Page 2 - Oyo Hotels & Homes

OYO forays into sports hospitality biz, shortlists 100 hotels in 12 cities

Hospitality and travel-tech firm OYO on Thursday announced its foray into sports hospitality business shortlisting 100 hotels across 12 key cities, including Delhi, Chennai, and Bangalore, to cater to large sports events. The sports hospitality business aims to meet the unique needs of large sports events with a focus on providing end-to-end solutions, including providing accommodation to athletes and sports officials participating in various sports events, the company said in a statement. Under the vertical, a wide array of accommodation options, ranging from budget-friendly to premium hotels, will be offered to ensure a comfortable and convenient stay to participants and attendees throughout the event, it added. "The launch of our sports event management unit aligns with OYO's commitment to continuous innovation and customer-centric solutions. With a focus on delivering quality hospitality, OYO plans to offer athletes a conducive and comfortable environment, ensuring they can full

Oyo likely to withdraw IPO papers, may opt for private fundraise: Report

The revised IPO draft, filed by Oyo in April 2023, was 40-60 per cent smaller than the original proposal

OYO expects consistent PAT rise in upcoming quarters: CEO Ritesh Agarwal

Hospitality and travel-tech firm OYO expects a consistent rise in its Profit After Tax (PAT) after doubling it sequentially in Q3 FY24 to Rs 30 crore, according to company Founder & CEO Ritesh Agarwal. Agarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday. Oravel Stays Ltd, which operates travel tech brand OYO, had its maiden profitable quarter in Q2 FY24 with a PAT of Rs 16 crore. "In the upcoming quarters, we anticipate a consistent rise in PAT, driven by enhanced patron confidence, improved customer experience , and favourable market conditions conducive to sustained growth," Agarwal told the employees. He also informed the staff that the company clocked adjusted EBITDA of Rs 750 crore in FY23 and expects to clock adjusted EBITDA of Rs 1,000 crore in FY24, surpassing its earlier projection of Rs 800 crore for FY24. When contacted, OYO spokesperson declined to comment. Last year OYO had prepaid Rs 1,620 crore debt .

Malaysia's Khazanah in talks to lead Oyo's $400 million fund raise

The once-high-flying company, founded by Ritesh Agarwal, filed for an initial public offering for the second time in March, after slashing the target amount to be raised by about two-thirds

Oyo opens 65 homestays, hotels in Ayodhya ahead of Ram temple consecration

Hospitality tech platform OYO on Wednesday said it has opened 65 homestays and hotels in Ayodhya for pilgrims ahead of the Ram Temple consecration. The newly opened properties include 51 OYO homestays and 14 hotels in the city. These have been added to support the anticipated surge in visitors after the consecration ceremony of the Ram Temple on January 22, the company said in a statement. "To ensure smooth and timely operations, OYO has partnered with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation," it added. The properties were inaugurated jointly by UP Deputy Chief Minister Brijesh Pathak; BJP National General Secretary B L Santosh; UP Minister for Tourism & Culture Jaiveer Singh; and state Agriculture Minister Surya Pratap Shahi. "These newly inaugurated properties will increase our accommodation capacity and ensure a smooth experience for the pilgrims," the statement said, quoting Pathak. He further said, "OYO's focus on local ..

OYO plans 400 properties at spiritual places, including Ayodhya, in 2024

Hospitality tech platform OYO on Monday said it is planning to launch 400 properties in major spiritual destinations like Ayodhya, Varanasi, Tirupati, and Katra-Vaishno Devi by the end of this year. The planned expansion in major spiritual hotspots across the country has been fuelled by a surge in domestic travel and rising interest in spiritual tourism, OYO said in a statement. The hospitality platform has selected various destinations, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and Char Dham route, to launch properties. There has been a 350 per cent increase in searches for Ayodhya on the OYO platform over the past year, driven by the upcoming opening of the grand Ram Mandir on January 22, 2024, it added. "Spiritual tourism in India is on the precipice of a monumental surge, poised to be one of the biggest growth drivers of our industry in the coming five years. The opening of the Ram Mandir in Ayodhya stands as a testament to thi

Hyderabad most travelled city in 2023, UP most visited state: Oyo

As remote working and flexibility declined, travelers sought to maximize their vacations and extended long weekends this year

Hyderabad most booked city, UP most visited state this year: Oyo Report

Hyderabad was the most booked city in India followed by Bengaluru in 2023, while Uttar Pradesh was the most visited state in the year, followed by Maharashtra, according to hospitality tech platform OYO's Travelopedia 2023. As per the year-end annual travel trends index, Travelopedia 2023, the period from September 30 to October 2 recorded the highest bookings among all long weekends in the year, OYO said in a statement. "Hyderabad emerged as the most booked city in India followed by Bangalore, Delhi, and Kolkata...Smaller towns like Gorakhpur, Digha, Warangal, and Guntur experienced the highest year-on-year growth in bookings compared to 2022," it said. Among leisure destinations, OYO said Jaipur took the lead as the most visited in 2023 followed by Goa, Mysore, and Puducherry. On the other hand, Puri secured the top spot as the most booked spiritual and pilgrimage destination, followed by Amritsar, Varanasi, and Haridwar. "Lesser-known spiritual destinations like Deoghar, Palani

