OYO
OYO opens first luxury hotel in Dubai, eyes boosting premium property portfolio
OYO announced the opening of its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa, targeting Indian tourists after Dubai's visa policy change.
Oyo to use fresh funds for ‘enhanced business plan’ and global push
Oyo's shareholder approval includes issuing Series G CCCPS shares, as per the scrutiniser's report, to raise funds and increase authorized share capital.
Oyo's funding to finance global expansion, acquisitions: filings
ET reported on June 20 that Oyo has received shareholder approval for raising Rs 416.85 crore through preference shares in an extraordinary general meeting (EGM) held on June 18. The shareholders also gave their nod to increasing Oyo's authorized share capital from Rs 901.14 crore to Rs 1,341.14 crore.
Zepto’s mega fundraise; Oyo funding gets shareholder nod
Quick commerce company Zepto has raised $665 million from new and existing investors. This and more on today’s ETtech Top 5.
We had our maiden net profitable financial year at nearly Rs 100 cr: Oyo founder Ritesh Agarwal
Agarwal had shared with employees in February that it has doubled its profit after tax (PAT) sequentially in quarter three of financial year 2024 to Rs 30 crore. The company had marked its maiden profitable quarter with a PAT of over Rs 16 crore in quarter two of fiscal year 2024.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
Oyo gets shareholder nod to raise Rs 417 crore via preference shares
Moody’s projects Oyo's EBITDA to reach $125 million in FY 2024-2025, inclusive of ESOP expenses. This outlook underscores the company's commitment to cost control and expected business expansion.
Oyo’s maiden annual profit; RBI guidelines for fintech SRO
In a significant turnaround, hospitality startup Oyo reported its first annual profitable fiscal on Thursday. This and more in today’s ETtech Top 5.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Oyo posts maiden annual net profit of Rs 100 crore in FY24: founder Ritesh Agarwal
Oyo reported its first profitable fiscal year in 2023-24 with a net earning of nearly Rs 100 crore. Founder Ritesh Agarwal highlighted growth prospects in key markets like Nordics, South East Asia, US, and UK. Fitch Ratings upgraded Oyo's credit rating, acknowledging its strong performance.
Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
OYO withdraws DRHP, to refile IPO post refinancing: Sources
OYO IPO: Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
'Oyo Khulwa do': BJP MLA raids park, couples say where should we go, you have closed everything. Watch viral video
BJP MLA Rikesh Sen garnered attention for intervening in couples' meetings at a local park in Chhattisgarh, captured in a viral video. Couples expressed frustration over OYO Rooms' closure, resorting to public spaces. Sen stressed decorum in parks, urging youth to focus on education. He hinted at further action post-Model Code of Conduct, following previous efforts to shut down unauthorized hotels due to concerns over illicit activities.
JP Morgan extends Rs 200 crore credit facility to Oyo
JP Morgan has provided Oyo with a Rs 200 crore credit facility to support the expansion of Oyo's Accelerator Programme. Launched in March last year, the program aids over 700 hotels and 85 first-generation hoteliers, offering mentorship, technology access, financial support, and networking opportunities.
Oyo approaches SEBI to expedite IPO approval
Oyo is keen to expedite its IPO approval and is said to have informed the regulator about a partial prepayment of $200 million of Oyo's outstanding Term Loan B (TLB) from its books and the consequent positive commentary by the international rating firms Moody’s and Fitch, the people cited above said.
Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
Oyo launches Shark Tank-inspired loyalty programme
Customers can avail a free night's stay after seven room nights, an additional 5% discount on Oyo's network of over 3,800 Wizard hotels in India, as well as other rewards in the form of Oyo money under Wizard Shark. Valid for three months, the programme offers free membership renewal. Originally launched in August 2018, Oyo's Wizard programme, with more than 4.4 million active members, is among the largest loyalty programmes in the hospitality industry in India, the company said.
