Oyo founder, Ritesh Agarwal, to forgo pay for 2020

BENGALURU: Oyo founder and group CEO Ritesh Agarwal will forego his salary for the rest of the year. The company’s executive leadership team will take voluntary pay cuts starting at 25% and going up to 50%.

“The current situation the world over is deeply concerning to each and every one of us… Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100% of my salary for the rest of the year. I am grateful to my leadership team, that have also taken pay cuts and support the company during these tough times,” Agarwal said in a statement.

Startups have started laying off staff and, in some cases, asking employees to take pay cuts as they look for ways to weather the impact of the coronavirus outbreak, ET reported earlier this week.


In the travel and hospitality space ticket booking platforms like MakeMyTrip, Cleartrip, ixigo and hotel chain Fab Hotels have cut salaries while a few have started sacking staff, according to data sourced from Big. Jobs—a job portal.