<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A 13-year-old Ritesh Agarwal sold mobile SIM cards at his <a href="https://www.thegeniusworks.com/2020/05/the-rise-of-oyo-the-worlds-fastest-growing-hospitality-brand-from-india-offering-tasteful-spaces-whenever-you-need-them-at-unbeatable-prices/#:~:text=At%20the%20age%20of%2013,college%2C%20but%20soon%20dropped%20out.&amp;text=In%202018%2D19%20OYO%20raised,billion%20through%20Agarwal's%20own%20investments.">small town of Odisha</a>, Titilagarh. Six years later, in 2013, Ritesh Agarwal came up with a digital solution to integrate unbranded hotels, homes, and living spaces, which many called AirBnB with a twist. Today, the $10 billion startup, OYO, is a household name in India and one of the world’s largest hotel chains. And, the 27-year old Agarwal is one of the youngest billionaires in the world. Agarwal, the early bird, is reaping the benefits of embracing technology early, and wants to share his convictions about the power of technology at <a href="http://trendsfestival.in/" data-type="tilCustomLink">Business Insider Global Trends Festival 2020</a>. The pandemic is testing OYO’s mettle and Agarwal’s survival instincts In the last seven years, OYO has grown in leaps and bounds. It has over a million rooms in India, with their lease and franchise model. It has also expanded to China, US and Europe. The next phase was an aggressive growth strategy including takeovers and acquisitions including Leisure group, a rental company in Europe and Las Vegas Hooters property in the US. However, like anyone in the hospitality business will tell you, the COVID-19 pandemic has forced a reset. The backing from Softbank will be useful but recovering from the nearly-fatal blow of the pandemic will need more than just money. Does Agarwal have another secret key to success? Don’t miss the <a href="http://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/dont-miss-ajay-piramal-chairman-piramal-group-a-master-deal-maker-with-business-in-30-countries-at-the-global-trends-festival-2020/articleshow/78054719.cms" data-type="tilCustomLink">Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/benefits-and-extra-attractions-for-the-attendees-of-the-business-insider-global-trends-festival/articleshow/78037583.cms" data-type="tilCustomLink">Benefits and extra attractions for the attendees of the Business Insider Global Trends Festival</a>

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

<ul><li>Business Insider spoke to four <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> employees— both existing and former— for insights on what led to hundreds of pink slips being doled out on Monday. </li><li>The tremendous pressure for super fast growth on the $10 billion startup trickled down right from the founder <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword> to the last employee in the organisation, according to employees. </li><li>As OYO’s ‘fast and furious’ strategy backfired, it has left many lessons for India’s budding startups looking to rush for an IPO. </li></ul>OYO wanted to be the <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">world’s largest hotel chain</a> and has been entering the world's biggest markets with one aim – conquer the market as fast as possible. It entered China market in 2017 and within 18 months went on to become the <a href="https://www.businessinsider.in/oyo-becomes-chinas-largest-hotel-chain/articleshow/69941582.cms">largest hotel chain</a> in the country. It has since then gone on to make a mark in the USA, Japan, Europe and other South Asian markets with the same approach. When numbers become the defining metric, quality may suffer. “OYO when it enters a market want to conquer it within a very tight deadline. It’s just very aggressive, and so a lot of manpower is required. But they also hired pretty quickly, and didn’t really filter the candidates,” said a former OYO employee who quit the organisation a few months ago. Sell, at any cost Often called SoftBank's jewel in India, OYO reportedly <a href="https://www.financialexpress.com/industry/sme/ritesh-agarwal-softbank-vision-fund-softbank-masayoshi-son-saudi-arabia-wework-uber-hospitality-hotels-oyo-budget-hotels-oyo-china-adam-neumann/1782140/">received orders </a>from Masayoshi So to focus on fast growth and profitability. While, OYO founder Ritesh Agarwal has <a href="https://skift.com/2019/11/11/oyo-ceo-claims-backer-softbank-isnt-trying-to-sway-its-hotel-strategy/">denied any interference</a> from Son in OYO’s business, a source confirmed that there was pressure on Agarwal from investors. This was one of the reasons why Agarwal <a href="https://www.business-standard.com/article/companies/inside-oyo-hotels-founder-ritesh-agarwal-s-1-5-bn-share-buyback-plan-119091700522_1.html">reportedly wanted</a> to buy back shares from existing investors in November 2019. It is another matter that the buyback funded by bank loans helped OYO nearly double its valuation to $10 billion from $5 billion, at a time when it also reported its losses to be six times higher at ₹2,384.7 crore. The pressure was passed down the corporate hierarchy at OYO, according to sources. “You are either OYO or you are not. You will realise it in 2 months of joining. The pressure, the way we work, the aggressive stance they take, the timelines and all these things, many people will not like,” an existing employee told Business Insider on the condition of anonymity. When Business Insider first wrote about <a