Oyo clocks Rs 30-crore profit in Q3FY24, founder Ritesh Agarwal tells employees
People familiar with the matter said Agarwal stated that in the upcoming quarters, it anticipates a consistent rise in PAT, driven by ‘enhanced’ patron confidence, ‘improved’ customer experience, and ‘favourable’ market conditions conducive to sustained growth.
Oyo expects consistent PAT rise in upcoming quarters, CEO Ritesh Agarwal tells employees
Agarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday.
OYO forays into sports hospitality business, shortlists 100 hotels in 12 key cities
OYO, a hospitality and travel-tech firm, has shortlisted 100 hotels across 12 key cities to cater to large sports events. The sports hospitality business aims to provide end-to-end solutions, including accommodation for athletes and sports officials. The company will offer a range of accommodation options, from budget-friendly to premium hotels, to ensure a comfortable stay for participants. Specialized packages and group booking options will be available.
Oyo may back out of IPO plan, opt for private raise
In a response to emailed queries by ET, Oyo said the information is inaccurate. Oyo’s first public offer filing was returned by the markets regulator in January 2023, requiring the SoftBank-backed firm to refile its draft red herring prospectus (DRHP) with updates and revisions. The startup then made a confidential pre-filing with Sebi for a significantly smaller-sized IPO.
Big Tech, few Indian entities oppose ex-ante regulation under new law; others lend their support
Digital firms including Apple, Google, Meta, Amazon, Flipkart, and Uber resisted ex-ante obligations under a new digital competition law. Some home-grown companies like Oyo, Zomato, and Swiggy had reservations, while others endorsed the framework. The Govil panel has now recommended separate digital competition legislation with an ex-ante framework after holding meetings with a cross-section of stakeholders, including the large digital players who had submitted their views.
Khazanah in talks to lead Oyo Hotel’s $400 million fund raise
Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is in discussions to lead a $400 million funding round in Oyo Hotels & Homes Pvt., the Indian hotel-booking company backed by Softbank Group Corp. Oyo, founded by Ritesh Agarwal, filed for an IPO for the second time in March, but has not yet decided on the timing. The company is seeking funds for expansion and debt reduction.
Driven by surge in Ayodhya, Oyo to open 400 new properties in major spiritual hotspots
Budget hospitality chain Oyo plans to launch 400 new properties in major spiritual hotspots of the country, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route. This move is in response to a surge in domestic travel and rising interest in spiritual tourism. The company aims to cater to the increasing demand for accommodation near key landmarks and religious sites.
When Byju’s made its presence felt, in absence; and other top stories this week
Upgrad cofounder Ronnie Screwvala huddled up with a group of founders and edtech leaders to discuss the way forward from the perception hit, which the sector has taken as a result of the doings of just one company.
Oyo elevates Rakesh Kumar as chief financial officer
Before joining Oyo, Kumar worked with EY, where he contributed to a wide array of services, including statutory audits, tax audits, IFRS compliance and IPO related work.
Oyo inaugurates 65 hotels and homes in Ayodhya for pilgrims
Budget hospitality chain Oyo has inaugurated 65 hotels and homestays in Ayodhya, days before the consecration of the Ram Temple. The properties, with prices starting at Rs 1000, aim to provide comfortable and affordable accommodations for pilgrims and travellers visiting Ayodhya. Oyo has partnered with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation for smooth operations.
BeatO appoints Amit Gupta as chief product officer
Gupta has held key leadership positions in leading global organisations and has a proven track record of driving product strategy and technological innovation across diverse markets.
Oyo elevates Rakesh Kumar as CFO
Oyo announced the promotion of Rakesh Kumar to the position of Chief Financial Officer (CFO). Currently serving as Deputy CFO, Kumar has been instrumental in Oyo's financial stability during the Covid-19 pandemic, overseeing various financial functions. In his new role, he will continue to drive financial strategy.
Oyo boss Ritesh Agarwal meets Rana Daggubati, reveals ‘Baahubali’ star is a seasoned angel investor!
