india

Updated: Apr 16, 2020 13:11 IST

The coronavirus pandemic has paralysed the travel and tourism sector across the globe. 26-year-old Ritesh Agarwal-led Oyo is facing significant losses in the wake of the coronavirus pandemic. The company has been reported to be freezing operations worldwide and furloughing employees to brave the Covid-19 pandemic.

Reports suggest that thousands of Oyo employees have been placed on furloughs and leaves for nearly 2 to 3 months as the company fights to weather the coronavirus pandemic.

In a video message to his employees, Agarwal said that furloughs will keep jobs safe and will help the business in the long haul, Bloomberg reported.

Earlier this month, Agarwal announced that the company revenues have taken a hit of as much as around 50-60 per cent.

Oyo, however, has been leading initiatives to provide help during the pandemic.

On Wednesday, the company said that it is opening its hotels for a free stay of doctors, nurses and other medical first responders who are helping in the fight against coronavirus in India. Select OYO Townhouse hotels in Gurugram and Bengaluru will offer the service, news agency ANI reported.

With more than half of the globe under lockdown, the coronavirus pandemic has taken a massive toll on the tourism industry across the globe.

According to the World Travel & Tourism Council (WTTC), the tourism sector accounts for one in ten jobs across the globe but due to the coronavirus crisis, as much as 75% of it under threat.

“Research conducted by WTTC shows that 75 million Travel & Tourism jobs are at risk globally due to the COVID-19 pandemic, with at least 6.4 million losses across the EU, and one million in the UK,” mentions WTTC on its webpage.

(With inputs from agencies)