href="https://www.businessinsider.in/business/startups/news/oyo-to-layoff-2000-employees/articleshow/72887138.cms">OYO laying off thousands of employees</a>, an OYO spokesperson said the decision was based on performance and merit. “In order to ensure this meritocracy based performance evaluation programme thrives, OYO continuously tracks performances of the individuals and depending on the results (a grading based system) and the individual’s interests, we may replace some candidates after giving them the opportunity to go through a performance improvement programme,” OYO had said. Everything works during good times A former employee said that just using the name ‘OYO’ was enough to make a sale and employees were judged on their numbers – the sales they have cracked, whether they are making enough calls, have enough lined up contracts and more. The grading system worked well until the pressure started building up. While OYO came face to face with complaints from users and hotel owners, the sales staff suffered, said the employees Business Insider spoke to. But instead of fixing the problem, OYO went about fixing the symptoms. The company had a profile called “Transformation managers” ⁠— people who overhauled hotel decor for more appeal— and that profile was dropped and everyone was transferred to the ‘Business Development’ role, said one of the employees Business Insider spoke to. “For one area, there are too many Business Development Managers than what is required. Because of this, there is increased competition. Also, OYO’s image in the market is not good right now which is why not many hotels are enthusiastic about signing up,” said another employee. The same duplication of efforts possibly led to the mis-selling and, later, job losses. “Unfortunately, some roles at OYO will become redundant as we further drive tech-enabled synergy, enhanced efficiency and remove duplication of effort across businesses or geographies. As a result, we are asking some of our impacted colleagues to move to a new career outside of OYO,” Agarwal said <a href="https://www.businessinsider.in/business/startups/news/read-ritesh-agarwal-email-to-oyo-employees-as-news-about-layoffs-losses-and-troubles-at-the-company-rise/articleshow/73228503.cms?src=hp_trend">in his recent note </a>to employees. OYO’s fast and furious strategy is now backfiring Inside OYO’s offices, employees are tense and are unsure of their future in the company, as news about layoffs, mounting losses,<a href="https://www.businessinsider.in/business/startups/news/income-tax-raid-at-ritesh-agarwal-oyo-headquarters-in-gurugram/articleshow/73189283.cms"> income tax searche</a>s have been flooding the news timelines in India. In China, hoteliers have been <a href="https://www.livemint.com/companies/start-ups/oyo-is-firing-thousands-of-staff-across-china-and-india-softbank-11578665810661.html">protesting</a> outside OYO’s offices complaining about delayed payments. And now, the startup is laying off thousands of employees across China and India, while its Japan business too is in tenterhooks as <a href="https://www.businessinsider.in/business/startups/news/oyo-and-yahoo-partnership-falls-through-in-japan/articleshow/72855354.cms">Yahoo too backed out of its joint venture. </a> “The situation is really bad and employees are worried,” said an OYO employee at the Delhi office. 2020 will be OYO’s year for damage control OYO wanted to rise quickly, and as it seems, and its employees<a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html"> crossed the lines while the management either missed it or ignored it until things came to the hilt,</a> as was reported in the recent New York Times article. “We take all the allegations very seriously and are looking into each and every one. We, of course, continue to be subject to regular external audits and have reached a stage as a company where we are making significant investments in compliance, training, and governance that ensure operational consistency and accountability,” wrote Agarwal. The latest message from the founder indicates that OYO will change gears for 2020. “Focus on profitable locations and buildings and avoid growth that dilutes our margins,” Agarwal wrote. But the panic has already set in. Sources told Business Insider that freshers who are just a few months into the system as well as others who have been with OYO for long are sending SOS messages out – looking for jobs and wanting to move out of the system before the sun comes down upon them. The means are as important as the end An initial public offering (IPO) is every startup founder’s dream. But if there is anything that the debacle at <a href="https://www.livemint.com/companies/start-ups/oyo-s-preparing-to-list-in-next-2-3-years-eyes-up-to-18-billion-valuation-1562609045816.html">OYO</a> has taught other startups⁠— growth at all cost is not a great strategy. When it goes wrong, the damage to the brand and employee morale may end up delaying the IPO until the course correction takes effect. See Also: <a href="https://www.businessinsider.in/business/startups/news/as-oyo-valuation-and-losses-increase-good-time-for-warren-buffett-quotes/articleshow/72258653.cms">Bizarre! The more losses Oyo makes, the more valuable it gets</a> <a href="https://www.businessinsider.in/business/news/oyo-cheating-case-and-investigations-against-ritesh-agarwal/articleshow/71916793.cms">Dues, death and an investigation — all that went wrong with OYO hotels in the last 6 months</a>

