The corona pandemic has affected every industry and the most affected was the travel and hospitality sector. People were restricted from traveling and staying anywhere other than their homes. The heightened health consciousness among the people is also another reason for the industry’s downfall.

OYO is the third most valued Indian startup after Paytm, an online payment service and Byju’s, an educational startup. Ritesh Agarwal, CEO of OYO has already said in his statement that their revenue dropped to 60% during March when the lockdown began.

Other than OYO several other hospitality chains like Indian Hotels Co, Lemon Tree, and Chalet Hotels have also witnessed a considerable loss in these critical times. Indian Hotels has suffered a 50% loss in their net worth, whereas Lemon Tree and Chalet Hotels have seen a 64% and 63% drop in their values respectively.

“We took into account the post COVID scenario and have adjusted the valuation of some of the businesses. Hospitality, it’s a no brainer, is one of the highly impacted sectors. Airbnb has downgraded its valuation and we have taken a conservative in-line approach of reducing the valuation in terms of the nearest comparable data,” said Anas Rahman Junaid, Chief Researcher and MD of Hurran Report India.

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Bajaj has been associated with Airbnb and has gained a lot of experience while contributing towards the growth of Airbnb in India as Country Manager since 2015. His role got an increment when businesses in Southeast Asia, Hong Kong, and Taiwan came under his umbrella. Amanpreet will handle responsibilities to drive Airbnb’s strategy and growth in some of the fastest-growing destinations in Asia-Pacific, with an average growth rate of 40% as of 2019 as stated by the company. Amanpreet is loaded with a lot of experience as a business leader and a web entrepreneur, with a track record of building and scaling teams and experience in digital space. Amanpreet credits himself as the co-founder of Letsbuy.com in 2010 which later became a part of Flipkart.com in 2012, after the acquisition .

“After a truly enriching five years at Airbnb, I am thrilled to take on an expanded challenge to ensure the long-term growth of Southeast Asia, Hong Kong, and Taiwan — some of the world’s most popular travel destinations,” said Amanpreet Bajaj.

 “I am looking forward to applying my learnings and experience to further engage and grow our communities of hosts and guests across this region, working hand in hand towards tourism’s much-needed recovery,” he added

Bajaj was entitled to this new role as Mike Orgill, the former General Manager for Southeast Asia, Hong Kong, and Taiwan took back his former role as Airbnb’s Regional Policy Director for Asia-Pacific. His new role will get an immediate start and he will continue to report to Kum Hong Siew, Airbnb’s Regional Director for Asia-Pacific and Chief Operating Officer of Airbnb China.
“We are delighted to have Amanpreet take on an expanded role to lead Southeast Asia, Hong Kong, and Taiwan in addition to managing operations for India,” said Kum Hong Siew, Airbnb’s Regional Director for Asia-Pacific and Chief Operating Officer of Airbnb China. “Amanpreet has been instrumental in driving the growth of India as a key geography for Airbnb, and we are looking forward to partnering with him in this new chapter of his career, helping this region reach new heights,” he added. 

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