From animation studio to comic book empire, the 'Baahubali' star has his finger in more than a few lucrative pies!
Oyo to prepay over Rs 1,600 crore debt via buyback
The move comes on the back of Ritesh Agarwal-led startup reporting its first-ever profit in the second quarter of 2023-24, with a profit after tax (PAT) of Rs 16 crore.
Hyderabad, Kolkata among OYO's most-booked cities: 5 things to know
Hyderabad was the most booked city in India followed by Bengaluru in 2023, according to hospitality tech platform OYO's Travelopedia 2023. "Hyderabad emerged as the most booked city in India followed by Bangalore, Delhi, and Kolkata... Smaller towns like Gorakhpur, Digha, Warangal, and Guntur experienced the highest year-on-year growth in bookings compared to 2022," it said.
Lightspeed appoints Vivek Gambhir, Kevin Aluwi as venture partners for India, Southeast Asia
The move to bolster its India and Southeast Asia team comes at a time when local and global peers such as Peak XV Partners, Elevation Capital and Accel have doubled down on the region by raising record capital amid a funding downturn.
'The energy is infectious': Ritesh Agarwal, OYO founder, posts pics from inside the Ayodhya Ram Mandir
OYO founder Ritesh Agarwal visited Ayodhya for the Ram Mandir consecration, sharing vibrant pictures and expressing the infectious energy within. Commencing his spiritual journey from Jagannath Temple in Puri, Agarwal's post on X received over 11,600 views, with individuals conveying blessings and love for Ayodhya. The images depict the adorned temple, a Sanskrit phrase, a floral peacock, and Agarwal inside.
OYO founder Ritesh Agarwal launches 5 healthcare centers for underprivileged in Odisha
Ritesh Agarwal, the founder of OYO, has revealed plans to establish five healthcare centers in Odisha within the next year, aiming to provide medical services to underprivileged communities. Operated by health-tech startup Last Mile Care, these centers, strategically located in regions with limited healthcare access, aim to bridge the gap for marginalized populations.
Oyo restarts self-operated hotels, targets 200 new properties
Oyo closed its self-operated hotel model in 2020, just before the start of the first wave of COVID-19, and is restarting after three years.
Ritesh Agarwal becomes a dad, says 'new chapter' has begun
The OYO founder also shared a picture of his baby boy and wrote about beginning an exciting new chapter of his life along with wife Geet.
Hyderabad most booked destination in 2023: Oyo Travelopedia 2023
The company said Travelopedia 2023 draws insights from Oyo’s global booking data and unveils key trends that have shaped travel experiences for its over 93 million users across India, UK, US, Germany, Denmark, Belgium, Netherlands, Indonesia, Malaysia, and the rest of Asia and Europe, spanning January 1 to December 1, 2023.
MS Dhoni-backed company among 10 startups expected to launch IPOs this year
Even though 2023 has been a good year for the primary, only a handful of new age tech companies accessed the public markets. However, as many as 10 startups have announced their plans for IPOs and are looking to launch their issues this year if things go well as planned. Here's a look
Oyo partners with organisations supporting differently abled talent across India
Oyo will provide equitable access to quality accommodation for differently abled individuals, which will be one of the focus areas for the company in 2024. The company said one of the key aspects of Oyo's initiative is to promote wheelchair-friendly infrastructure, such as ramps, wider doorways, and a staff which is trained to understand the needs of differently abled guests in its partner hotels.
Oyo to end FY24 with 1500 'Super Oyos'
Oyo said it is supporting its hotel partners to improve consistently in experience and aims to end financial year 2024 with over 1500 hotels which can be tagged as Super Oyos.
OYO joins hand with Khelo India and others to support differently-abled talent across country
OYO, in collaboration with Khelo India Para Games, Divyang Kala Mela, and other organisations, is set to provide specialized and accessible accommodation for differently-abled players nationwide, according to the company's press release. In its official statement, the multinational hospitality chain pledged to implement wheelchair-friendly infrastructure, including ramps, wider doorways, and trained staff attuned to the needs of differently-abled guests in its partner hotels.