Inside OYO’s offices ⁠—  how a 'high pressure' work environment broke a promising startup brand

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> founder <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword> has sent an email to all employees today. </li><li>The startup which has been in news for layoffs, losses and other troubles, also laid off hundreds of employees across India earlier today. </li><li>OYO now has revised its goals to focus on profitability.</li></ul>The offices at hotel aggregator OYO have been tense, thanks to the news of layoffs and losses. Now, the 26-year-old founder Ritesh Agarwal has decided to reach out to his employees and soothed their frayed nerves. Agarwal has sent a note to employees whom he calls OYOpreneurs, about the revised 2020 goals for the company, how it will drive success and turn its focus on profitability. Here’s Agarwal’s note to his employees Dear OYOpreneurs, It’s been almost two weeks since the New Year started. As we enter 2020 together, I’m writing to update you on our strategy which OYO leaders agreed upon when we came together for the 2019 Global Leadership Meet in December. We had a single-point agenda - to plan on how OYO will continue to drive its success in 2020 and beyond. 2019 - a year of significant growth and learning But before I come to that, let me take a step back and spend a few moments on the year gone by. I would also like to ask for your patience as you go through this detailed but critical note. As a young, 6-year-old startup, OYO has naturally and actively evolved as an organization. We are proud of the hard work, dedication and passion of every OYOpreneur who has helped us achieve our goals so far. The company has today become one of the world's leading hotel chains, serving millions of guests across the world including in India, China, US, Europe, SEA, ME, Japan, and more. We increased our y-o-y revenues 3X and moved to 1M+ rooms across the globe by the end of 2019. OYO was rated by brandZ as one of the most valuable new brands in India. We strengthened our leadership by adding some of the best talent in the industry as key CXOs and VPs across the organization. We established a strong base for the vacation homes business through our first major acquisition. But, of course, a journey like this is never easy. As a young company that has experienced significant growth, 2019 gave us an opportunity to reflect on our journey and introspect. We realized that we continue to deliver positive impact and enable millions of middle income travellers and city dwellers to experience #LivingTheGoodLife. I have no hesitation in admitting that, growing at the pace at which OYO has in the past few years, we sometimes went ahead of ourselves and pressure-tested our organization at multiple levels. This year, we are taking steps to address this. Recent article in the press about OYO Given our bold dreams and humble beginnings, OYO has always been written about. Recently there have been a few questionable claims in a publication and today I want you to hear about them from me. The said article described behaviour that would violate our Code of Conduct. We take all the allegations very seriously and are looking into each and every one. We, of course, continue to be subject to regular external audits and have reached a stage as a company where we are making significant investments in compliance, training, and governance that ensure operational consistency and accountability. We are - and will always be - committed to growing OYO the right way. I also want to call out all OYOpreneurs who wrote to me after reading the article to say that, no matter how harsh the words may be, as part of this organization, they have a very different view on things informed by their own experiences in the company. I was humbled to see that we all share the same conviction about what we do everyday. Without going into ‘why’, we would rather focus on ‘what’ has been said and come out stronger together. 2020 roadmap and priorities This is where the learnings from the Global Leadership Meet 2019 will help all of us. We had a productive two day session with over 100 OYO leaders from across the world. We have a clear roadmap to continue driving OYO’s success this year and beyond. As we enter 2020, we are taking steps to optimize and strengthen our business. We have heard what our guests, asset owners and colleagues have to say and are fully committed to delivering by focusing on the following strategic objectives: 1. Sustainable Growth: Balance the speed of our growth with our operational capabilities, to ensure our growth is sustainable. ● We have built world-class capabilities since we started and in 2020 we are forming a Global Capabilities Team for each core function that will dramatically shorten the learning curve of every OYO market through knowledge sharing and drive consistent strategy and execution across our brands, teams and locations. 2. Operational and Customer Excellence: Leverage technology and data insights along with our culture of service to simplify operations and drive consistent, high-quality execution ● Drive uniform adoption of our own tech products across different geographies. This also makes our guests’, hotel partners’ and our lives easier and efficient. ● Move 90%+ hotels from OYO to &gt;7/10 rating through network planning, technology enabled tools and targeted investments 3. Profitability: ● Increase efficiency while focusing on core businesses and rationalizing growth avenues ● Focus on profitable locations and buildings and avoid growth that dilutes our margins ● Further reduce operating costs 4. Training and Governance: Enable OYOpreneurs with the right tools to drive productivity, consistency and governance, while building a high-performing and employee-first work culture Our people commitment As a result of the above, and you saw it in my recent email, I recently reorganized OYO's CXO leadership to focus and commit to delivering these strategic objectives. Over the past few months, we also successfully transitioned many of our colleagues into more meaningful roles within OYO by providing mentorship, training and tools to be successful. We have also streamlined the organization by driving synergies across our business lines and removing duplication of efforts in some of our every day manual processes. I fully trust the new leadership in India to take OYO down this road as a culture. One of the implications of the new strategic objectives for 2020, is that, like the leadership team, we will reorganize more teams across businesses and functions. And this means that, unfortunately, some roles at OYO will become redundant as we further drive tech-enabled synergy, enhanced efficiency and remove duplication of effort across businesses or geographies. As a result, we are asking some of our impacted colleagues to move to a new career outside of OYO. This has not been an easy decision for us. We are doing everything we can to ensure that our outgoing colleagues receive as much assistance and support as possible through this transition. Every OYOpreneur is important to OYO and ensuring their well-being both during and after their tenure is our number one priority. I want to thank them for their efforts and apologize for the impact this is causing. One is an OYOpreneur forever and we will always be grateful for your efforts. As an organization, we stand strong with our people - not just with those who are impacted, but also with those who will remain an integral part of OYO beyond today. Living our values Change can be hard. It requires tough choices and it demands bold actions. In the Global Leadership Meet recently we have together committed to 3 key values that are a natural extension of our cultural tenets. These values are building trust, being respectful, and being resilient at all times. I urge everyone to embrace these values and live them on an everyday basis, as will I. Thanks for all that you do at OYO and thanks for standing by our organization that all of you continue to build with hard work, honesty and long-term efforts. See Also: <a href="https://www.businessinsider.in/business/startups/news/income-tax-raid-at-ritesh-agarwal-oyo-headquarters-in-gurugram/articleshow/73189283.cms">Exclusive: Income Tax search at Ritesh Agarwal-led OYO’s headquarters in India</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-to-layoff-2000-employees/articleshow/72887138.cms">OYO now plans to layoff 2,000 employees, the company says it may ‘replace some candidates’</a>

Full text of Ritesh Agarwal’s note to OYO employees who are worried about layoffs, losses and other troubles

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> Conversations about sustainability aren’t complete without addressing mobility. The fight against climate change on one hand and rapid urbanisation on the other, topped up with the challenges thrown by COVID, there are many lessons to be learnt from experiences in different countries. And who better to ask than Pradeep Parameswaran, the man who has been battling changes across the Asia-Pacific (APAC) region for one of the world’s largest ride hailing apps, Uber. Parameswaran has been spearheading many innovations including bringing in more electrical vehicles to tackle pollution and congestion in a market like India. After the lockdown forced many Indians to stay indoors, the cab aggregator, like many others, was greatly affected. However, it also stayed true to its core of mobility and innovation and quickly extended Uber Medic service for frontline workers. It also launched Uber Connect to help move essential goods when people were stuck at homes in want of basic needs. Quick pivots are not new for the Jamnalal Bajaj alumnus. Even at his earlier jobs, either as the CEO of DEN Networks or technology leader and partner at consultant McKinsey, he has always been advocating the role of technology in solving problems. Apart from mentoring and advising tech majors and startups alike, Parameswaran is also an active investor in startups. Parameswaran also believes in the transformational power that technology can play in emerging markets. In his current role too, he has been actively bringing many changes to Uber’s offerings in India which is a ‘low fare market’ with hyperlocal solutions. Since then, Uber in India has expanded to autos, bikes, partnered with public transportation to aid multimodal commuting and going electric – while it has sold its food delivery business to Zomato and picked up an almost 10% stake in the latter. Uber’s project of providing low-cost transportation that causes little damage to the environment has caught the fancy of many. At the Global Trends festival, Parameswaran will speak on sustainability and its renewed importance in a post-pandemic world. SEE ALSO: <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/international/news/sebastian-thrun-to-speak-at-the-business-insider-global-trends-festival-2020/articleshow/78432049.cms" data-type="tilCustomLink">Sebastian Thrun to speak at the Business Insider Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-out-for-oyos-billionaire-founder-ritesh-agarwal-talking-tech-at-global-trends-festival-2020/articleshow/78141486.cms" data-type="tilCustomLink">Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/sadhguru-jaggi-vasudev-at-global-trends-festival-2020-simplifying-sustainability/articleshow/78271251.cms" data-type="tilCustomLink">Sadhguru at Global Trends Festival 2020: Simplifying Sustainability</a>

