WEBVTT - OYO CEO Providing Rooms for First Responders

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. So. Back in December, Bloomberg Business

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<v Speaker 1>Week reported on how Oyo Hotels had become the world's

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<v Speaker 1>number two hotel operator by room count and was poised

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<v Speaker 1>to overtake number one Married International. They've been on quite

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<v Speaker 1>a tear, but like many in the hospitality industry, they

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<v Speaker 1>are dealing with the coronavirus pandemic and the impact it's

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<v Speaker 1>having on their businesses. Uh. Ritesh ager Wall is CEO

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<v Speaker 1>of Oyo Hotels and is joining us on the phone

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<v Speaker 1>from Delhi, India. He is also the founder of Oyo Hotels. Rites.

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<v Speaker 1>Thank you so much for being with us. UM, give

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<v Speaker 1>us an update on where you are and the impact

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<v Speaker 1>that the virus is having on your business. You guys

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<v Speaker 1>operate around the globe. Yeah, first off, thank you so

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<v Speaker 1>much for having me over the Business Week. Uh. This

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<v Speaker 1>is someone this is a program which I'm a big

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<v Speaker 1>follower off and I'm so glad to have an opportunity

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<v Speaker 1>to come speak here. Uh these are of course. Uh,

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<v Speaker 1>you know, our company is young. We have a five

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<v Speaker 1>and a half six year old company and in this

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<v Speaker 1>period of time, we have never seen anything like what

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<v Speaker 1>the virus has become for the hospitality and the travel industry.

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<v Speaker 1>The size of the impact is unprecedented. Um you know,

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<v Speaker 1>from from not just a company just five and a

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<v Speaker 1>half six years old, but for a company that would

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<v Speaker 1>have been probably been around for decades. So from from

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<v Speaker 1>our perspective, I think we are trying to constantly respond

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<v Speaker 1>to this situation in the following manner. The first priority

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<v Speaker 1>for US has been making sure that we serve our

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<v Speaker 1>customers and our communities were the highest amount of priorities.

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<v Speaker 1>So we are trying to fight the virus and everywhere

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<v Speaker 1>we can, in every part of the world. So whether

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<v Speaker 1>it is in the United States by means of the

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<v Speaker 1>First Responders program, whether it is in India by helping

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<v Speaker 1>in the form of isolation centers or extended hospital, or

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<v Speaker 1>whether it is in China and near the ten Day

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<v Speaker 1>Hospital to enable health workers to get good places to

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<v Speaker 1>live in or in the UK for helping the NHS

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<v Speaker 1>workers to find them good places sustained. I think we're

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<v Speaker 1>trying to make sure we do everything possible from cleanliness,

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<v Speaker 1>ease of uh space for all of them. But on

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<v Speaker 1>the other hand, we're also trying to make sure that

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<v Speaker 1>we have prepared for, uh, you know, all the challenges

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<v Speaker 1>that our business is going to face in the coming months.

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<v Speaker 1>It is too early at this point of time. We

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<v Speaker 1>have on one side a positive story in China, which

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<v Speaker 1>has started recovering. It's not fully recovered yet, let me clarify,

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<v Speaker 1>but at six of what it was at the peaks before.

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<v Speaker 1>But that said, globally every market we are seeing some

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<v Speaker 1>of the other kind of impact due to the coronavirus situation,

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<v Speaker 1>and I believe it's something that's going to continue to

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<v Speaker 1>impact the hospitality industry for the near future. So well,

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<v Speaker 1>let me ask you how badly was your China operations,

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<v Speaker 1>how how hard were they hit um and how will

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<v Speaker 1>it effect revenues overall? Since I think you've already lost

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<v Speaker 1>about five million last fiscal. Sure, I think you know

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<v Speaker 1>our company lost his last year if you were to

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<v Speaker 1>compare that to the previous fiscal improved in India but

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<v Speaker 1>accelerated in China because we had just launched in China

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<v Speaker 1>last year fiscal, but the COVID situation happening in the

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<v Speaker 1>same year was not a good news at all. I

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<v Speaker 1>think the China occupancy for Oreo dropped quite substantially, So

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<v Speaker 1>if there was a hundred dollars in revenue, we've typically

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<v Speaker 1>lost around sixty to sixty five dollars in revenue immediately

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<v Speaker 1>when the first lockdowns got announced. I think we've been

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<v Speaker 1>able to recover a little over half of it now,

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<v Speaker 1>but there is some way to go before we recover

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<v Speaker 1>the rest of the occupants. So that's how the China

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<v Speaker 1>business results have been. That is, in less than two months,

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<v Speaker 1>the business has been able to discover more than half.

