OYO’s Ritesh Agarwal tells Donald Trump he will invest $2 billion in the US and partner with Ivanka Trump
Ritesh Agarwalwas the only startup founder to meet US President Donald Trumpduring the latter’s recent visit to India.
- Agarwal told Trump that he expects to invest $2 billion in the US in the coming few years.
OYOis also signing a pledge with Ivanka Trumpto bring more jobs in the US.
According to a transcript released by the White House, Agarwal told Trump that he expects to invest $2 billion in the US in the coming years. He added, “We’re signing a pledge with Ivanka soon that will bring hundreds of thousands of more jobs to people across Texas, Louisiana, North Dakota, and so on.”
Ivanka Trump is a senior advisor to her father, the President.
When Trump asked whether these were the states they operate in, Agarwal replied that’s where OYO’s presence is ‘most dense’. Trump then said, "I actually know of your company. Not such a small company, by the way. Good job."
Agarwal also reiterated that in their last eight months in the US, they have opened a hotel every day.
The SoftBank-backed OYO entered the US market in March 2019. During the official launch in June 2019, OYO had said that it is investing $300 million to expand its footprint in the United States.
By the end of 2019, the company had over 280 hotels across 39 states. In January 2020, as a part of its reorganization strategy to cut costs, OYO laid off one-third of its employees in the US.
However, OYO maintains that its commitment to the US continues to grow.
“Annualized revenue has grown from $1 mn in March 2019 to $178 mn in December 2019. We have already committed $300 million to this market and are going full steam ahead with our plans,” Agarwal had written in a blog earlier this month.
As a part of its US expansion, OYO had also opened a 35,000 square-foot casino in Las Vegas called OYO Hotel & Casino. The property, which was earlier a Hooters Hotel, has 657 rooms across nineteen floors.
US President Donald Trump meets OYO founder Ritesh Agarwal, tells him ‘good job’