Oyo to report maiden net profit of Rs 16 crore in ongoing quarter
In an email to the company’s top management, Agarwal said Oyo has published its annual accounts for FY23 and that it has achieved operational profitability in FY23, clocking an adjusted Ebitda of Rs 277 crore.
Oyo talking to Apollo for $660 million refinance as IPO delayed
Oravel Stays Pvt, as Oyo’s parent company is known, is seeking to extend maturity to five years compared with the existing 2026 deadline, one of the people said, asking not to be named as the negotiations are private. A decision could be reached as early as next month, another person said
OYO says it added 2,800 new corporate clients in January-July 2023
According to 'Oyo Business Travel Trends Report 2023', Hyderabad has emerged as the leading city, adding 660 corporate clients, followed by Gurugram with 593 clients.
Oyo gives Indian tourists in Thailand a 60% discount
OYO Thailand is offering Indian tourists a 60% discount on hotel stays between October 11 and 31, with reservations available until December 31, 2023. To avail the discount, customers need to use the coupon code OYOSPLDEAL through the company's app or website. OYO has added 13 Super OYO hotels in cities like Bangkok, Chon Buri, Chiang Mai, and Pattaya.
Oyo elevates Rakesh Kumar to deputy CFO position
Kumar's transition to Deputy CFO signifies a significant expansion of his responsibilities, encompassing business finance and taxation, Oyo stated.
Oyo founder Ritesh Agarwal joins Shark Tank India season 3 as judge
In the third season, Agarwal will join Lenskart founder Peyush Bansal, Shaadi.com founder Anupam Mittal, Boat founder Aman Gupta, Sugar Cosmetics founder Vineeta Singh, Emcure Pharmaceuticals' executive director of India business Namita Thapar and CarDekho Group CEO and cofounder Amit Jain.
Oyo founder Ritesh Agarwal becomes the youngest shark on ‘Shark Tank India 3’
Ritesh Agarwal, the founder and CEO of OYO Rooms, will be joining the panel of the popular show Shark Tank India. At 29, Agarwal will be the youngest shark on the panel, which already consists of several other industry experts. Agarwal expressed his excitement about being part of the show and supporting emerging entrepreneurs in India. Shark Tank India provides a platform for business aspirants to pitch their ideas to experienced investors, who decide whether to invest in their companies. The show's third season will be streaming soon on Sony LIV.
Ankit Gupta, Mandar Vaidya move on from Oyo
"We are proud of their achievements at Oyo and are thankful for their leadership. Both roles were already transitioned six months ago to Varun Jain, COO India, and, Gautam Swaroop, CEO, Oyo Vacation Homes, respectively," an Oyo spokesperson said
Oyo's growth is ahead of schedule, cost controls are better than ever: Steve Albrecht
Steve Albrecht, a non-executive independent director on Oyo's board said in terms of corporate governance, the company is at a 'very professional' level at this point and cost controls are better than ever.
OYO founder Ritesh Agarwal's wife pregnant: 'Feel free to share...'
OYO Rooms founder Ritesh Agarwal, who got married to his long time partner Geetansha Sood earlier this year, announced her pregnancy on October 13. The couple's wedding was attended by other startup entrepreneurs such as Vijay Shekhar Sharma of Paytm. Ritesh posted a picture of him and Geetansha, with the expecting mother flaunting her baby bump.
Airbnb Nightmare: Harrowing tale of guests leaving host homeless with over $300,000 in damages
A pregnant San Francisco woman on social media recently recounted a distressing encounter with an Airbnb guest. This experience resulted in significant damage to her home, amounting to over $300,000 in losses and rendering her homeless. Her story serves as a warning about the possible challenges of hosting on Airbnb.
Oyo to add 50 homestays, hotels in Rameswaram and Ramanathapuram
The company said most of the homestays will be near Ramanathaswamy Temple.
