Geopolitical impact are going to be big risk for cos with global footprint: OYO’s Ritesh Agarwal
Speaking at an AIMA event, Ritesh Agarwal said OYO has adopted a technique of being ‘globally local’ to tackle this risk.
Ritesh Agarwal, founder and chief military officer of OYO Hotels & Homes (Photographer: Akio Kon/Bloomberg)
OYO Hotels & Homes founder CEO Ritesh Agarwal on Tuesday said geopolitical impact goes to become one among the large risks for companies that have a worldwide footprint.
Speaking at an AIMA event, Agarwal said OYO has adopted a technique of being ‘globally local’ to tackle this risk.
“Geopolitical impact goes to become one among the large risks for companies which are global. China is one but within the same way there are various countries across the planet which are enacting policies where companies over time are being seen as diplomatic enablers and not even as big businesses,” he said.
He was responding to an issue on the impact of rising tension between India and China on its business.
OYO was founded by Agarwal in 2013 as how to order budget accommodations online with reliable quality. Backed by SoftBank, it’s expanded internationally with an aim to become the most important hotel chain within the world by room count before the coronavirus outbreak.
Business has however been hit hard by the pandemic and therefore the company has in recent months announced management pay cuts, freeze on marketing spending and placing thousands of employees globally on indefinite furlough.
Stating that the company’s policy has been “to be globally local”, Agarwal said the OYO properties in Japan, London and Denmark look different from one another .
“But the technology layer is that the same, technology is that the leveller on the buyer and partner side, but the brand and therefore the cultural impact, the workers , leadership to the maximum amount extent as possible is local,” he said.
Ola co-founder and CEO Bhavish Aggarwal, who was also present within the session, said Indian companies are well-respected globally.
“Indian companies have a really exciting global opportunity, Indian companies are well-respected globally, doors of business are more open. in order that has been attention for us, how can we globalise faster,” he added.
