BENGALURU : Hospitality unicorn Oyo Hotels and Homes said it has enough cash to run its business for at least three more years without raising capital and the company will not exit any of its markets, at present, despite the collapse in the hotel business globally amid coronavirus outbreak.
Oyo founder Ritesh Agarwal said that the company has more than $1 billion in cash. “We have the necessary capital runway beyond 3-4 years, considering the cost restructuring and the minimal revenue estimates, that we expect.
We do not anticipate to raise any more capital," Agarwal said. In recent months, Oyo, which has a footprint in 80 countries, has been cutting costs to conserve cash.