Oyo’s Ritesh Agarwal, in advice for young entrepreneurs, said his company faced this problem initially  |  Photo Credit: Twitter
One of the youngest Indian billionaires Ritesh Agarwal advised fellow entrepreneurs to keep faith in their difficult journey during testing times. He said a majority of venture capitalists in the country gave a cold shoulder to his company initially.
“During my early days at OYO, nearly 80% of the VCs I wrote to rejected me. As an entrepreneur, you are going to face rejection most of the time, get used to it. But the few moments where people are willing to give you time, are the ones that matter. Make the most of them,” said the 27 year CEO of OYO Hotels and Homes Ltd in a tweet on Tuesday.
Agarwal started his journey as an entrepreneur before he turned 20 years old in 2013. By 2018, the company had raised its first $1 billion from Japan’s SoftBank Vision Fund and other investors. Oyo recently raised debt funding worth $660 million from global institutional investors including Fidelity Investments.
The business which a setback owing to the Covid-19 lockdowns and travel restrictions. It will use the recently raised funds to retire previous debts, the company said. The hospitality and travel sectors are the worst hit in the ongoing pandemic. Oyo recently unveiled a four-day work week for its employees and rolled out unlimited paid leaves till the month of July to cope with the stress.
The entire executive leadership of the company took a voluntary salary haircut ranging from 25 to 50 per cent. OYO CEO Agarwal himself took a 100% cut in salary for the entire 2020.
After the second wave of Covid-19 which saw hundreds of thousands of Indians succumb to the viral infection, Agarwal said OYO will support the families of the employees who have lost their lives due to COVID-19. He promised to pay 8 months worth of salary and support for the education of the children for 5 years.
“COVID-19’s second wave has been devastating for many. During this time, the well-being of OYOpreneurs and their families is our utmost priority. Unfortunately, some of our colleagues have lost their battle with COVID-19 & we hope that our bereavement support will help their kin,” Agarwal in an earlier tweet.
Originally Appeared Here