Watch Uber’s APAC head Pradeep Parameswaran open up about sustainable mobility for all at the Global Trends Festival 2020

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> The only thing we can be sure of in the future is crises - claims economist Nassim <keyword id="1113968" type="PERSON" weightage="20" keywordseo="Nicholas-Taleb">Nicholas Taleb</keyword>. In his opinion, the world has no way of becoming immune to everything, but the turbulence can become our strength. <ul><li>A “Black Swan” cannot be predicted, because it is not possible to “manage risk” fully. </li><li>The American market theorist, investor and philosopher explains how to benefit from the Black Swans.</li></ul>Nassim Nicholas Taleb is an American economist, philosopher and trader of Lebanese origin. In his academic work, he focuses on issues connected with probability, randomness and uncertainty. He is a professor at the University of New York and author of bestsellers: “The Black Swan. The Impact of Highly Improbable", and “Antifragile. Things That Gain From Disorder". The Sunday Times has chosen “The Black Swan” as one of the 12 most important books published after World War II. Living with the “Black Swan” "What I call the Black Swan (written in capital letters) is an event with the following three characteristics. Firstly, it is unusual because it goes beyond the domain of our usual expectations, as no element of the past clearly indicates its possible occurrence. Secondly, it has a drastic impact on reality (as opposed to a bird with an unusual plumage). Thirdly, despite the lack of typicality of this event, our nature forces us to seek a justification for its occurrence after the fact in order to make it explainable and predictable," writes Nassim Nicholas Taleb in his book. According to the economist, societies are not able to react well to the Black Swans because they focus too much on the past and look for the error they have made. However, it is only after the fact that we realise that such events could have been foreseen. Taleb points out that the crux of the matter is that a “Black Swan” cannot be predicted, because it is not possible to “manage risk” fully. In his opinion, we should realise that they do exist, rather than playing soothsayers. The author of the bestseller indicates that any “risk management” is wrong, because it assumes certain models, certain averages, and it is wrong to think that tomorrow will be the same as today. So what should we do? Taleb indicates that once in a while we will have to deal with something that is going to turn the life of our society upside down. We can only try to do our best every day and be reasonably resilient to this type of tragedy. If a Black Swan comes, this preparation will allow us to act much more effectively. "There are many possibilities, it is enough to focus on the anti-knowledge, which is what we do not know. For example, we can learn to benefit from the Black Swans (with their positive effects) by maximising our exposure to such events. In fact, in some areas - such as scientific discoveries and venture capital investments - what is unknown brings disproportionately higher returns, because in the case of rare events, we usually have little to lose and much to gain,” writes Nassim Nicholas Taleb. He also warns against drawing conclusions from the past too hastily and relying on historical data to predict the future. The guest of the <keyword id="9732021" type="UNKNOWN" weightage="20" keywordseo="business-insider-global-trends-festival">Business Insider Global Trends Festival</keyword> writes that if we are not able to “calculate” the risk, we often disregard it altogether, relying on already known models that give us a sense of certainty. "Antifragility" Another well-known publication by Nassim Taleb is “Antifragile. Things That Gain From Disorder". The author argues that some things are served well by shocks because they develop and flourish under the influence of changeability and stress. He cites in his book a model example of exercise in a gym. Muscles are subjected to effort and stress, but the effect can be impressive and beneficial to health. Taleb transfers this example to organisations and companies. When a company avoids stress, its "muscles" become weaker and weaker, and this may be the first nail in the coffin in a constantly changing environment. In his book Nassim Taleb distinguishes between two types of stress: negative and positive. The positive is the one that is often repetitive, but manageable. It is the one that creates new opportunities. The negative is the one that causes the boat to tip over and the company to come out weakened. Here, in turn, we come to the concept of antifragility, i.e. continuous testing, building resilience and constant change. Taleb writes that it is impossible not to make a lot of mistakes, but these should be used to draw conclusions and build “immunity”. Everything, however, depends largely on the mentality, because it is not in human nature to go beyond the comfort zone and to be exposed to inconveniences. SEE ALSO: <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-ubers-apac-head-pradeep-parameswaran-open-up-about-sustainable-mobility-for-all-at-the-global-trends-festival-2020/articleshow/78493912.cms" data-type="tilCustomLink">Watch Uber’s APAC head Pradeep Parameswaran open up about sustainable mobility for all at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/international/news/sebastian-thrun-to-speak-at-the-business-insider-global-trends-festival-2020/articleshow/78432049.cms" data-type="tilCustomLink">Sebastian Thrun to speak at the Business Insider Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-out-for-oyos-billionaire-founder-ritesh-agarwal-talking-tech-at-global-trends-festival-2020/articleshow/78141486.cms" data-type="tilCustomLink">Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/sadhguru-jaggi-vasudev-at-global-trends-festival-2020-simplifying-sustainability/articleshow/78271251.cms" data-type="tilCustomLink">Sadhguru at Global Trends Festival 2020: Simplifying Sustainability</a>

Watch Nassim Nicholas Taleb, a Risk Specialist at the Global Trends Festival 2020

