Page 6 - Oyo Rooms

OYO to share live check-in updates with state govts, law authorities

The company has already put in place this digital register in Jaipur in Rajasthan and pilot projects are running in Haryana and Telangana

OYO threatens to take legal action against hotels for declining bookings

Hospitality firm OYO Thursday said it would take strict legal action for breach of contract against any hotel on its platform that boycotts bookings under the influence of small vested interest groups. Most of the boycott threats are being made by small groups of people who have no property associated with OYO, the company said in a statement. OYO has not received any formal communication from any of its asset owners and the company continues to engage with its franchisee hotel owners on a one-to-one basis to resolve issues, OYO Hotels & Homes Head of Supply Ayush Mathur said. "However, some such individuals have also been threatening to ignore the agreements and not accept online bookings, which will lead to breach of contract and involve legal liabilities as we cannot and will not let anyone hamper the customer experience. We will take strict legal action and take them to court," he added. Refuting the charges regarding deep discounts, Mathur said: "As per our agreement with our

OYO offers to buy shares worth Rs 500 mn from employees, ex-workers in Jan

Hospitality firm OYO Friday said it has launched an offer to around 250 of its existing and ex-employees to liquidate their stock options which would have a realisable value of around Rs 40-50 crore in January 2019. This is being executed through a secondary acquisition programme led by one of our existing investors, and our board members are very supportive of this initiative, OYO said in a statement. The company expects the total ESOP liquidity programme to be worth around USD 150 - USD 200 million over the next few years, it added. OYO is going to implement a strong multi-year staggered liquidity schedule for its ESOP holders by way of facilitating the secondary sale or through other liquidity schemes, it added. Commenting on the development, OYO Hotels & Homes CHRO Dinesh Ramamurthi said: "Today, we are announcing this programme for eligible employees. This is part of our continuing efforts to express our gratitude and reward our employees for their hard work, perseverance, ...

OYO aims to add more than a million rooms by 2023, overtake Marriott

American hospitality major Marriott is currently the world's largest hotel brand with approximately 1.4 million keys

OYO plans to hire over 2,000 tech experts, engineers by 2020, says founder

As an intersection of real estate, hospitality and technology, the company has over 20 technological products that power various business verticals

In less than a year, OYO's China business is half as big as India's

Budget hotel brand now has over 50,000 rooms in China, half of its total inventory in India

OYO files criminal complaint against Zostel for breach of trust, cheating

Was in talks to acquire Zo Rooms

David vs Goliath: OYO catching up fast with MakeMyTrip

OYO claims to have a run rate equivalent to an annualised volume of 15 million room nights

SoftBank bets on its dark horse OYO with additional $250 mn funding

Online hotel aggregation and management entity Oyo has raised $250 million (Rs 1,600 crore) in a Series-D round, led by SoftBank Group's Vision Fund, Sequoia India, Lightspeed Venture Partners and Greenoaks Capital, along with Hero Enterprise. While still not a 'unicorn' (billion dollar firm), Oyo's valuation has almost doubled from $460 million in August last year to $900 mn, say sector experts. The company did not disclose the terms of equity financing in the latest round. SoftBank Group, the Japanese multinational telecom and internet entity, has a $100-billion SoftBank Vision Fund. From which it has invested around $2.5 bn (Rs 15,600 crore) in Bengaluru- based online marketplace Flipkart. Oyo, launched in 2013 and led by 24-year-old founder and chief executive Ritesh Agarwal, has till now raised $442 mn. For now, it has enough cash to take on the likes of Airbnb, FabHotels and Trivago, among others."Our teams have developed industry-leading expertise, undertaking the world's ...

Oyo is clocking annualised revenue of $400 mn: Founder and CEO

Oyo, the country's biggest branded hotel company, with 7,000 hotels has managed to trim losses by one-third to Rs 325 crore in FY17. Ritesh Agarwal, founder and chief executive officer tells Ajay Modi the company is clocking annualised revenue of close to Rs 3,000 crore and focus is on expanding revenue from Oyo 2.0 hotels that include TownHall and Flagship brands. Q)Do you see fund raising turning tougher for startups? A)Capital is always available for good companies but the only question is value at which you raise capital. In bad times, you raise capital at low valuation, and in good times, you get a fair price. It separates winners from the rest. These are character building times. We are still on Day 1 and the next five-ten years are going to be full of action and character building will continues, especially in the next one year. Q)Can you take us through the company's performance? A)Revenues will continue to grow at two times in the coming year. Our burn has reduced by three .

Oyo losses cut to Rs 325 cr, revenue still a secret

Oyo credits its claimed positive performance to business model that doesn't emulate global template

OYO's 'Big Rain Gain Sale' to make your stay a lot more affordable

The sale is applicable on 42 holiday destinations with tarrifs starting at Rs 799

Softbank-backed OYO sees opportunity in mid-market managed properties

Softbank-backed OYO says it sees a massive opportunity in managed properties in India's mid-market hospitality sector, with plans to set up 250 Townhouses across the country by December.Townhouses, which are managed and run by OYO, are a departure from the company's asset light model of standardised rooms run by existing hotel owners. In the new model, OYO leases old hotels and remodels them its own specifications and controls the entire experience. "Townhouse's neighbourhood connect is a result of understanding that Millennials like to switch seamlessly from work to play. They want freedom to choose, change and decide at a moment's notice, but that flexibility is not extended to quality and consistency of service, which remains non-negotiable," said Abhinav Sinha, COO at OYO, in a statement.At the launch of its first Townhouse in Bengaluru, it's seventh across India, the company said it plans to open 25 such properties across the city within the next seven months. The rooms would be .

OYO to expand Asia footprint; introduces concierge service

OYO currently operates over 70,000 rooms in 200 cities in India and Malaysia

There are multiple partnership opportunities available: Ritesh Agarwal

Interview with CEO, OYO Rooms

OYO Rooms a threat, says Cyrus Mistry

OYO Rooms, a five-year-old start-up headed by 22-year-old Ritesh Agarwal, offers rooms for Rs 1,200-5,500 in all major cities

Oyo may close Zo deal after SoftBank funding

This round of funding is expected to accelerate the process of merger between Oyo Rooms and Zo Rooms

OYO Rooms enters into partnership with ItzCash

To facilitate payments for hotel bookings for its customers

Oyo to design loyalty schemes for guests

Founded in 2013, OYO is the largest aggregator of hotel rooms in India operating through a network of 5,900 hotels in over 170 Indian cities

Oyo goes premium in search of profits

The online aggregator of hotel rooms is eyeing the market share of three- and four-star properties, a segment where competition is intense