The chief executive of India's Oyo Hotels and Homes has said that the SoftBank-backed hospitality startup's business is likely to return to levels seen before the second wave, but did not provide a timeline for its potential public offering.
"In India, if all goes well, in a couple of weeks our numbers will be back to pre-wave two and then growing from there," founder and CEO Ritesh Agarwal said at a Reuters Next Newsmaker event.
The hotel aggregator, in which SoftBank owns 46% stake and is one of its biggest bets, has endured months of layoffs, cost cuts and losses during the global health crisis.
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But with easing travel curbs and increasing vaccinations, the travel demand is slowly recovering in India, with local tourism attractions witnessing a higher traffic.
"Staycations are in vogue and the trend of 'work from anywhere' is not a short-term one," Agarwal said.
Considering An IPO
He said that Oyo, which aggregates bookings for India's budget hotel and allows guests to book hotels via its mobile app, will consider a potential public offering, but did not provide a timeline.
"We are looking at upcoming IPOs very closely, I'm sure our board will weigh in on our business progress and general listings of technology companies," he said.
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