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<v Speaker 1>But that said, um, it's it's still behind, significantly behind

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<v Speaker 1>what it was earlier, and I think our genuine hope

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<v Speaker 1>is we're able to see similar recovery from every other

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<v Speaker 1>part of the world. But that said, um, we are

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<v Speaker 1>operators who are you know, who aspire to try and

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<v Speaker 1>come out stronger at the other end. At the same time,

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<v Speaker 1>prepare for making sure that even if this wider situation

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<v Speaker 1>does last longer, we are enabling our company a chance

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<v Speaker 1>to be successful in the very long term. But I do,

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<v Speaker 1>I do, I am curious about what this means that

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<v Speaker 1>for your plans. I know you guys were looking at

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<v Speaker 1>becoming the world's largest hotel operator. I mean overtaking Marriott.

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<v Speaker 1>I know, um, this was certainly you know in the

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<v Speaker 1>works prior to the virus. How does the virus, I mean,

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<v Speaker 1>some of your biggest markets China, the US, and Europe

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<v Speaker 1>have been hit really hard. So how does this affect

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<v Speaker 1>your plans to be come number one in terms of

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<v Speaker 1>hotel operators? Sure? I think at this point of time,

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<v Speaker 1>our focus is primarily on making sure that we serve

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<v Speaker 1>our consumers and the health workers and the community around us.

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<v Speaker 1>I think, uh, if you're able to do good for

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<v Speaker 1>the world, I think, um, and for our customers and partners,

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<v Speaker 1>I have no question in mind that we will get

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<v Speaker 1>to not just being the leading hotel chain, but much

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<v Speaker 1>more a company that people are inspired by. But that said,

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<v Speaker 1>I think what's clear is that we had in the

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<v Speaker 1>last few months been able to prove that our capabilities

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<v Speaker 1>are clearly superior for enabling small hotel owners to be successful.

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<v Speaker 1>So over the next six to eight months, the small

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<v Speaker 1>hotel owners are going to is really tough times. The

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<v Speaker 1>occupancies are going to be low, operating costs will need

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<v Speaker 1>to be very closely looked at, and a lot of

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<v Speaker 1>these smallertail owners will need support and education to be

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<v Speaker 1>able to take advantage of the fantastic um bailout packages

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<v Speaker 1>that various countries are trying to help. Our small and

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<v Speaker 1>medium enterprise it opens over the next eight months, can

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<v Speaker 1>be partner them and make sure that we can come

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<v Speaker 1>out stronger by means of making them successful but also

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<v Speaker 1>having a stronger business in the part of becoming a

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<v Speaker 1>bigger but at the same time a stronger and he

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<v Speaker 1>be a company at the end of this crisis. Well,

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<v Speaker 1>and I do wonder you know what you're thinking is

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<v Speaker 1>about it was recovery plan when we get to the

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<v Speaker 1>other side side of it, because from what I've understand,

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<v Speaker 1>you've cut a bunch of workers, and you guys have

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<v Speaker 1>been phasing out, um the guarantees that you give to

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<v Speaker 1>the revenue guarantees to some of these hotel operators. Um.

