Last week, in a video message to Oyo employees, the company’s 26-year-old founder Ritesh Agarwal admitted that its revenues had plunged by “over 50-60%” in recent weeks, and that its cash “runway has come under severe stress.” In response to this crisis brought about by the covid-19 outbreak, he said Oyo will reduce “every controllable cost,” cut capital expenditure and abandon its pursuit of acquisitions.
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