Oyo

High stakes: OYO, FHRAI accuse each other of functional irregularities

Reports of the two butting heads date back to December 2018, when FHRAI accused OYO of large-scale breach of contracts, jeopardising consumer safety and violation of law

Travel tech firm OYO witnesses 167% rise in bookings for long weekend

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

Oyo pre-files DRHP with Sebi, cuts issue size to $400-600 million

The DRHP was filed under the confidential pre-filing route with a reduced issue size of $400-600 million, all of which will be raised through a primary issuance, in a bid to repay the firm's debt

Softbank-backed Oyo confidentially 'pre-files' for Indian IPO: Report

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

OYO-owned Weddingz.in ties up with Lemon Tree Hotels to boost revenue

OYO-owned Weddingz.in on Thursday announced a strategic tie-up with Lemon Tree Hotels in a bid to boost revenue, drive demand and sales. The alliance will help increase the fill rate of banquets and event spaces in Lemon Tree Hotels, in more than 40 destinations across the country, including Delhi NCR, Jaipur, Kolkata, Lucknow, Bhubaneswar, Mumbai and Pune, among others. Weddingz.in is an online platform offering wedding venues and related services. It was acquired by hospitality tech firm OYO in 2018. "Lemon Tree venues will feature prominently on the Weddingz.in platform, which gets over 19 lakh prospective customers per month, as India's largest wedding venue marketplace," a release stated. Weddingz will craft specific targeted campaigns and undertake search engine marketing and performance marketing campaigns to drive higher interest, it added. "We have millions of visitors searching our platform not just for wedding venues but also for other events such as parties, conference

Less need for capital or headwinds? OYO plans to cut IPO size by two-thirds

Agarwal projects 19% jump in FY23 revenue to Rs 5,700 crore

SoftBank-backed Oyo Hotels to reduce planned IPO amid tech headwinds

It's the second attempt at an IPO by the SoftBank Group Corp.-backed startup, after India's stock market regulator raised multiple red flags on its earlier try in late 2021

OYO expects more than Rs 5,700 revenue in FY23, up by 19% from FY22

Hospitality and travel-tech firm OYO estimates its revenue in FY23 to be more than Rs 5,700 crore, up 19 per cent from Rs 4,780 crore it had recorded in FY22, according to its Founder & Group CEO Ritesh Agarwal. At a town hall on Monday, Agarwal told employees of the firm that OYO is aspiring to reach adjusted EBITDA of nearly Rs 800 crore in the next financial year. Sustained growth in India, Indonesia, the US and the UK and relevant optimisation as well as synergies in its European vacation homes business have led to better financials of the company, he said in a presentation at the gathering with employees. In the presentation, Agarwal said OYO's revenue for FY2023 is expected to be over Rs 5,700 crore, up around 19 per cent from the Rs 4,780 crore achieved in FY2022. Agarwal outlined that the key focus areas of OYO in the calendar year 2023 will be on Profit After Tax (PAT) along with consistent momentum in EBITDA; achieve cash flow positive in FY24; cost efficiency and ...

OYO launches accelerator programme for first-generation hoteliers

It will provide technology, relationship managers, financial support, and access to OYO's network

OYO rolls out accelerator programme for small first-generation hoteliers

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, ...

OYO founder Ritesh Agarwal's father dies after fall from Gurugram high-rise

'With a heavy heart, my family and I, would like to share that our guiding light and strength, my father, Shri Ramesh Agarwal passed away on 10 March,' says Ritesh Agarwal

Masayoshi Son invites start-up founders, CEOs with SoftBank holding

Those meeting the SoftBank boss in New Delhi will have to go through RT-PCR tests

OYO asks govt to probe FHRAI's 'illegally-run' executive committee

Claims committee's actions hurting small hotel owners; constant friction with organised players discouraging SMEs and entrepreneurs from moving ahead with the times and with technology

OYO urges govt to probe into functioning of hotel association's committee

Travel tech platform OYO on Sunday said it has requested the tourism ministry to probe the functioning of Federation of Hotel & Restaurant Associations of India (FHRAI) and order eviction of the "erring" executive committee members. The representation by OYO alleges that FHRAI's actions are detrimental to small hotel owners. It urged the tourism ministry to take necessary action against FHRAI's "illegally run" executive committee and its members alleging that they are working for self-interest rather than the interest of the small hotel owners. When reached out for a response, FHRAI Secretary General Jaison Chacko told PTI: "It would have been desirable if OYO would have tried to counter FHRAI's allegations and tried to clear the pending dues of hundreds of hotel partners." He said FHRAI had approached authorities, including the CCI, NCLT, NCLAT, SEBI and government against OYO's "oppressive and unethical" business practices. Chacko said FHRAI had received several complaints from .

IPO-bound OYO looks to double number of premium hotels in India this year

The firm plans to add about 1800 premium hotels this year, with a focus on key business cities

Vrindavan, Bengaluru among most booked Valentine's Day destinations: Report

Average duration of stays increases from last year; people willing to travel on weekdays: OYO

OYO estimates its revenue to be $751 million in 2022-23: Ritesh Agarwal

Hospitality and travel-tech firm OYO estimates its revenue in 2022-23 to be USD 751 million on the back of which it expects to post its first operating profit in a full year, company Founder and Group CEO Ritesh Agarwal has told its employees. At an employees townhall held this week, Agarwal is understood to have shared how the company has been able to gradually strengthen its financials after overcoming the challenges of the pandemic. The company expects its revenue in FY23 to be USD 751 million, up 19 per cent from USD 629 million in FY22, he told the employees through a presentation during the townhall. In the first half of the fiscal year, OYO posted an adjusted EBITDA of USD 8.3 million. It had registered an adjusted EBITDA loss of USD 37 million in the same period of FY22. For the second half of the fiscal, continued momentum on topline coupled with margin expansion and healthy operating leverage are expected to result in USD 24 million adjusted EBITDA, he added. On the bac

IPO-bound OYO to refile DRHP with updates to Sebi by mid-February

Market regulator asked hospitality company to submit application again, give information on risk factors and litigation

OYO writes to NCLT to expedite inquiry on FHRAI executive committee

The travel firm has further requested to make the same available to members of the hospitality industry and the public at large

Sebi returns Oyo's draft IPO papers, asks to refile with certain updates

Sources are expecting IPO in October-December quarter of this year