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<v Speaker 1>So you talk about helping the independent hotel folks, But

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<v Speaker 1>I do wonder if you anticipate that as a result

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<v Speaker 1>of this and unforeseen in terms of the virus, that

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<v Speaker 1>some of those independent hotel operators, because you you won't

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<v Speaker 1>be giving them the revenue guarantees, that they're going to

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<v Speaker 1>ultimately probably be hurt in this process. Yeah, that's a

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<v Speaker 1>very important perspective, I think I would answer that into

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<v Speaker 1>different parts. The first one is OIL has continuously focused

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<v Speaker 1>on making sure that how do we bring more revenue

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<v Speaker 1>for our partners, and as you have been able to

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<v Speaker 1>make sure that every year increase the occupancies of ACID

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<v Speaker 1>owners more than them remaining UM independent or through some

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<v Speaker 1>of the other arrangements with one of the competitors. I

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<v Speaker 1>think we've tried to be a leading edge for our

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<v Speaker 1>partners to make sure that even in these toubtimes we

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<v Speaker 1>can be a preferred alternative for them. But that said,

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<v Speaker 1>you're absolutely right that we have been phasing our guarantees,

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<v Speaker 1>especially for our new signing and as well as for

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<v Speaker 1>some of our past active owners. So due to that,

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<v Speaker 1>there will be definitely some of the challenges from our partners.

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<v Speaker 1>But I think what we're trying to do in the

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<v Speaker 1>process is make sure that we continue to engage with

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<v Speaker 1>our partners, bring them more occupancy, and more importantly so

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<v Speaker 1>the partners who are highly affected. We're setting up a

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<v Speaker 1>global COVID nineteen fund for our asset owners and UM.

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<v Speaker 1>You know, Bloomberg also recently covered about our process of

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<v Speaker 1>enabling those in Japan, in Southeast Asia and so and

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<v Speaker 1>over thecoming days, we plan to bring it worldwide entered

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<v Speaker 1>no go ahead. Our intent is we are not a

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<v Speaker 1>perfect company, and they've never said that we are one.

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<v Speaker 1>But our hope is how do we constantly improve ourselves

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<v Speaker 1>to be better than anybody else for our customers and

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<v Speaker 1>our partners in these really tough times and with the

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<v Speaker 1>limited resources we have, And that that's the only aspiration

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<v Speaker 1>that we're taking along without one of the things. And

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<v Speaker 1>I know when you're in a company like your own,

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<v Speaker 1>I mean you're thinking about, you know, how this impacts

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<v Speaker 1>yourself personally, certainly the virus, but of course how it

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<v Speaker 1>impacts your workers. Um, you guys have cut about five

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<v Speaker 1>thousand jobs. I mean, do you anticipate that there will

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<v Speaker 1>be more job cuts? So, first off, I think the

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<v Speaker 1>job cuts that are the restructuring that we had announced

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<v Speaker 1>for in January, which was as a part of our

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<v Speaker 1>restructuring organization, given three important parameters that we have discussed earlier.

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<v Speaker 1>But that said, I think at this point of time,

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<v Speaker 1>the COVID nineteen situation is very very unique. From OILS perspective,

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<v Speaker 1>Our principle or the opinion is as under. I think

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<v Speaker 1>this situation being unprecedented our focus will be that's how

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<v Speaker 1>can be ensure that we prioritize any impact on the

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<v Speaker 1>senior executives before any individual job is touched, which means

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<v Speaker 1>that before anything like that where to be considered, my pay,

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<v Speaker 1>my executives stay and their executive spray will be the

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<v Speaker 1>first one to be touched, and I should be at

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<v Speaker 1>the pay before I consider any of those discussions. So

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<v Speaker 1>I think at this point of time, we are still

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<v Speaker 1>evaluating the broadest challenges and impact of the COVID nineteen situation.

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<v Speaker 1>To be honest, it has impacted some of our markets,

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<v Speaker 1>but some of our markets are still not impacted yet,

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<v Speaker 1>but we do anticipate that they will getting impacted. So

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<v Speaker 1>once we understand more about the details, we will figure

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<v Speaker 1>out what the outcomes are. But what I can assure

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<v Speaker 1>is that at any point at any of those outcomes,

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<v Speaker 1>I think the first one to be impacted by a

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<v Speaker 1>challenge like that would be need and then my executives attached.

