Page 6 - Oyo

Oyo raises $5 million from Microsoft at $9.6 billion valuation

The company is aiming to transform itself to a global full-stack technology provider for small and mid-sized hotels and homes

Tech giant Microsoft Corporation invests $5 million in OYO

Tech giant Microsoft Corporation has invested nearly USD 5 million (about Rs 37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares

Oyo to hire 300 tech employees over six months for multiple roles

Profiles include software development, engineering and product managers, designers, data scientists across entry-level to senior leadership roles

OYO to hire over 300 tech professionals to expand tech, product teams

Hospitality firm OYO on Thursday said it is looking to hire over 300 technology professionals across entry-level to senior leadership roles during the next six months. The company seeks to hire full-stack teams with key skill sets and expertise in the areas of Machine Learning, Data Engineering & Information Security, Android and iOS developers, OYO said in a statement. The company is set to introduce several innovations and is committed to investing in technology, further optimising revenues for hotel owners, while improving user experience for customers, it added. The hiring will play a critical role in accelerating OYO's transformation to a global full-stack technology provider for small and mid-sized hotels and homes, the statement said. The company has already begun onboarding over 50 mid-level tech talent and around 150 campus recruits from top universities across India, it added. "We've been blessed to have a diverse pool of tech talent and believe that each new bright mind

SoftBank-backed Oyo shortlists 3 investment banks for $1.2-bn IPO: Report

The hotel aggregator, in which SoftBank owns a 46% stake and is one of its biggest bets, has endured months of layoffs, cost cuts and losses during the global health crisis

Microsoft looks to tap into Oyo before its potential IPO: Report

The deal could be announced in the coming weeks and would be a prelude to an initial public offering (IPO) by Oyo, the source said

NCLAT closes insolvency proceedings against Oyo and its subsidiary

NCLAT has closed proceedings for insolvency of Oyo's subsidiary Oyo Hotels and Homes Private Limited and allowed Oyo's plea for setting aside the Insolvency and Bankruptcy Code case against OHHPL.

Oyo-NCLT case: Hotelier to withdraw insolvency plea against Oyo unit

Rakesh K Yadav says he got Rs 16 lakh as part of settlement

Oyo Hotels seeks to raise $600 mn loan, offers generous terms to investors

Oyo's loan also features maintenance covenants, which are usually only included for companies that are considered risky by investors.

Softbank-backed Oyo seeks $600-million loan amid virus surge: Report

Funds sought by hotel startup to bolster balance sheet, service older loans

Moody's assigns first-time 'B3' ratings to OYO, outlook stable

Moody's CFRs are opinions of a corporate family's ability to honor all of its financial obligations

Oyo announces bereavement policy for Covid-19-impacted staff and families

Eight months' pay in full to family of deceased, term insurance payout equalling three years' annual pay, education support for children, medical cover for survivors

OYO to show vaccination status of partner hotels' staff on its app

Hospitality firm OYO said it will show Covid vaccination status of the staff of its partner hotels on its app as it believes that such initiative will be a key factor in building trust among consumers

NCLAT orders stay on CoC formation in proceedings against subsidiary: Oyo

OYO said the NCLAT has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary Oyo Hotels and Homes Pvt Ltd

NCLT admits insolvency plea against Oyo unit, firm challenges it

OYO founder took to Twitter to clarify on rumours that the hotel aggregator chain had filed for bankruptcy

Top headlines: PLI for solar, white goods; Oyo denies seeking bankruptcy

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OYO to cover Covid-19 vaccination cost for employees, family in India

Hospitality firm OYO on Thursday said it will cover COVID-19 vaccination cost for all its employees and their family members in India. The employees and their family members in India can choose to get the vaccination done at any centre, convenient to them and the costs would be reimbursed in full by the company, OYO said in a statement. The company has also enhanced the insurance benefit of employees to include a COVID-19 home care cover, it added. The company, however, did not provide any details about the number of employees it has in India. "As part of our commitment to keep our employees and their families safe and show our gratitude to them, we are happy to facilitate the cost of their COVID-19 vaccinations,"OYO Hotels & Homes Chief Human Resources Officer Dinesh Ramamurthi said. The company encourages employees to take the vaccine after reading up about its benefits and making an informed decision, he added.

Oyo's India business Ebitda-positive: Founder & Group CEO Ritesh Agarwal

India business is EBITDA positive. It has achieved EBITDA break-even from December 2020 and is growing month-on-month

Oyo's Singapore subsidiary secures $200 million term loan from SoftBank

Hospitality major OYO Hotels & Homes' Singaporean subsidiary has received a term loan from SoftBank.

Unicorns have created $106-bn value for startup ecosystem in 10 yrs: Report

Having created over 1.4 million jobs annually, Indian startups have taken eight years on an average to hit the unicorn milestone