'Never lose sight of profitability.' Oyo founder Ritesh Agarwal's golden advice for every founder
Ritesh Agarwal, the billionaire founder and CEO of OYO Rooms, highlighted the importance of profitability for companies, stating that no company can survive indefinitely without generating profits.
Oyo to add 750 hotels on its platform in next three months to tap peak travel season
Oyo said its key focus markets are Goa, Jaipur, Mussoorie, Rishikesh, Katra, Puri, Shimla, Nainital, Udaipur, and Mount Abu for the new hotels addition.
'Shark Tank India' gears up for season 3 with new 'Sharks'; Zomato chief Deepinder Goyal, OYO boss Ritesh Agarwal join jury
The shooting of the third season of 'Shark Tank India' has already begun! Let's meet the news 'Sharks' in town.
Ritesh Agarwal, OYO founder and youngest Shark in Shark Tank 3
Founder and CEO of OYO Rooms, Ritesh Agarwal, has become the latest person to join the panel on popular business reality TV show Shark Tank India Season 3. Business leaders including Aman Gupta, Amit Jain, Anupam Mittal, Namita Thapar, Vineeta Singh, and Peyush Bansal are the other sharks on the panel. At 29, Agarwal will be the youngest Shark on the show. (Image: X/ Ritesh Agarwal)
Haryana, Oyo sign MoU to offer employment in Europe to state’s youths
Indian hotel aggregator Oyo has signed a memorandum of understanding with Shri Vishwakarma Skill University and other organisations to create job opportunities in the European hospitality sector. Under the deal, Vishwakarma will provide training and certificates for young people registered with the Haryana Kaushal Rozgar Nigam Limited, ahead of employment. Oyo will offer apprenticeships in the vacation home business, which will provide experience in international hospitality.
Shark Tank India: After Oyo's Ritesh Agarwal, Zomato's Deepinder Goyal joins judges panel
Zomato founder and CEO Deepinder Goyal is the latest ‘shark’ in the panel of business reality television show Shark Tank India 3.
Travel, tour firms pad up for cricket World Cup; expect big sales
Travel and tourism companies are expecting a boost in business as the ICC Men's Cricket World Cup matches begin in India. Companies are offering bundled packages that include post-match exploration of the respective destinations. There has been an increase in flight bookings, hotel reservations, and apartment and homestay rentals.
Cricket World Cup drives up accomodation bookings, room tariffs in host cities
"Even 3-star and lower-category hotels have witnessed a doubling in their room rates. The cricket fever has truly taken hold, as we observe a remarkable double-digit growth in all the cities surrounding the World Cup venues," Malik said, adding queries and growing interest in flight bookings are continuing.
Oyo to add over 1000 hotels under Accelerator Programme by December
Oyo said it also plans to add over 100 first generation hoteliers operating these hotels across India.
World Tourism Day: OYO report reveals Rajasthan tops tourist destination, Thekkady in Kerala's Periyar Park sports 103% spike in bookings
India remains one of the epicentres of cultural and spiritual tourism. Blessed with architectural wonders, lush forests, intimidating mountains and religious centres, the country has attracted travellers from all over the world since time immemorial.
From Jaipur to Varanasi: What are India's favourite culture, spirituality & heritage hubs
OYO has released a report on the most preferred cultural and spiritual destinations in India, coinciding with World Tourism Day. Jaipur emerged as the top cultural and heritage destination, followed by Agra, Mysore, Udaipur, and Jodhpur. Rajasthan accounted for 76% of bookings in this category. In terms of growth, Thekkady in Kerala saw a 103% increase in bookings, followed by Mysore at 42%. Varanasi topped the list of spiritual destinations, with Tirupati, Puri, Amritsar, and Haridwar following closely.
Govt notifies Angel Tax rules for startups; Zerodha’s FY23 revenues & profits soar
The government notified the new Angel Tax rules on Tuesday, retaining the five valuation methodologies suggested in the draft rules. The rules aim to fix the fair market value of startups.