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<v Speaker 1>Almost done. But I just wanted to ask you, I

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<v Speaker 1>am curious if you're feeling any kind of pressure from

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<v Speaker 1>either investors, I mean Soft Bank. They are you're controlling shareholder,

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<v Speaker 1>the Vision Fund, and they have been under pressure as

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<v Speaker 1>you know over the past year or so UM specifically

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<v Speaker 1>because of some of their investments we work and others UM.

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<v Speaker 1>But there is a lot more emphasis on startups being profitable.

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<v Speaker 1>Are you feeling pressure UM as a result of that,

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<v Speaker 1>be it from SoftBank specifically or directly, sure? No. I

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<v Speaker 1>think the first one I want to classify that OIL

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<v Speaker 1>is a board and UH distributed shareholder let company. I think,

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<v Speaker 1>of course Software Vision Fund is a very valuable shareholder,

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<v Speaker 1>but they're not be controlling shareholder in a company beyond

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<v Speaker 1>Software and Whision Fund has toquire capital light speed UM

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<v Speaker 1>and they just have a shareholders and are capitable and

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<v Speaker 1>are very thankful to all of them, including Division Fund.

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<v Speaker 1>I think our company driven by a very strong group

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<v Speaker 1>of board members like let's see UH and and a

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<v Speaker 1>couple of other independent board members, along with our shareholders

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<v Speaker 1>boardlembers as well. Clearly, I think the world and the

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<v Speaker 1>high growth companies, even before the COVID nineteen situations, had

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<v Speaker 1>acknowledged that past to profitability is something that the markets

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<v Speaker 1>want to see, and I think the COVID nineteen situations

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<v Speaker 1>will give their advice to the high growth companies even further.

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<v Speaker 1>Our company is in a place where, UM, we are

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<v Speaker 1>uniquely positioned to be able to get there. It don't

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<v Speaker 1>happen by happenstance. We will need to work hard and

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<v Speaker 1>make sure that every day we try and do more

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<v Speaker 1>work to be able to make sure that we emerge

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<v Speaker 1>a stronger company with long term UM success. But you know,

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<v Speaker 1>in order to do that still require significant amount of

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<v Speaker 1>hard work. I'm not pressured but by means of any

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<v Speaker 1>of our share owners. UM. But I think as an

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<v Speaker 1>entrepreneur who wants to do right for his company and

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<v Speaker 1>his steam members, his customers, and his shareholders, I think

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<v Speaker 1>I do. I do feel a sense of responsibility and um,

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<v Speaker 1>you know, duty towards the company that I serve and

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<v Speaker 1>and I'm I'm fully committed to making sure that I

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<v Speaker 1>serve it with the best of my understanding. And I

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<v Speaker 1>am curious too. I mean, you're calling you know, I'm

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<v Speaker 1>talking to you from Delhi, UH and I do. We

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<v Speaker 1>talked earlier on our broadcast about the emerging markets and

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<v Speaker 1>how they're bracing for the impact of the virus. What

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<v Speaker 1>can you tell us about what's going on UH India,

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<v Speaker 1>specifically what you're seeing and and you're concerned about you

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<v Speaker 1>know the country and what it might face with the

0:13:45.920 --> 0:13:50.560
<v Speaker 1>virus and certainly the spread of it. Sure I may

0:13:50.679 --> 0:13:53.880
<v Speaker 1>be psychly biased in that respect, so forgive me for that.

0:13:54.920 --> 0:14:00.160
<v Speaker 1>I think from our perspective that a few important views,

0:14:00.200 --> 0:14:03.760
<v Speaker 1>specifically about India and then more broadly about emerging markets.

0:14:04.000 --> 0:14:08.720
<v Speaker 1>I think the first views that I believe the consensus

0:14:08.760 --> 0:14:11.360
<v Speaker 1>at least what I'm hearing, is that India will emerge

0:14:11.400 --> 0:14:16.720
<v Speaker 1>stronger economically um at the end of this crisis, especially

0:14:16.760 --> 0:14:20.760
<v Speaker 1>because uh, this is an economy which uh you know,

0:14:20.880 --> 0:14:23.680
<v Speaker 1>has not been very significantly hit by the virus so far,

0:14:24.360 --> 0:14:28.480
<v Speaker 1>high schools to a thousand cases, uh, limited debts and

0:14:28.720 --> 0:14:31.160
<v Speaker 1>um you know, of course any that is very bad,

0:14:31.280 --> 0:14:35.520
<v Speaker 1>but relatively smaller in comparison to various other larger countries.

