Oyo Rental

Oyo founder Ritesh Agarwal invests Rs 830 cr in firm's latest funding round

Besides Agarwal, key contributors in the funding round include InCred Wealth, J&A Partners, the family office of Mankind Pharma promoters and ASK Financial Holdings

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 pre-files draft paper for IPO; likely to list around Diwali: Report

Oravel Stays - which operates hospitality tech firm OYO - on Friday pre-filed its Draft Red Herring Prospectus with stock market regulator Sebi, sources said. Sources close to the company told PTI OYO may launch its initial public offering (IPO) around Diwali this year. Unlike the traditional route where companies have to launch the IPO within 12 months from the Sebi approval, or final observation; in the pre-filing route, an IPO can be floated within 18 months from the date of Sebi's final comments. This route also provides flexibility to change primary issue size by 50 per cent till the Updated Draft Red Herring Prospectus (UDRHP) stage. Explaining the rationale for filing through the pre-filing route, a source said, "The market continues to be highly volatile globally and to an extent in India as well. Filing through the pre-filing route will give OYO some leeway on the timing of the listing, as well as on fine-tuning the issue size, basis the market conditions, to between USD 4

Surge in bookings, cost cutting fuel 8-fold surge in IPO-bound OYO's Ebitda

Spike in adjusted Ebitda primarily driven by a 23% QoQ rise in Gross Booking Value per hotel in Q2 to Rs 4,00,000; firm still ends with Rs 333 cr loss

OYO elevates two senior execs in service experience and revenue functions

The firm recently had also revamped its flagship patron-facing app, CO-OYO, allowing users to now run their own promotional offers ahead of the peak festive travel season this year

Oyo asks all employees to take 25% pay cut; some to be sent on furlough

OYO CEO for India Rohit Kapoor communicated the decision through an email to employees after a company townhall on Wednesday

Covid-19: OYO CEO Ritesh Agarwal takes 100% pay cut for rest of the year

The company's entire executive leadership team has taken a voluntary pay cut starting at 25 per cent and going up to 50 per cent

TCG explores various models as it plans to enter shared-living market

The firm is internally assessing the possibility of partnering with aggregators or entering the market on its own

OYO adds over 4,000 corporate accounts in 2019, 80% rise in revenue

Hospitality firm OYO on Tuesday said its corporate channel has witnessed an 80 per cent increase in revenue on a year-on-year basis on account of strong growth trajectory in corporate bookings. The company currently has a total of over 8,400 active corporate accounts, OYO said in a statement. The company's corporate channel contributes over 30 per cent to the total revenues of OYO, it added. The revenue of corporate channel for the calendar year 2019 stood at Rs 459 crore, OYO said. "The corporate travel segment is a key engine of growth for us and we are seeing strong demand for our standardised and affordable offerings from business travellers across India," OYO Hotels & Homes India & South Asia COO Gaurav Ajmera said. The company welcomed over 4,000 new corporations in 2019 and their trust in the brand is a testament to the value OYO is creating for its corporate customers, he added. "As part of our continuous efforts to strengthen the corporate portfolio, we are working to

From Zolo to Nestaway, co-living brands key in the migrant millennial

Going by the recent trends, the co-living business may offer a higher rental yield, as much as 8-11 per cent said analysts

Fresh round of layoffs at Oyo, 100-150 staff likely to be impacted

The bulk of this fresh round of layoffs will be from its cloud kitchen business, which has about 200-300 employees in India

Travel trends: Where Indians went and stayed in 2019, reveals Oyo report

In 2019, Oyo saw some interesting travel trends through its properties

Protests from hotel and asset owners, mishap come in way of Oyo's dream run

Over the last three months or so, the company has been grappling with a series of protests by hotel owners, who have been alleging that the hospitality giant has not paid their dues

OYO appoints Mandar Vaidya as CEO for South East and West Asia

Hospitality firm OYO Hotels and Homes on Wednesday said it has appointed Mandar Vaidya as the Chief Executive Officer for Southeast Asia and the Middle East, effective from August 1, 2019. The appointment comes as part of company's ongoing focus to drive accelerated growth in two of its high potential markets - Southeast Asia and the Middle East, OYO said in a statement. Vaidya has over 15 years of experience. He would be responsible for driving business growth for OYO in these two regions, which include markets like Indonesia, Malaysia, the Philippines, Vietnam, UAE, and the Kingdom of Saudi Arabia, it added. "We are thrilled to welcome Mandar to the OYO family as he takes charge of strengthening OYO's presence in Southeast Asia and the Middle East," OYO Hotels and Homes Founder & CEO Ritesh Agarwal said. These two markets are crucial for OYO's international expansion strategy, he added. "Under Mandar's leadership, we look forward to establishing a strong relationship with asset

OYO to offer houses on rent with essential services starting at Rs 7,999

It plans to take the number to over 50,000 beds by the end of 2019 when it hopes to be present in all the top 10 metros