Ritesh Agarwal has steered Oyo from chaos to clarity. Is that enough to pull off a successful IPO?

A logo of OYO installed on a hotel building in New Delhi, India on September 24, 2021


In early 2020, Oyo embarked on a revamp to shore up the business performance and operations management. Avoiding an implosion nearly 18 months ago, Oyo has managed to change the narrative. But as it plans for a listing, the robustness of its business and financial performance will have to undergo the intense scrutiny of public-market investors.

Just a year ago, Oyo was making headlines over extended furloughs and restructuring in its senior ranks. This followed news of massive layoffs, retreats from international markets after burning several hundred millions of dollars, angry hotel partners’ departure from the platform, and probing questions around business practices, safety, and customer experience. By the second half of last year, there were loud whispers about Oyo’s future. The

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