0:14:36.120 --> 0:14:39.600
<v Speaker 1>And second, there is relative guidance that has been issued

0:14:40.000 --> 0:14:43.280
<v Speaker 1>of GDP podcasts. Uh. It's of course a very bad

0:14:43.320 --> 0:14:45.160
<v Speaker 1>time to be able to sort of say that which

0:14:45.200 --> 0:14:48.920
<v Speaker 1>countries are doing better, But India probably will be one

0:14:48.920 --> 0:14:52.800
<v Speaker 1>of the fastest growing economies even in these really tough times.

0:14:52.880 --> 0:14:56.640
<v Speaker 1>And more than that, I think the Indian Prime ministers

0:14:56.760 --> 0:15:03.320
<v Speaker 1>taken significant steps to consider lockdown, including body field UM

0:15:03.520 --> 0:15:06.760
<v Speaker 1>and and multi state body see at a time when

0:15:06.760 --> 0:15:10.200
<v Speaker 1>we had a couple of hundreds cases. IM since you're

0:15:10.240 --> 0:15:14.040
<v Speaker 1>hope is all of these steps should keep our country

0:15:14.120 --> 0:15:17.640
<v Speaker 1>ahead and enable our economy to prosper, which will definitely

0:15:17.680 --> 0:15:21.320
<v Speaker 1>means a quarter or two of UM really tough signs

0:15:21.320 --> 0:15:24.200
<v Speaker 1>and that's something that everybody in the industry will feel

0:15:24.240 --> 0:15:27.400
<v Speaker 1>and hospitality and travel will see more than most others.

0:15:28.120 --> 0:15:32.280
<v Speaker 1>But I think, um, and it will require a lot

0:15:32.320 --> 0:15:35.720
<v Speaker 1>of stuff steps including I think being able to make

0:15:35.760 --> 0:15:39.960
<v Speaker 1>sure that we are able to constantly navigate the path

0:15:40.080 --> 0:15:44.880
<v Speaker 1>of ensuring that these two quarters we get past. That said,

0:15:44.960 --> 0:15:47.720
<v Speaker 1>I think my belief is at the end of this, uh,

0:15:47.920 --> 0:15:50.480
<v Speaker 1>we will we will be a stronger economy here in

0:15:50.480 --> 0:15:55.600
<v Speaker 1>India and emerging markets at large. UM. That's great because

0:15:55.600 --> 0:15:56.840
<v Speaker 1>I was going to ask you, how do you think

0:15:56.880 --> 0:15:59.400
<v Speaker 1>the coronavirus pandemic will change the world once we get

0:15:59.440 --> 0:16:01.360
<v Speaker 1>on the other side side of it, and I am

0:16:01.400 --> 0:16:05.880
<v Speaker 1>assuming that would be kind of your answer. Yeah. I

0:16:05.920 --> 0:16:08.720
<v Speaker 1>think my belief is that one of the things that

0:16:08.760 --> 0:16:12.120
<v Speaker 1>the virus has proven is that the g DPS or

0:16:12.120 --> 0:16:16.040
<v Speaker 1>the per capita income uh if not what the virus

0:16:16.120 --> 0:16:21.520
<v Speaker 1>judges which country it impacts too. Uh So I think

0:16:21.560 --> 0:16:24.520
<v Speaker 1>it's at the end of the other side. I think

0:16:25.200 --> 0:16:28.200
<v Speaker 1>it will be imperative for the world to sort of

0:16:28.240 --> 0:16:31.080
<v Speaker 1>try and make sure that it is much stronger. My

0:16:31.200 --> 0:16:36.400
<v Speaker 1>belief is countries, regardless of being emerging economies, are developed,

0:16:36.920 --> 0:16:40.320
<v Speaker 1>the countries with fundamentals are stronger will end up coming

0:16:40.400 --> 0:16:44.800
<v Speaker 1>up recovering faster, and countries with fundamentals are weaker, whether

0:16:44.840 --> 0:16:48.160
<v Speaker 1>they're developed or emerging, will will take longer. Very similar

0:16:48.160 --> 0:16:51.680
<v Speaker 1>to how it is about for private companies of public companies,

0:16:51.760 --> 0:16:55.600
<v Speaker 1>high quality companies come back always sooner than other companies.

