severe stress. Meanwhile, startup layoff tracking website Layoffs.fyi estimates that OYO’s revenues are only at about 30% of its pre-Covid levels.