New Delhi, June 1 () Hospitality firm OYO is granting employee stock ownership plans (ESOPs) worth a total of around Rs 130 crore to all its furloughed employees impacted by the COVID-19 pandemic as part of its efforts to minimise the disruption being experienced by them, an internal e-mail from its founder Ritesh Agarwal said on Monday. On April 8, OYO founder and Group CEO Ritesh Agarwal had said in a letter and video message that the company will place a certain number of employees on furloughs or temporary leaves, globally. According to the sources, the number of furloughed employees globally could run in thousands. The company, however, did not share any details regarding the number of the impacted employees. In an internal town hall note to the impacted employees, Agarwal on Monday said that while he hoped that the company can get as many employees back, he is cognisant of the practical reality that the uncertainty around the COVID-19 situation will continue for sometime. "I would like to recognise your contributions and this love and passion for OYO by making you a co-owner and shareholder of the company. I would like to inform you that all impacted OYOpreneurs would be eligible for ESOPs worth around Rs 130 crore ( around USD 18 million)," he added. Details on employees' specific grant will be shared on e-mail separately, which will be detailed as per their band and geographies, he added. "In addition, we also understand that some of you may already have stock options. For those employees, we are dropping the one-year cliff on the vesting of stock options for everyone we have hired in the past year. This will ensure that everyone departing, regardless of how long they have been with OYO, can become a shareholder," Agarwal said. The company will also provide stocks to employees not impacted, thereby making 100 per cent team members co-owners, he added. "This is the first time in the history of the company that such a large part of the organisation is being inducted as a stakeholder. That too at a time when some of you may decide not to be part of our future. This is a small token of gratitude from us for your contribution in building this company and for your unwavering support to us in good as well as bad times," Agarwal said. Given the uncertainty around the timelines for complete business revival, the company has also announced placement support for furloughed employees, keen to explore opportunities outside of the company or industry. "The organisation will also come up with an institutionalised placement support system for those who wish to avail it," Agarwal said. OYO is also actively working with the company's investors to identify opportunities in their portfolio companies and help its employees with alternative career opportunities in those companies, he added. "I am happy to share that in Japan, we have helped about 150 OYOpreneurs through this route," Agarwal said. The company has also formed an exigency fund for the employees who may need it for some critical illness cases, he added. Agarwal also said he was extremely sorry for the impact, and added that he wanted to re-emphasise that "this is not your fault in any way. This is a scary and a tough time for all of us in different ways." He also added that, "I am privileged to have worked with all of you. Thank you for helping the company get where it is today and for being an integral part of our company. Thank you for being a part of our lives. Thank you for coming to OYO. We are all better because of it." AKT HRS

OYO announces ESOPs for all furloughed employees impacted by COVID-19

New Delhi, Jan 13 () Hospitality firm OYO is planning to let go over 1,000 people in India as part of its restructuring and reorganisation of teams across businesses and functions to trim redundancy.
 In an internal mail to the employees of OYO in India and South Asia, the company's founder and Group CEO Ritesh Agarwal said that asking some of the colleagues to move to a new career outside of OYO has not been an 'easy decision'.
 Though the mail to the employees did not provide the numbers of people that are being laid off, sources in the know of the matter put the number at more than 1,000 and said the reason was 'right-sizing'. 
 One of the implications of the new strategic objectives for 2020, is that, like the leadership team, OYO will reorganise more teams across businesses and functions, Agarwal said.
 The strategic objectives of the company are: sustainable growth, operational and customer excellence, profitability, and training and governance, he added. 
 And this means that, unfortunately, some roles at OYO will become redundant as the company further drives tech-enabled synergy, enhanced efficiency and removes duplication of effort across businesses or geographies, Agarwal said. 
 "As a result, we are asking some of our impacted colleagues to move to a new career outside of OYO. This has not been an easy decision for us," he added.
 OYO is doing everything it can to ensure that the outgoing colleagues receive as much assistance and support as possible through this transition, Agarwal said.
 "Every OYOpreneur is important to OYO and ensuring their well-being both during and after their tenure is our number one priority. I want to thank them for their efforts and apologize for the impact this is causing," he added.
 Over the past few months, OYO has "also successfully transitioned many of our colleagues into more meaningful roles within OYO by providing mentorship, training and tools to be successful," he added.
 OYO has also streamlined the organization by driving synergies across business lines and removing duplication of efforts in some of every day manual processes, he added.
 As an organisation, OYO stands strong with its people - not just with those who are impacted, but also with those who will remain an integral part of OYO beyond today, Agarwal said. AKT MR
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OYO to lay off over 1,000 people in India as part of restructuring exercise

<ul><li>Chairman and CEO of the <keyword id="59348" type="CITY" weightage="20" keywordseo="Blackstone-Group">Blackstone Group</keyword> Stephen Schwarzman is one of the world’s largest alternative investment firms.</li><li><keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>, the founder and CEO of Japanese investment giant <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword>, has groomed some of the world’s biggest startups from Alibaba to Uber.</li><li>They first met in a restaurant in Davos in 2001.</li></ul>Stephen Schwarzman is the Chairman and CEO of the Blackstone Group, one of the world’s largest alternative investment firms and Masayoshi Son, the founder and CEO of Japanese investment giant Softbank, has groomed some of the world’s biggest startups from Alibaba to Uber. But even while staying away from publicly-listed companies and looking for outsized returns in relatively less-explored spaces, both Schwarzman and Son could be described as different as chalk and cheese. This was clear from their first meeting itself. “The first time I met him (Masayoshi Son) it was in Davos (Switzerland) in 2001 in a restaurant where the food was not great. I said “tell me about yourself.” He said I was the richest man last year, and this year I have lost 99%,” Schwarzman revealed at the ET Global Business Summit in New Delhi on March 6. Schwarzman was quite taken aback by the volatility in Son’s career and at the same time his calm demeanour in the face of such extreme swings in fortune. But the private equity giant explained why he thinks Son is a genius. “Amazon never made any profits for about 20 years it kept growing but never made money. It kept driving other people out of business. Today, Jeff is the richest man and an unstoppable force,” Schwarzman said. “There were a lot of such startups. They call them unicorns because they don’t make any money. I came from a more traditional background where if you dont make money something bad happened to you,” he added. Masayoshi Son entered this risky space where <keyword id="1164861" type="PERSON" weightage="20" keywordseo="Steve-Schwarzman">Steve Schwarzman</keyword> won’t venture into. “Banks will never give them money. Masa saw an opportunity; If he can be the only guy who can finance these companies and it was a stroke of genius,” Schwarzman said, adding that this was as big as Michael Milken who started the junk bond market in the 1970s that changed the world of finance forever. See Also: <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-reportedly-called-oyos-ritesh-agarwal-as-the-little-brother-of-the-infamous-adam-neumann-who-wrecked-wework/articleshow/74242392.cms">Masayoshi Son reportedly called OYO's Ritesh Agarwal as "the little brother" of the infamous Adam Neumann who wrecked WeWork</a>