Thanks to wedding season, hotel industry likely to sustain growth in H2FY24

There are likely to be 3,800,000 weddings during the ongoing season, according to the Confederation of India Traders (CAIT), which is expected to generate Rs 4.7 trillion worth of business

Oyo restarts self-operated hotels, targets 200 new premium properties

As part of the program, OYO will secure annual, long-term management contracts on a revenue-share basis for 200 premium hotels across Indian metros

Oyo's loan prepayment: Moody's nearly doubles the EBITDA estimates

Fitch said that the move will improve Oyo's EBITDA and that they may take positive rating action

OYO set to prepay over Rs 1,600 crore debt through buyback process

Global travel-tech player OYO is set to prepay a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback initiative involves the repurchase of 30 per cent of OYO's outstanding Term Loan B (TLB), as per an announcement by the IPO-bound company on the Bloomberg terminal. The repayment of this debt is scheduled for June 2026. The offer is being fully funded with cash on balance sheet and from cash collateral account. The move comes on the back of Ritesh Agarwal-led startup reporting its first-ever profit in the second quarter of 2023-24, with a Profit After Tax (PAT) of Rs 16 crore. A successful buyback of the full quantum on offer will mean a substantial reduction in OYO's interest outgo by Rs 225 crore per annum. The buyback is being done at par value through a public bidding process, which is open from November 14-18. If the bid exceeds the stipulated amount, then OYO will buy the loan back on a pro-rata basis. OYO's debt paper closed at 9

OYO platform to get 750 hotels in next 3 months to tap peak travel season

Hospitality technology firm OYO on Monday said it will add 750 hotels on its platform in the next three months in over 35 leisure markets to tap the festive and winter tourism season. Majority of the new hotels will be incorporated under OYO's premium brands such as Palette, Townhouse, Townhouse Oak, and Collection O, the company said in a statement. OYO said its key focus markets are Goa, Jaipur, Mussoorie, Rishikesh, Katra, Puri, Shimla, Nainital, Udaipur, and Mount Abu for the new hotels addition. "Our expansion in these leisure markets also aligns with our mission to provide quality accommodations and memorable experiences to travellers. The influx of new hotels will not only boost tourism, but also provide employment opportunities for local communities," OYO Chief Merchant Officer, Anuj Tejpal said. Citing a recent government report, OYO said the number of foreign tourists who arrived in India this year during January-June is 106 per cent more than the figure for the ...

OYO launches 60% festive discount for Indian tourists visiting Dubai

OYO has a network of more than 130 properties including OYO Smart and OYO Homes in Dubai

Oyo Hotels in talks with Apollo to refinance $660 million loan: Report

Oyo Hotels and Homes is in talks to refinance a $660 million loan with Apollo Management Inc after a delay in its initial public offering, Bloomberg News reported on Thursday

Oyo to report first profitable quarter in Q2 FY24 at Rs 16 crore PAT

The company's revenue from operations in FY23, Agarwal added, stood at approximately Rs 5,463 crore in FY23 up from Rs 4,781 crore in FY22, marking a 14 per cent increase

OYO set to report maiden profit of over Rs 16 crore in Q2: Report

Oravel Stays Ltd, which operates travel tech brand OYO, is set to report its first-ever profit after tax of over Rs 16 crore in the current quarter ending September, according to an email sent by OYO's founder and CEO Ritesh Agarwal to the company's top management on Tuesday, sources said. "This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this occasion. As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore," Agarwal said in an email to the company's leadership, seen by PTI. Talking about future growth prospects, Agarwal said: "We see immense potential in future growth markets like the US & UK where we are dedicated to instilling confidence in our patrons and utilizing innovative technologies, such as contactless check-in, to cater to their evolving needs of the customer." He also informed that as per the just-released annual ...

OYO added 2,800 new corporate clients in Jan-July, up 11.75% YoY: Report

Hospitality tech platform OYO has added nearly 2,800 corporate clients during the January-July 2023 period, up 11.75 per cent year-on-year, according to a report. The company in its report titled 'OYO Business Travel Trends Report 2023' revealed that it recorded 20 per cent revenue growth from business travel in January-July 2023 against the year-ago period. "OYO had added 2,471 corporate clients in the same period last year recording nearly 12 per cent YOY (year-on-year) growth," the report said on Friday. The report also said that Hyderabad has emerged as the leading city, adding 660 corporate clients, followed by Gurugram with 593 clients, Delhi with 343 clients, Bengaluru with 315 clients, Mumbai (282 clients), Kolkata (268 clients) and Pune (218 clients). Many other business hubs such as Noida, Lucknow, Kochi, Jaipur, Chennai and Coimbatore have contributed to the growth. Hyderabad has also contributed the most towards revenue growth followed by Pune, Delhi, Gurugram and ...

Oyo's India CEO, Europe Head resign ahead of company's public listing

OYO refiled its Draft Red Herring Prospectus (DRHP) with the stock market regulator SEBI under the recently introduced pre-filing route in March

OYO's adjusted Ebitda grew 25x to Rs 175 cr in Q1 FY24, says CEO

Hospitality firm added more than 1,000 hotels and 3,500 homes to its platform in Q1 FY24: Ritesh Agarwal