0:16:55.640 --> 0:16:58.640
<v Speaker 1>Our hope is we will be one of those companies

0:16:58.640 --> 0:17:01.960
<v Speaker 1>who will continue to be what it's fundamentals and and

0:17:01.960 --> 0:17:04.679
<v Speaker 1>and come out sooner. So I've got to ask you

0:17:04.680 --> 0:17:06.520
<v Speaker 1>since you said that, I mean, I know one of

0:17:06.520 --> 0:17:08.280
<v Speaker 1>the things that's been talked about, and I promise this

0:17:08.280 --> 0:17:11.560
<v Speaker 1>will be our last question. Um, we talked about you know,

0:17:11.600 --> 0:17:14.560
<v Speaker 1>the ten billion value, ten billion dollar valuation. Do you

0:17:14.640 --> 0:17:17.879
<v Speaker 1>think you know? I mean, how is that affected by

0:17:17.920 --> 0:17:23.359
<v Speaker 1>all of this? Sure? I think, um, you know, first off,

0:17:23.400 --> 0:17:27.600
<v Speaker 1>I think as operators and entrepreneurs, I think we're focused

0:17:27.640 --> 0:17:31.840
<v Speaker 1>on building a good business rather than what the valuation is. UM.

0:17:31.880 --> 0:17:35.280
<v Speaker 1>Every day We're thankfully not a public company, because if

0:17:35.280 --> 0:17:38.479
<v Speaker 1>we were a public company in today's world where market

0:17:38.520 --> 0:17:41.760
<v Speaker 1>cars singing as quickly as they would, then I think

0:17:41.760 --> 0:17:43.720
<v Speaker 1>that would be the only topic we discuss if we

0:17:43.920 --> 0:17:46.639
<v Speaker 1>care about it. So clearly as a management and as

0:17:46.640 --> 0:17:48.800
<v Speaker 1>a company, our focus is really a good business and

0:17:48.880 --> 0:17:53.760
<v Speaker 1>not the valuation. Um. I think from our perspective, the

0:17:53.880 --> 0:17:57.320
<v Speaker 1>valuation is a function of what is the quality of

0:17:57.320 --> 0:17:59.800
<v Speaker 1>the business, what is the stage and how the company

0:17:59.840 --> 0:18:03.000
<v Speaker 1>that it in value? Which is which is something that

0:18:03.240 --> 0:18:06.560
<v Speaker 1>is best less two investors to be able to decide um,

0:18:06.640 --> 0:18:10.439
<v Speaker 1>you know how how they consider energy on valuation. So

0:18:10.480 --> 0:18:15.119
<v Speaker 1>whenever or considers raising it makes around with capital either

0:18:15.760 --> 0:18:18.879
<v Speaker 1>privately or if any shares of its gets traded in

0:18:18.960 --> 0:18:22.320
<v Speaker 1>sequency markets, I think that's probably the time to see

0:18:22.320 --> 0:18:26.239
<v Speaker 1>how the valuation getting effected. Alright, Gonna leave it there.