Chalk and cheese: When Steve Schwarzman first met Masayoshi Son

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul><keyword id="120306" type="PERSON" weightage="20" keywordseo="Robert-Lewandowski">Robert Lewandowski</keyword> – footballer, investor and UNICEF Goodwill Ambassador has joined the speakers of the BUSINESS INSIDER Global Trends Festival conference that will take place online from 19th to 23rd of October 2020. During the interview “The Focused Leader - How to maintain focus and peak performance in challenging times. World-class athlete’s perspective on the role of focus and perseverance in pursuit of success”, Robert Lewandowski will talk about his experience and challenges he faces as the team leader not only on the football field. How to spot opportunities even under threat, how to motivate oneself and others and how to keep focused on the adopted goal in challenging situations - Robert Lewandowski will be sharing his experiences on the Global Stage of the conference on Friday, 23 October, at 18:25 CEST. “Self-discipline, strong will, perseverance, ability to make instant decisions and to draw conclusions from wins and losses are the desired traits of any athlete, and they are increasingly decisive to business successes. Both these domains also require a leader, a captain” - says Robert Lewandowski, footballer, speaker at the BUSINESS INSIDER Global Trends Festival. Robert Lewandowski was named UEFA Men's Player of the Year for 2019/20 and has won the Forward of the Season award for the 2019/20 UEFA Champions League. In his football career he also was the five-time Bundesliga top scorer, the top scorer of Champions League and top scorer of Poland’s Top-Division (Ekstraklasa), as well as Champions League winner, eight-time Bundesliga Champion, Poland’s Top-Division (Ekstraklasa) Champion, four-time German Cup Winner, Poland’s Cup winner and Europe, Poland and Germany Super Cup winner. He is Bundesliga’s all-time number three scorer. Since July 2014, as the player of Bayern Munich he has scored more than 250 goals. Furthermore, he is Poland’s national team’s all-time top scorer. Besides his outstanding performance on the football field, Robert Lewandowski also stands out as a successful investor. He gets involved in mainly long-term promising technology and real estate development projects, trading and service platforms as well as products for athletes. His most prominent projects include the investment in Movie Games, a computer games developer and publisher listed on the Warsaw Stock Exchange; Less_ App, RL9 coffee branded with Robert Lewandowski’s logo – during the pandemic 10 percent of profits on sales went to the polish National Senioral Economy Institute, and the investment in SamuraiLabs, a company detecting and preventing online violence. Robert Lewandowski is also the co-owner of the RL Media house and Stor9_ marketing agency. As the best player of Poland’s national team and Bayern Munich he is the face of advertising campaigns all over the world. His official social media accounts are followed by over 34 million people. SEE ALSO: <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-ubers-apac-head-pradeep-parameswaran-open-up-about-sustainable-mobility-for-all-at-the-global-trends-festival-2020/articleshow/78493912.cms" data-type="tilCustomLink">Watch Uber’s APAC head Pradeep Parameswaran open up about sustainable mobility for all at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/sadhguru-jaggi-vasudev-at-global-trends-festival-2020-simplifying-sustainability/articleshow/78271251.cms" data-type="tilCustomLink">Sadhguru at Global Trends Festival 2020: Simplifying Sustainability</a> <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/business/news/watch-out-for-oyos-billionaire-founder-ritesh-agarwal-talking-tech-at-global-trends-festival-2020/articleshow/78141486.cms" data-type="tilCustomLink">Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020</a>

Robert Lewandowski, named Europe’s Footballer of the Year 2019-20, will speak at the Business Insider Global Trends Festival