Dealshare fires 130, shutters B2B vertical; SoftBank, Oyo parent Oravel partner for premium hotels
Ecommerce platform Dealshare has sacked 130 employees and shut down its business-to-business vertical, just over a month after Vineet Rao stepped down as chief executive.
SoftBank partners Oravel to check into premium hotels
The Japanese conglomerate has partnered with Oravel Stays, the parent of hotel chain Oyo, to operate these hotels. Under a joint venture arrangement called ‘Mountainia’ the companies have drawn up a plan to open four- and five-star hotels under the ‘Sunday’ brand name across fast-growing tier two Indian cities, the people cited above said.
Oyo founder in clean-up mode: Ritesh Agarwal vows to make lodging more hygienic, conducts hotel audits himself
Ritesh Agarwal, the founder and CEO of OYO Rooms, has launched a new initiative called Spotless Stay. He announced that a group of officers would conduct daily hygiene audits to improve the cleanliness standards of the hotels partnered with OYO.
Oyo enters premium resorts, hotels category, launches Palette brand
The company has started 10 Palette resorts as a pilot in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bangalore. It will add 40 more Palette resorts to its portfolio by Q2 FY 2024, OYO said in a statement.
Oyo checks into premium resorts and hotels space with Palette
Oyo said Palette resorts will be located in popular leisure destinations across India, while also catering to business leisure or bleisure travellers looking for quick getaways and staycations. The company said it has started 10 Palette resorts as a pilot project in cities such as Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru.
Oyo founder Ritesh Agarwal's unforgettable entrepreneurial tale inspires him to keep going
Ritesh Agarwal, the founder of Oyo Rooms, shared an anecdote on social media about an incident that occurred in the early days of his start-up. He had to choose between attending to the needs of hotel guests or taking a call from a potential investor.
OYO to add 500 hotels in host cities of upcoming cricket world cup
Hospitality technology platform OYO on Friday said it will add 500 new hotels in the next three months in host cities of the upcoming men's cricket world cup in India, to meet the anticipated increase in booking demand.
Moody's expects Oyo to generate positive Ebitda for FY24
Moody's also said on Monday it has affirmed Oravel Stay Limited’s (Oyo’s) B3 corporate family rating (CFR) as well as the B3 rating of the backed senior secured term loan issued by its wholly owned subsidiary - Oravel Stays Singapore Pte Ltd.
SoftBank plans AI tour for founders to boost technology adoption
SoftBank Group Corp. will take a group of its Indian startup founders to Silicon Valley next month for an artificial intelligence tour as the Japanese investor steps up efforts to infuse its portfolio companies with the technology.
Oyo tells employees it turned cash flow positive in Q4 2023
Sources said the positive cash flow trajectory is expected to continue into the first quarter of FY2024. The company’s cash corpus on the balance sheet is Rs 2,700 crore.
Fitch revises Oyo's outlook to 'positive', affirms ratings
Fitch affirmed the ratings on the $660 million senior secured term loan facility due 2026, issued by Oyo's fully owned subsidiary, Oravel Stays Singapore, at 'B-'. The outlook revision is on the optimism that Oyo is on track to generate positive EBITDA and cash flow from operations sustainably, driven by a greater reduction in operating costs despite weaker-than-expected growth in gross booking values (GBV) in FY23.
Oyo travel agent enrollment sees sharp uptick in FY23
A total of over 5,300 travel agencies across India worked with Oyo in the financial year ended on March 31, 2023, compared to approximately 2,100 travel agencies in fiscal year 2021-22.
Fitch revises outlook on Oyo's IDRs to positive from stable
Fitch said it has also affirmed the rating on the $660 million senior secured term loan facility due 2026, issued by Oyo's fully owned subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'.
