Indian hotel unicorn Oyo arrived in Brazil in 2019, shortly after having debuted in Mexico, its first Latin American market. In less than a year, without much fanfare, the company earned the title of biggest hotel chain in Brazil by adopting a number of establishments. Since March, however, the Covid-19 pandemic has fallen like a meteor in the travel and hospitality industries, and Oyo is facing a crisis. Its Brazilian division offers a clear example of how the startup is dealing with this challenging scenario and preparing for a reality that will not return to pre-crisis terms at any time soon.
“We focused on cash preservation, as it is essential in defining the difference between surviving the crisis or not,” said Henrique Weaver, head of Oyo Brazil, in an interview with LABS.