<ul><li>Nadella is the third person to become Microsoft’s CEO after Bill Gates and Steve Ballmer. </li><li>He authored a book titled ‘Hit Refresh’ which talks about his life and career. </li><li>Here are a few interesting and lesser known <keyword id="8832923" type="UNKNOWN" weightage="20" keywordseo="facts-about-Satya-Nadella">facts about Satya Nadella</keyword>.</li></ul>Ascending to great heights in his career, <keyword id="276564" type="PERSON" weightage="20" keywordseo="Satya-Nadella">Satya Nadella</keyword> became the CEO of Microsoft in 2014, succeeding Steve Ballmer. Before taking up this responsibility, he was the executive vice-president of the cloud and enterprise segment of Microsoft that is responsible for constructing and administering the firm’s computing platform. Birth and education Satya Nadella was born in Hyderabad and hails from a Telugu speaking family. His father Nadella Yugandhar was a civil servant of the 1962 batch and worked for the Indian Administrative Service. Satya Nadella did his schooling in Hyderabad Public School, Begumpet and then got his Bachelor’s degree in electrical engineering from Manipal Institute of Technology. He studied M.S. in Computer Science at the University of Wisconsin – Milwaukee. He too has an MBA from the University of Chicago Booth School of Business. Career of Satya Nadella After working for Sun Microsystems as a member of its technology staff, Nadella joined Microsoft in 1992. At Microsoft, Nadella pioneered some significant projects like moving the company to cloud computing and launching one of the largest cloud infrastructures in the world. He played the crucial role of bringing Microsoft’s database, windows server and developer tools under its Azure cloud. After helping generate billions in profit in two years between 2011 and 2013, he received a pay of $84.5 million in 2016. CEO of Microsoft Nadella was declared the CEO of Microsoft in 2014. He was the third executive in the company to occupy this position after Bill Gates and Steve Ballmer. After holding the reins of the company, Nadella brought a great degree of openness in Microsoft’s working with other companies and technologies. He changed the company’s mission statement to "empower every person and every organization on the planet to achieve more". Microsoft’s acquisitions and phenomenal growth Under Nadella, Microsoft went in for a few successful acquisitions. The first of its kind was that of Mojang, a Swedish game company popularly known for the game Minecraft in 2014 in a deal worth $2.5 billion. In 2016, the company purchased Xamarin and LinkedIn followed by the acquisition of GitHub in 2018. Under his leadership, Microsoft’s stock tripled in value in 2018 and the annual growth rate was 27%. A number of reviews by the employees of the firm called Nadella the best CEO of a large company in the US. Family of Satya Nadella Satya Nadella married Anupama, the daughter of his father’s friend and also his junior at Manipal who did her B.Arch at the Faculty of Architecture. They have a son and two daughters. They live in Clyde Hill and Bellevue, Washington. Interests and hobbies o f Satya Nadella Nadella loves American and Indian poetry. He also likes cricket. He and his wife Anupama together are part of the ownership group of Seattle Sounders FC, a Major League Soccer club. He has also authored a book titled Hit Refresh which talks about his life and career. See Also: <a href="https://www.businessinsider.in/business/corporates/news/microsoft-top-boss-satya-nadellas-conversation-with-mukesh-ambani-asias-richest-man/articleshow/74278962.cms">Sathya Nadella conversation with Mukesh Ambani</a> I<a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">nteresting facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Oyo founder Ritesh Agarwal</a>

Interesting facts about microsoft CEO Satya Nadella

Indian billionaire <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, is an internet entrepreneur who co-founded Flipkart along with Sachin Bansal in 2007 and stayed with the company until 2018 when Walmart bought it over. Here are a few <keyword id="8866696" type="UNKNOWN" weightage="20" keywordseo="interesting-facts-about-Binny-bansal">interesting facts about Binny Bansal</keyword> some of which will inspire you and the others may be a warning. From Chandigarh to IIT Delhi Binny Bansal hailed from Chandigarh, the common capital of Punjab and Haryana. Sachin bansal, his business partner too was from the same place. They met each other at IIT, Delhi as students of Computer Science Engineering before they set up Flipkart. The maker of unique car sensors After graduating from IIT-Delhi, Binny started his career with a research and development firm, Sarnoff Corporation, India where he designed car sensors that were programmed to give automatic beep sounds if the driver changed lanes without giving signal. Building a business and losing it all <a href="https://successstory.com/people/binny-bansal">Binny said he founded Flipkart after</a> Google rejected him twice, once in 2005 and then in 2006. Before starting Flipkart, Binny worked for Amazon for about nine months and in 2007, Binny and Sachin launched Flipkart, with a capital of ₹4 lakh, as a platform to sell books. Flipkart started in a small flat in Koramangala delivering books ordered online. It is said that Sachin dreamt of big ideas and Binny executed them. During the initial days, both of them took turns to deliver the consignments on a scooter. He served as a Chief Operating Officer until 2016 where he earned a reputation for being ‘The Operational Guy’, and ‘The Executioner’. He became the CEO in 2016 and then the Group CEO in 2017. The employees at Flipkart <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-once-flipkarts-engine-now-the-kart-runs-without-him/articleshow/66629215.cms">described Binny as a calm and highly approachable person</a>. Though he ran a multi-million dollar firm so successfully, he was always willing to learn to improve himself. He participated in a <a href="https://www.livemint.com/Companies/VVgc0VII28w6w2aSQ4V0dP/Flipkarts-other-Bansal-comes-to-the-fore.html">personality training and leadership coaching in 2014</a>. From a small beginning, Binny Bansal, along with his friend Sachin Bansal, turned Flipkart into a massive online e-commerce venture that was bought over by Walmart in 2018 for a whopping $16 billion. Binny Bansal, the billionaire According to Forbes, Binny Bansal has a net worth of $ 1.3 billion. In 2017, <a href="http://www.skillstic.com/binny-bansal-biography/">India Today</a> ranked him in the 26th position along with Sachin Bansal among the 50 most powerful people. <a href="http://www.skillstic.com/binny-bansal-biography/">TIME named the two friends</a> among the 100 most influential people in 2016. The fall from grace Binny Bansal stepped down from his position as CEO of the company in November, 2018 following an internal review after an allegation of personal misconduct. Although the allegation was taken down, it was Binny Bansal’s lack of transparency in the matter that cost him his job. "While the investigation did not find evidence to corroborate the complainant's assertions against Binny, it did reveal other lapses in judgement, particularly a lack of transparency, related to how Binny responded to the situation. Because of this, we have accepted his decision to resign," <a href="https://www.forbes.com/sites/meghabahree/2018/11/13/flipkart-ceo-binny-bansal-resigns-after-probe-into-personal-misconduct/#4a3e39f55ac3">Flipkart had</a> said in the statement then. SEE ALSO: <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

Interesting facts about Binny Bansal, the co-founder and former ceo of Flipkart to inspire you

