US President Donald Trump meets OYO founder Ritesh Agarwal, tells him ‘good job’
OYOfounder Ritesh Agarwalhad met US PresidentDonald Trump during the latter’s recently concluded visit to India. Agarwal was the only startup founder to meet the President.
- OYO entered the US market in March 2019 and has over 280 hotels across 39 states.
- In January 2020, as a part of its reorganization strategy to cut costs, OYO had laid off one-third of its employees in the US.
According to a report, when Agarwal introduced himself to Trump, the latter replied, "I actually know of your company. Not such a small company, by the way. Good job."
Before he entered politics, Donald Trump was a real estate tycoon himself with plush luxurious residential spaces like Trump Towers, hotels and casinos under The Trump Organization.
Agarwal, who has almost always found his name in the list of attendees for startup events organised by the Prime Minister’s Office or the President, had also earlier tweeted about meeting PM Narendra Modi.
It's always an honor meeting our PM @narendramodi ji. Your continuous show of support for #IndiaInc & the startup c… https://t.co/re79lKNrnf— Ritesh Agarwal (@riteshagar) 1582519869000
OYO entered the US market earlier in 2019. 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 had 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.
It is present in over 60 cities in the US including Dallas, Las Vegas, Houston, Los Angeles, Seattle, Atlanta and Miami. It is adding one building per day, the company had said earlier.
Masayoshi Son reportedly called OYO's Ritesh Agarwal as "the little brother" of the infamous Adam Neumann who wrecked WeWork