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OYO Hotels & Homes
Travel tech firm OYO on Thursday said it has witnessed a 167 per cent rise in bookings made through its platform for the three-day long weekend starting with Good Friday as compared to last year. There was a 57 per cent increase in booking demand for beach destinations and 43 per cent for hill stations, according to the company. As per the booking trends, spiritual and pilgrimage destinations are witnessing high demand, indicating a shift towards prioritising spiritual experiences over luxury among Indian travellers. Varanasi emerged as the top choice among pilgrimage destinations, followed by Puri, Shirdi, Amritsar, and Haridwar. Alongside these cities, Tirupati, Mathura, Vrindavan, Guruvayur, and Madurai also saw a significant surge in booking demand for the upcoming long weekend, OYO stated. The region-wise breakdown showed that South India received maximum bookings followed by East, North and West regions. Business destinations such as Delhi, Mumbai, Hyderabad, and Kolkata als
In which we munch over the week's platter of news and views
The company initially filed to go public in 2021, aiming for an IPO size of 84.3 billion Indian rupees ($1.02 billion), but delayed the share sale at that time
Oravel Stays - which operates hospitality tech firm OYO - on Friday pre-filed its Draft Red Herring Prospectus with stock market regulator Sebi, sources said. Sources close to the company told PTI OYO may launch its initial public offering (IPO) around Diwali this year. Unlike the traditional route where companies have to launch the IPO within 12 months from the Sebi approval, or final observation; in the pre-filing route, an IPO can be floated within 18 months from the date of Sebi's final comments. This route also provides flexibility to change primary issue size by 50 per cent till the Updated Draft Red Herring Prospectus (UDRHP) stage. Explaining the rationale for filing through the pre-filing route, a source said, "The market continues to be highly volatile globally and to an extent in India as well. Filing through the pre-filing route will give OYO some leeway on the timing of the listing, as well as on fine-tuning the issue size, basis the market conditions, to between USD 4
Agarwal projects 19% jump in FY23 revenue to Rs 5,700 crore
Hospitality tech platform OYO on Thursday said it has rolled out an accelerator programme, which will provide financial assistance, mentorship and guidance to selected small first-generation hoteliers. Hotel owners with more than five running hotels are eligible to be a part of the accelerator programme. Over 200 properties are expected to be onboarded under this programme in key business cities, such as Bengaluru, Hyderabad and Chennai in south India, Delhi, Gurugram and Noida in north India; Kolkata and Siliguri in east India and Mumbai in west India, OYO stated. During the pilot phase of this programme, which started two weeks ago, OYO has onboarded two hoteliers in Hyderabad, and one each in Kolkata and Delhi, who are operating more than 50 properties located across these three cities. "OYO's accelerator programme will provide financial assistance, access to a pan-India network of over 15,000 corporate accounts and more than 10,000 travel agents, mentorship & guidance, ...
Average duration of stays increases from last year; people willing to travel on weekdays: OYO
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Travel tech firm OYO witnessed a record 4.5 lakh-plus bookings on New Year's eve, its highest bookings per hotel per day for India in the last 5 years, Founder and Group CEO Ritesh Agarwal said. In a series of tweets, Agarwal spoke about the "busiest day of the year" for the travel technology company and shared that OYO saw higher bookings in Varanasi as compared to Goa. "Over 450k-plus bookings were made on this New Year's Eve globally. This is 35 per cent more than last year. We are also seeing the highest bookings per hotel per day for India in the last 5 years," Agarwal informed. The year 2022 saw a major uptick in travel and tourism. Globally, leisure destinations have led the travel recovery curve, while in India, business and cultural travel have significantly contributed to the sector. "Bookings from Goa are rising by the hour. But guess the city that is overtaking Goa? Varanasi," Agarwal said in a tweet. He also shared information from OYO's annual travel trends index ...
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Global travel technology company OYO has launched a programme to recognise hotels that provide the most consistent and high-quality customer experience
Best hotels ranked by customer experience, location, analysis of reviews: CEO Ritesh Agarwal
Younger business travellers such as college graduates and new entrants into the workforce, such as traders and small enterprises, played a key role in the overall business travel recovery process
Spike in adjusted Ebitda primarily driven by a 23% QoQ rise in Gross Booking Value per hotel in Q2 to Rs 4,00,000; firm still ends with Rs 333 cr loss
Top 5 cities in terms of bookings include Hyderabad, Bangalore, Kolkata, Goa and Chennai, says the hospitality technology company
With the penalties of Rs 223.48 crores and Rs 168.88 crores on MMT-Go and OYO for anti-competitive conduct, the FHRAI described it as "one of the biggest wins for the hospitality industry"
The firm recently had also revamped its flagship patron-facing app, CO-OYO, allowing users to now run their own promotional offers ahead of the peak festive travel season this year
'We are confident that the speculations about valuation markdown are patently incorrect,' an OYO spokesperson said in a statement
In FY22 revenues were Rs 4,905 crore, up 18 per cent against Rs 4,157.3 crore reported in FY21