OYO all set to accommodate Ayodhya temple rush: Deepa Malik

Out of the shadows of the pandemic, Ritesh Agarwal-founded hospitality chain, OYO claims to be taking measures in new direction for its future expansion. In an exclusive interview with Republic, board member and renowned athlete, Deepa Malik shared key insights. Edited excerpts:

OYO is expanding rapidly, what are the latest markets it is exploring in India?

OYO is expanding in multiple segments, but particularly notable is what it is doing in the segment of spiritual tourism. In Ayodhya, OYO is all set to add 50 new properties by December. With the temple opening in January, Ayodhya will witness massive increase in footfall. We have specially kept in mind the need for accommodating senior citizens. A similar expansion of 50 properties is outlined for the temple town of Rameswaram.

You are an athlete and now you are working with a startup. How do you link the two?

My life is also like a startup. When you get paralysed at the age of 30 and suddenly start thinking of restarting your life in a new way and life thrusts you into leadership roles with a series of firsts in terms of achievements then you are a startup. So, I understand the spirit of startups. I have always been a self-motivated leader. I have been a corporate speaker; I am aligned with the corporate pursuit of excellence. This is what a sports person brings to a corporate because we add purpose and motivation to an enterprise. 

To what extent do you see startups adapting to the good practices of corporate governance?

There is a definite focus on corporate governance. I am proudly associated with OYO when it comes to the implementation of the rules of corporate governance for last two years. OYO is not just a startup level company anymore; it operates like a public company with all the best practices in place. I have got a certification of Independent Director. At 54 I am still learning. Good corporate governance is not possible without diversity inclusion. Inclusion of women in the boardroom is crucial. Women need to get equipped to get board room roles.

What value does it add to travellers in terms of accessibility apart from the price access?

OYO has created accessibility at multiple levels. First, it has made travel for women safe and accessible, especially for women in Tier II and Tier III cities. When they see someone like me on the board, they attach safety to OYO as well. So, it is a matter of responsibility. Accessibility for those with physical disabilities is another sort of inclusion at OYO. The most important accessibility OYO has provided is that that for travellers with all kinds of pocket sizes. Be it students, young entrepreneurs the affordability of OYO rooms enable travel and provide economic inclusion. We can’t just keep the upper middleclass in mind while providing travel facilities.

The pandemic was particularly difficult for OYO, as much as for the entire hospitality industry overall. What were the lessons learnt?

The pandemic was challenging for OYO, but we served a huge social purpose during that time. People used OYOs for quarantining after flying down. It was a great service because where else would people stay for 14 long days? OYO today is a solution-oriented company that learns from its own mistakes and corrects them. Its internal processes are transparent with regular audit and meetings. The pandemic has built OYO’s business resilience and it has weathered that period well.

There’s a lot of curiosity about OYO’s upcoming IPO. Can we expect it anytime soon?

The IPO is about correct timing and internal readiness. We have shared financial addendums to our documents with the regulator. However, we are not indicating a timeline yet. It will be an internal decision.

Is there a level playing field for women in entrepreneurship yet? 

We can call it work in progress, but we do see more and more women taking the entrepreneurial journey. We have a significant number of women OYOpreneurs. It is only a matter of time before participation of women in entrepreneurship becomes equal.

For women starting out now as entrepreneurs or even professional, what are your three key tips?

First, have self-belief and self-confidence that you can achieve your goals. That is step one and the starting point of any journey.
Second, get guilt out of your way, have self-belief. If you have ambition, you must prioritise and manage time. You can’t do everything at the same time or attend to all obligations in the family. 
Third, gather knowledge. If you are building yourself for leadership, you need knowledge. Also, women should aim for leadership roles.

Deepa Malik is the first Indian woman to win a medal at the Paralympics. She won the silver medal in the shot put in 2016 Paralympic Games. She was previously honoured with the Arjuna award in 2012, at the age of 42 years. Malik has been conferred the Padma Shri award in 2017. At 54, Deepa is working closely with team OYO to map its fresh journey.