Oyo to open 50 hotels in Ayodhya
Oyo has announced it will expand its offerings with 50 new properties in Ayodhya this year. The properties will include 25 homestays run by homeowners and 25 small and medium-sized hotels. Oyo claims its data shows hotels onboarded on the Oyo platform independent budget hotels of a similar size double their revenue within three months.
H World Group sells 19% of its total stake in Oyo in private market, makes a return of 500%
This transaction translates to a 0.15% stake sale of H World Group on a fully diluted basis. Before the share sale, H World Group held a 0.78% shareholding in Oyo through one of its subsidiaries. The current dilution therefore constitutes one fifth of its holding in Oyo.
Oyo clocked adjusted ebitda of Rs 175 crore in Q1, CEO Ritesh Agarwal tells employees
Oyo had reported its maiden EBITDA positive quarter in an addendum filed with Sebi for its IPO reporting a Rs 7 crore adjusted EBITDA in quarter one of the last financial year.
SoftBank-backed Oyo to reduce planned IPO by two-thirds amid tech headwinds
In the filing, Oyo will outline plans to sell just a third of the new shares it originally planned, eroding the amount of fresh capital it is expected to receive.
OYO founder Ritesh Agarwal asks to 'never forget' this; Do you agree?
OYO founder Ritesh Agarwal has seen success in many colours and from time to time he keeps sharing messages for the younger generation so that they can grow up to be better human beings. Taking to Twitter recently, he shared another such message.
Oyo pre-files confidentially for smaller IPO
Pre-filing, introduced by the Securities and Exchange Board of India in November last year, allows the details of the preliminary filing to be kept confidential, unlike in the normal filing where the DRHP becomes a public document. This option provides companies greater flexibility on the issue size during the initial stage, and they can change the amount of freshly issued shares in the proposal by up to 50% till an updated DRHP is filed.
OYO founder Ritesh Agarwal missed out on college experience, but credits Thiel fellowship for 4 lessons that helped his entrepreneurial spirit
OYO Rooms founder Ritesh Agarwal has reflected on his decision to drop out of college to become an entrepreneur. At 20, Agarwal founded OYO Rooms which has since become one of the world's top hotel chains.
Oyo tells employees it expects nearly Rs 800 crore adjusted EBITDA in FY24
People familiar with the matter said Agarwal told staffers during the town hall that this can be attributed to 'sustained growth' in India, Indonesia, the US and UK besides ‘relevant optimisations’ and ‘synergies’ in the European vacation homes market.
Oyo launches 'Spotless Stay' programme; to conduct hotel audits for upkeep, maintenance
The company's on-field officers will conduct a comprehensive on-ground audit of one property every day, leading to a total of over 3,000 audits each month. This number will be scaled to 6,000 audits per month by October 2023.
Oyo to double properties for Char Dham Yatra this year
Oyo has seen a 206% increase in bookings for the Yatra compared to the same period in 2020; Srinagar in Pauri Garhwal district is the most visited location. The diversity in locations allows the company to provide pilgrims with lodging throughout their journey. The Uttarakhand government reports 1.6 million registrations for this year's pilgrimage.
'Don't forget your roots.' OYO Rooms founder's life lesson for people who are in pursuit of excellence
Oyo founder Ritesh Agarwal recalled his mother's wise words and said that those lessons continue to stay close to his heart to this date.
We need to talk: Oyo launches new feature for customer feedback
Oyo said that to capture customer feedback, it has rolled out a feedback section on its website landing page, and on its app called 'We need to talk'
List of startups that have faced valuation cuts recently
The valuations of many major Indian startups have been slashed by VCs and investors. Here’s a look at major startups that saw valuation markdowns recently.
Oyo rolls out accelerator programme for small first-gen hoteliers
The focus of the programme is on increasing the footprint of brands like Townhouse Oak, OYO Townhouse, Collection O and Capital O.
Oyo plans to double premium hotels in India this year
Oyo plans to add approximately 1800 premium hotels this year. Oyo’s focus on premium hotels started in the last quarter of 2022 when it added over 400 new premium hotels between October to December.
