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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 ...
Federation of Hotel & Restaurant Associations of India on Tuesday said it has written to Sebi to stop OYO from launching its IPO in the wake of a penalty imposed by the Competition Commission of India on the hospitality and travel-tech firm for unfair business practices. OYO, however, said the Federation of Hotel & Restaurant Associations of India (FHRAI) is misrepresenting the CCI order and the letter to Securities and Exchange Board of India (Sebi) is to distract attention from the executive committee meeting of FHRAI being held as null and void by the NCLT, which has also ordered a court-monitored AGM of the hospitality industry body. In October this year, the Competition Commission of India (CCI) slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality services provider OYO for indulging in unfair business practices. "Now that OYO has been found guilty of indulging in anti-competitive and unfair business practices ...
Hospitality firm OYO has taken off from its platform the hotel, which allegedly denied reservation to a man from Jammu and Kashmir, according to a social media post by the company. Responding to a purported viral video on social media that shows a man allegedly being denied reservation in the hotel as he is from the union territory, OYO said, "We are appalled that this happened. We have taken the hotel off from our platform immediately." The company further said, "Our rooms and our hearts are open for everyone, always. This is not something that we will compromise on, ever. We will definitely check what compelled the hotel to deny check-in." On Wednesday, the Delhi Police clarified that it has not issued any direction against giving reservation in hotels to those furnishing identity cards from Jammu and Kashmir. In a series of tweets, the Delhi Police stated, "a purported video is viral on social media wherein a person is being denied hotel reservation due to his J&K ID. The ...
Oravel Stays Limited, the parent company of travel-tech firm OYO, has received in-principle approval from BSE and NSE to list on the respective bourses, sources said. OYO has filed preliminary documents for a Rs 8,430 crore initial public offering (IPO). The offering will consist of a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore. As per documents reviewed by PTI, the company recently received the go-ahead for listing from the National Stock Exchange and BSE. Bourses typically provides such go ahead at advanced stages of the approval process thus signaling that regulatory path is close to getting cleared for the company to approach for its listing. The company had filed its Draft Red Herring Prospectus (DRHP) with Securities & Exchange Board of India (SEBI) in September last year and has been in the process of responding to the questions and clarifications sought by the regulators. Sources told PTI that the SEBI observations are .