Oyo

Puri, Varanasi, Haridwar top spiritual destinations in 2024: Oyo report

Puri, Varanasi and Haridwar are the most travelled spiritual destinations while Hyderabad is India's top-booked city this year, according to OYO's 'Travelopedia 2024' annual report unveiled on Tuesday. The report delves into travel patterns and trends, with its findings based on the booking data of the travel tech major for the entire year. "In India, religious tourism continued to be a key focus, with Puri, Varanasi, and Haridwar dominating the pilgrimage sector. However, a significant trend emerged with Deoghar, Palani, and Govardhan experiencing substantial growth, indicating a shift towards less explored spiritual destinations..."OYO stated. Following Hyderabad, cities like Bengaluru, Delhi, and Kolkata rounded out the top spots for bookings, with Uttar Pradesh maintaining its position as the most popular state for travel. High volume of bookings were reported from Maharashtra, Telangana, and Karnataka, which continue to be dominant travel contributors. Smaller towns like Patna

Oyo completes US-based G6 Hospitality acquisition for $525 million

The deal is expected to increase Oyo's earnings before interest, taxes, depreciation and amortisation (Ebitda) to over Rs 2,000 crore in FY26

Nuvama Wealth buys OYO shares worth Rs 100 cr in secondary market

Nuvama Wealth and Investment Limited has acquired shares worth Rs 100 crore in OYO's parent firm Oravel Stays Limited at Rs 53 per share on behalf of its investors, a clutch of family offices, through a secondary market transaction, sources said. The share sale at Rs 53 apiece translates to a valuation of USD 4.6 billion for the travel tech unicorn. "These shares are being offered by OYO's early investors, presenting an opportunity for partial exits while potentially introducing new strategic investors to the company's cap table," a source told PTI. A cap table (or capitalization table) is a document, like a table, that details who has ownership in a company. It lists all the securities or the number of shares including stock, convertible notes, warrants, and equity ownership grants. According to sources, discussions are also at an advanced stage with other potential buyers, including Incred, who are exploring stake purchases in the hospitality major at prices ranging between Rs 53

Moody's upgrades Oyo's rating to B2, highlights improved profitability

Proposed term loan to reduce refinancing risk

Oyo Q2 results: Net profit at Rs 158 cr, revenue surges to Rs 1,578 cr

Travel tech platform OYO achieved a profit after tax of Rs 158 crore in the second quarter of the current fiscal ended September, Founder Ritesh Agarwal told employees in a townhall on Thursday, sources said. Oravel Stays Ltd, the parent company of OYO, had posted a loss of Rs 50 crore in the same period of the previous year. During the first quarter, OYO's profit after tax stood at Rs 132 crore. This brings the company's H1 FY25 net profit to Rs 290 crore (USD 35 million), marking a turnaround from the Rs 91 crore net loss reported in the same period of the previous fiscal, the sources said. In Q2 FY25, OYO's revenue surged to Rs 1,578 crore, from Rs 1,413 crore in Q1. OYO recently announced its acquisition of G6 Hospitality, a US-based economy lodging franchisor and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone.

Oyo likely to raise $200 million at 2x valuation of $4.5-5 billion

OYO to refinance its $450 mn of outstanding debt

IPO-bound Oyo rejigs its top leadership team with five elevations

Sonal Sinha, who joined Oyo in 2015, will be responsible for overseeing Oyo's international business operations, revenue, and spearheading strategic initiatives across the US

IPO-bound OYO rejigs top leadership; COO shifted to advisory role

IPO-bound OYO on Friday announced five additions to its leadership team, with Sonal Sinha being appointed as Chief Operating Officer (COO)? International and Rachit Srivastava as the COO of OYO Vacation Homes in Europe. Besides, Shashank Jain will take over as Head of Technology & Online Revenue; Pankhuri Sakhuja will lead German home listings business Traum & flex-space business Innov8 and Ashish Bajpai has been promoted to Head of Revenue & Global OTA (online travel agency). OYO Founder & Group CEO Ritesh Agarwal said, "As we pursue our growth objectives, agility and decisive action remain at the core of our strategy. "Our leaders are continuously adapting and expanding their roles to stay ahead of evolving market dynamics and drive our business forward. I congratulate Sonal, Rachit, Shashank, Pankhuri and Ashish on their new roles. Having been with OYO for a significant period, they understand OYO and its values and have been critical to our success." OYO's Global ..

Oyo buys leading US hotel chain G6 Hospitality from Blackstone for $525mn

Oyo has steadily expanded its footprint in the United States since its launch in the region in 2019 and currently operates over 320 hotels across 35 states

OYO to acquire iconic Motel 6 brand in $525 million all-cash deal

IPO-bound travel tech platform OYO on Saturday announced it has agreed to acquire iconic American budget hotel chain Motel 6 and Studio 6 brands from Blackstone Real Estate for USD 525 million in an all-cash transaction, as the Indian unicorn eyes expansion in the US. Oravel Stays, the parent company of OYO stated that it has agreed to acquire G6 Hospitality, the leading economy lodging franchisor and parent company of Motel 6 and the chain's offshoot hotel brand, Studio 6. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. Motel 6's franchise network produces gross room revenues of USD 1.7 billion, which generates a strong fee base and cash flow for G6. OYO will leverage its comprehensive technology suite as well as its global distribution network and marketing expertise to further strengthen the Motel 6 and Studio 6 brands and drive continued financial growth, it stated. The travel tech platform has steadily expanded its