0:18:26.800 --> 0:18:28.840
<v Speaker 1>Thank you so much. I know we covered a lot

0:18:28.880 --> 0:18:30.960
<v Speaker 1>and I didn't mean for it to go on this long,

0:18:31.000 --> 0:18:32.960
<v Speaker 1>but I just since we had you and I really

0:18:33.000 --> 0:18:36.159
<v Speaker 1>appreciate you getting up we all do, so. Thank you

0:18:36.200 --> 0:18:39.040
<v Speaker 1>so much. Stay safe and um, I you know, I

0:18:39.119 --> 0:18:42.040
<v Speaker 1>hope everything goes okay, and let's hope you're out of

0:18:42.119 --> 0:18:45.440
<v Speaker 1>the situation sooner rather than later at this point, So

0:18:45.600 --> 0:18:48.720
<v Speaker 1>do stay safe. Thank you so much. I just wanted

0:18:48.760 --> 0:18:53.639
<v Speaker 1>to add one more thing, sure, yeah, I just wanted

0:18:53.680 --> 0:18:56.560
<v Speaker 1>to add that the United States is going through an

0:18:56.640 --> 0:19:01.960
<v Speaker 1>unprecedented situation. The RUNDO three hundred hotels there for the

0:19:02.000 --> 0:19:05.159
<v Speaker 1>first responders in the United States. We have brought in

0:19:05.200 --> 0:19:09.479
<v Speaker 1>a program there first responders, including health workers and various

0:19:09.520 --> 0:19:13.879
<v Speaker 1>other people who are engaged in the fighting as coronavirus.

0:19:14.200 --> 0:19:17.760
<v Speaker 1>OIO has committed to bring freedoom nights for them along

0:19:17.800 --> 0:19:20.600
<v Speaker 1>with its partners, to ensure that they don't need to

0:19:20.600 --> 0:19:23.600
<v Speaker 1>worry about going back to their loved ones and being

0:19:23.600 --> 0:19:27.280
<v Speaker 1>worried about having some issues of the virus back home.

0:19:27.720 --> 0:19:30.120
<v Speaker 1>They can come back safe, have a good night, get

0:19:30.160 --> 0:19:34.159
<v Speaker 1>a good shower, and uh, you know, support all of

0:19:34.160 --> 0:19:36.359
<v Speaker 1>our friends and families in the United States in this

0:19:36.600 --> 0:19:39.640
<v Speaker 1>in this big fight around coronavirus. I know the Four

0:19:39.720 --> 0:19:42.840
<v Speaker 1>Seasons in New York has also come up with something similar.

0:19:43.680 --> 0:19:47.560
<v Speaker 1>Our beliefs all of us here at hotels can do

0:19:47.920 --> 0:19:50.679
<v Speaker 1>very limited things given the limited resources we have and

0:19:50.720 --> 0:19:54.359
<v Speaker 1>more so oil being a startup. But in the in

0:19:54.400 --> 0:19:57.680
<v Speaker 1>the COVID fight, whether it's a smaller, big company. We

0:19:57.760 --> 0:20:00.560
<v Speaker 1>are all in it together, and they're very thankful to

0:20:00.600 --> 0:20:03.840
<v Speaker 1>the people of the United States and the first responders

0:20:03.840 --> 0:20:06.960
<v Speaker 1>for taking this up so positively so far. I'm so

0:20:07.000 --> 0:20:09.160
<v Speaker 1>glad you brought that up. It's something that we actually

0:20:09.200 --> 0:20:12.280
<v Speaker 1>have mentioned on air already, so UM we commend you

0:20:12.320 --> 0:20:14.639
<v Speaker 1>for doing that because that certainly has been a helpful

0:20:14.680 --> 0:20:17.640
<v Speaker 1>thing for those focus or folks, especially in the medical community,

0:20:17.680 --> 0:20:19.040
<v Speaker 1>who are on the front line of all of this.

0:20:19.480 --> 0:20:21.679
<v Speaker 1>UM rites, thank you so much. Like I said, I

0:20:21.720 --> 0:20:24.040
<v Speaker 1>know it's the middle of the night, so thank you

0:20:24.080 --> 0:20:25.960
<v Speaker 1>again so much for spending time with us and good

0:20:26.040 --> 0:20:29.960
<v Speaker 1>luck with everything. Ritesh Agrawall, founder and CEO of Oyo Hotels,

0:20:30.040 --> 0:20:32.399
<v Speaker 1>on the phone from Delhi, India. Thank you. Ratah