A notable one among youngest millionaires, Ola Founder Bhavish Aggarwal is an inspiring personality who rose to fame through luck, smart work as well as hard work. Here are a few interesting facts about Bhavish Aggarwal, you might not have known so far. A native of Punjab Bhavish Aggarwal was born in Punjab on 28 August 1985. He is an independent entrepreneur in every sense of the term. In an important turn in his life, he co-founded Ola cabs. A former student of IIT, Bombay Bhavish completed his bachelor’s degree in computer science from Indian Institute of Technology (IIT) Bombay. Starting off his career Microsoft gave the first platform for Bhavish to start his career. He worked with this company for about 2 years. During his tenure, he filed two patents. He too published 3 papers in international journals. Founded Ola cabs In the year 2011, Bhavish co-founded Ola Cabs with Ankit Bhati in Mumbai. Within a time span of four years, Bhavish and his co-founder Ankit Bhati were the youngest to be listed among the richest Indians for the year 2015. How Ola Cabs came up In one of his business journeys, Bhavish travelled from Bangalore to Bandipur. He rented out a car and the entire episode ended up in a bad tone. The driver stopped on the way and started demanding more than what was agreed upon initially. When he was refused, the driver abandoned him on the way before the destination. Bhavish understood this was the plight faced by several other travelers booking cars. Bhavish wished to find a car rental company that will assure a great customer experience combined with economical prices. Tapped the potentials in car booking Bhavish foresaw great potential in car booking business. In 2010, he co-founded Ola Cabs with Ankit Bhati. His parents in fact did not like the idea of Bhavish jumping into a sort of travel booking agent’s job. Nevertheless, when Ola Cabs received its first round of funding from two angel investors, Bhavish’s parents started believing that he has some workable ideas. The Ola Cabs model Ola Cabs did not resort to the model of buying and renting its own cars. Instead, it partnered with a number of taxi drivers and moved the entire set up to a sophisticated step forward. As per the Ola Cabs model, people could book cars within a short while from the comfort of their phones. The bookings that were accepted were half or full-day rentals and also outstation taxi services. Ola Cabs offers the widest set of options to the customers including Mini, Prime, and Luxury. The most economical cabs Right from the time of its inception, Ola Cabs depended on SoftBank for is funding needs besides pooling investments from Angel Investors. They also started charging lesser than what the auto-rickshaws charged. Ola Cabs offered taxi bookings for dead cheap prices at Rs.10 per km. Ola Cabs expansion Ola Cabs has recently ventured into providing auto-rickshaw booking services following the launch of Ola Auto. It is now possible for customers to find autos on-demand on the Ola Auto app. Read Also about other Personalities - <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a> <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a>

Interesting facts about Ola founder Bhavish Aggarwal

<keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, the co-founder of Flipkart sold his 5.5% stake in the company and left it in May 2019 after the ecommerce giant of India was acquired by Wallmart, the world’s largest retailer. Here are a few interesting facts about Sachin Bansal, the mastermind behind Flipkart. <ul><li>Sachin Bansal founded Flipkart in 2007 along with his partner <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>. In the initial stages, the ecommerce firm sold books online gradually expanding its operations into other domains. Today Flipkart has become one of the top ecommerce businesses in India. </li><li>In April 2016, Sachin Bansal was named among the 100 most influential people in the world along with Binny Bansal by the Times Magazine. </li><li>In some strategic deals, Flipkart acquired some well performing ecommerce businesses like Myntra, Jabong and PhonePe. </li><li>Sachin Bansal would later recollect in his life when Flipkart operated from a rented office costing them Rs.8,000 per month. He said the company during the starting years did not have any power backup they had to suffer the extremities of climate without AC or even windows to the building they had rented out for their ecommerce operations. </li><li>Sachin Bansal was a remarkable gamer. He used to give dinner to those who defeated him in games. </li><li>When the Big Billion Day sales was on, Sachin Bansal delivered the products along with Binny and others in the company.</li><li>Sachin Bansal and Binny Bansal are only business partners and co-founders of Flipkart. They are never related to each other though their surnames might suggest if they could be brothers. </li><li>Sachin and Binny studied at the same school. They were born and brought up in <keyword id="6360078" type="LOCATION" weightage="20" keywordseo="chandigarh">Chandigarh</keyword>, Punjab. Despite sharing their school with each other, they were never friends during their school days. Both of them graduated from IIT Delhi and only there at the college they got to know each other. </li><li>Sachin Bansal worked for Amazon in 2006. Binny Bansal joined the company in 2007. Later they came together to create Flipkart in 2007.</li><li>Sachin Bansal has married Priya Bansal, who was a dentist by profession. They both have a son.</li><li>Sachin Bansal is a highly sociable personality and loves gaming to the core. Sachin’s addiction to gaming was so intense that he wanted to give up his engineering course to find a career in gaming. During his early life, Sachin Bansal was highly passionate about playing games like Age of Empires and <keyword id="1269448" type="PERSON" weightage="20" keywordseo="Quake-III-Arena">Quake III Arena</keyword>.</li><li>Sachin Bansal is a visionary and a seasoned entrepreneur, the skill which he mastered through hard work. In 2018 after 11 years of his tenure with Flipkart, the company was valued at $20.8 billion. During this career at Flipkart, Sachin Bansal had the position of Chief Executive Officer and Executive chairman. </li><li>Sachin exited Flipkart along with the Walmart deal in 2018. During his exit, he had 5.5% stake in the company, which he sold to Walmart. During that time, his net worth was more than $1 billion.</li><li>During his exit from Flipkart, Sachin Bansal said he would focus on some personal projects that were long pending. He also said he wished to give himself to gaming and to brush up his coding skills.</li></ul>Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

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Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

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Watch Nassim Nicholas Taleb, a Risk Specialist at the Global Trends Festival 2020

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OYO announces ESOPs for all furloughed employees impacted by COVID-19

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OYO to lay off over 1,000 people in India as part of restructuring exercise

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Chalk and cheese: When Steve Schwarzman first met Masayoshi Son

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Interesting facts about microsoft CEO Satya Nadella

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Interesting facts about Binny Bansal, the co-founder and former ceo of Flipkart to inspire you

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Interesting facts about Ola founder Bhavish Aggarwal

BI India Bureau

Unknown facts about flipkart founder Sachin Bansal

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Toons tell the top stories of 2019 ⁠— with a dash of sarcasm

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