M3M India, Oravel sign pact to launch 'SUNDAY' branded hotel in Gurugram

Realty firm M3M India and Oravel Stays, which is the parent company of OYO Hotels & Homes, have signed an initial agreement to launch a premium hotel under 'SUNDAY' brand in Gurugram. In a statement, M3M India said it has signed a Memorandum of Understanding (MoU) to launch 'SUNDAY' Hotel in India. This project will feature 220 keys, spanning 1.69 lakh sq ft of premium hospitality space. The hotel is located on Southern Peripheral Road (SPR) in Gurugram. The initiative is part of a larger partnership to develop luxurious hospitality space across 15 lakh square feet with 1,000 keys across multiple destinations in Gurugram and Noida, M3M said "This collaboration is a testament to our shared vision of creating unparalleled commercial spaces that redefine luxury and convenience," Sudeep Bhatt, President of M3M India, said. Aditya Sharma, Business Head at Oravel Stays Pvt Ltd, said, "The SUNDAY Hotel partnership with M3M India allows us to expand our footprint in the luxury segment in

Oyo reports Rs 132 cr in Q1 profits, aims for Rs 700 cr in full year FY25

In the US, Agarwal said that Oyo is opening a new property every three days, reflecting very strong momentum in the world's largest economy

IPO-bound hotel chain Oyo aims three-fold profit surge to over Rs 700 crore

Earlier this year, OYO reported its first PAT of nearly Rs 229 crore for the financial year 2023-24 (FY24). OYO achieved a PAT of about Rs 132 crore in Q1 FY25

Oyo posts first-ever annual profit of Rs 229 crore in FY24, eyes expansion

The company's total costs decreased by about 13 per cent to Rs 4,500 crore in FY24 from Rs 5,207 crore in the previous year

IPO-bound OYO reports first ever net profit of Rs 229 crore in FY24

IPO-bound unicorn OYO reported its first-ever net profit at Rs 229 crore during the financial year ended March, as per its latest annual report. Ritesh Agarwal, OYO founder, acknowledged on X (formerly Twitter) on Wednesday that the numbers have exceeded his earlier estimate of Rs 100 crore for the 2023-24 fiscal year. "One big learning for me over the years is under-promise and over-deliver. Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered Rs 229 crore net profit, exceeding my earlier estimate of Rs 100 crore," Agarwal tweeted. In a statement, OYO informed that the first-ever net profit comes on the back of eight consecutive quarters of positive Adjusted EBITDA. "OYO's Adjusted EBITDA grew by 215 per cent to reach nearly Rs 877 crore in FY24, up from about Rs 277 crore in FY23," the travel tech platform reported in its annual report. Aiming for global expansion, the company said it has acquired K&J Consulting, which operates ..

OYO raises Rs 1,457 crore from investors in series G funding round

Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round, sources said. This fund raise concludes the Series G funding round. The IPO-bound unicorn had earlier raised nearly Rs 1,040 crore and Rs 416.85 crore in the same series. According to different documents accessed by PTI, the additional equity issuance was approved by 99.99 per cent shareholders in an EGM held on August 8. The capital will be used to support OYO's growth and its global expansion plans, sources said. The additional fund raise values the company at the same valuation of USD 2.4 billion, as the first Series G tranche issued to InCred in July, a source said. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The funding round includes contributions from InCred Wealth, who led the recent fundraise as well as J&A ...

OYO's co-working firm Innov8 inaugurates three centers in Delhi-NCR region

Co-working firm Innov8 has started three new facilities with over 600 sitting capacity in Delhi-NCR at an investment of Rs 10 crore as part of its expansion plan amid a rise in demand for flexible workspace. These three facilities, having a total of 60,000 square feet area, are located at Unitech Cyber Park, DLF Cyber City and Okhla in Delhi-NCR, the company said in a statement. "Delhi NCR's thriving startup ecosystem and its position as a major corporate hub make it an ideal location for our latest co-working spaces," Ritesh Malik, Founder of Innov8, said. Innov8, which was acquired by OYO in 2019, has invested Rs 10 crore towards the development of these co-working centres. Founded in 2015, Innov8 is currently spread across nine cities - Delhi, Gurugram, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore - with over 30 centres hosting more than 8,000 employees of its clients. Currently, the company has seven centres in Delhi-NCR.

Oyo opens first luxury hotel in Dubai, eyes boosting premium properties

Travel tech platform OYO on Monday announced the opening of its first luxury hotel in Dubai -- Palette Royal Reflections Hotel and Spa -- as the IPO-bound unicorn eyes strengthening its premium property portfolio globally. The company expects the number of Indian tourists to grow significantly in 2024 after Dubai relaxed visa policy for them earlier this year. "OYO is expecting more than 1 lakh Indian tourists to visit Dubai this year. Dubai has long been a favourite destination for Indian travellers, thanks to its luxury shopping, stunning architecture, and vibrant culture. The launch comes as the emirate prepares to welcome a record number of Indian tourists in 2024," OYO stated. The initiative is part of OYO's ongoing efforts to strengthen its premium property footprints across the world, including the Middle East. OYO has over 700 properties in the UAE, including over 200 only in Dubai, the company said. India is the biggest source country for Dubai tourism. The country ranked

SoftBank Group-backed Oyo in talks to raise Rs 1,000 cr from family offices

After withdrawing its application for an IPO last month, Oyo is set to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraising after increasing its authorised share capital

Oyo posts maiden profitable year with Rs 100 cr PAT in FY24: Ritesh Agarwal

Agarwal, in a post on social media platform X, added that he expects growth not just in India, but in other key markets like the Nordics, South East Asia, the US, and the UK as well