Page 12 - Oyo

Oyo's loyalty programme Wizard gets 5 mn users, drives 49% of business

With 9200+ hotels under OYO's portfolio currently partnered with this program, OYO Wizard is increasingly becoming a preferred option of booking quality and affordable accommodation on OYO.

Cheating case against Oyo's Ritesh Agarwal, six others over unpaid dues

A cheating case has been registered against OYO Hotels & Homes founder Ritesh Agarwal and six others based on a complaint by a hotelier who has alleged that the firm did not pay rent for rooms for the past five months, police said on Monday. In his complaint, Betz Fernandez, who owns Roxel Inn at Domlur here, stated that OYO had booked rooms and had agreed to pay Rs 7 lakh per month. However, since May OYO did not pay him any rent thereby duping him to the tune of Rs 35 lakh, he alleged. Besides Ritesh Agarwal, police have booked Rohit Srivastava, head of OYO South, heads of business development Madhvendra Kumar and Gourab De, OYO Finance Officers Prateek Agarwal, Manjeet Singh and Mrimony Chakraborty. They have been asked to appear before the investigating officer on Thursday, police said. The OYO Hotels & Homes said in a statement that they will file a counter complaint against the Bengaluru hotel owner for "using improper legal means to sensationalise a civil .

CCI to probe MakeMyTrip, Oyo for unfair business practices, deep discounts

Bengaluru/ New Delhi, 29 OctoberThe Competition Commission of India (CCI) has launched an investigation against Oyo Hotel & Homes and MakeMyTrip (MMT-Go), on charges of predatory pricing, creating a monopoly and deep discounting.A CCI order says there is enough substance to warrant a probe, on evidence that the two are charging excessive commissions from hotel partners and demanding deep discounts which have led to the destruction of competitive pricing in the marketThe complaint in this regard came from the Federation of Hotel and Restaurant Associations of India (FHRAI). And, CCI has directed its director-general, investigations, to do a detailed investigation in the matter and give a report within 150 days. "The there exists a prima facie case for investigation for alleged violation of the provisions of Section 3(4) of the Act. Further, a prima facie case for investigation under Section 4 is made out against MMT-Go, as elucidated in the earlier parts of this order. The DG is, ..

CCI orders probe against MakeMyTrip-GoIbibo, Oyo for unfair biz practices

The Competition Commission has ordered an investigation against online travel agents Make My Trip-GoIbibo and hospitality services provider Oyo for alleged unfair business practices. Following a complaint from the Federation of Hotel & Restaurant Associations of India (FHRAI), the watchdog looked into various aspects of their businesses and concluded that "prima-facie" there are violations of competition law. For the case, the Competition Commission of India (CCI) assessed the allegations on the basis of two relevant markets. In the case of Make My Trip-GoIbibo (MMT-Go), it is the 'market for online intermediation services for booking of hotels in India' and for OYO, it is the 'market for franchising services for budget hotels in India'. Make My Trip has acquired GoIbibo. The Commission said that MMT-Go prima-facie appears to be a dominant player in the relevant market. "... prima-facie OYO is not found to hold a dominant position, despite being a significant player in the market

OYO to expand footprint in Bihar, create 700 new jobs in next six months

OYO's presence in Bihar includes 28 cities including Patna, Bodhgaya, Muzaffarpur, Purnea and Bhagalpur

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

Jio says rivals fraudulently claiming IUC; asks Trai to slap penalties

In a letter to Trai, it alleged the three firms have allotted mobile numbers as customer care or helpline numbers to companies such as Oyo, Justdial, and Videocon D2H

Oyo is booming, and yet some hotels are complaining about its pricing

Oyo charges hotels a roughly 20 per cent franchise fee on room revenues when hotels join its network

Softbank-backed Oyo raises $1.5 bn at $10 bn valuation for market expansion

Agarwal, who founded Oyo in 2013, has built it into India's second-most valuable startup with a valuation of about $10 billion

Top 10 biz headlines: RCap's $5-bn debt, Oyo to raise $1 bn, and more

From Oyo eyeing fresh funds to Reliance Capital getting a downgrade from CARE Ratings, here are the top 10 business headlines for Monday

Inside Oyo Hotels founder Ritesh Agarwal's $1.5 bn share buyback plan

Agarwal is pledging his shares to finance the buyback, which will see his shareholding rise to about 30% from 10% currently

Oyo Hotels & Homes expands presence to over 500 cities across India

Hospitality firm OYO on Monday said it has expanded presence to over 500 cities across India with focus on tier 2 and 3 cities and smaller towns. This is in line with the company's objectives of going deeper in existing markets and metros, while forming a stronger national network through presence in smaller towns, cities and popular tourist destinations, OYO said in a statement. "At OYO Hotels and Homes, we are focused on strengthening our presence in India and South Asia, while enabling economic opportunities at every level and, not just across metros but also tier 2, 3 and 4 cities," OYO Hotels & Homes India & South Asia CEO Aditya Ghosh said. On growth opportunities in India, Ghosh said: "We are less than 5 per cent of the total unbranded hotel and guesthouse market in India and there is massive headroom for growth now and in coming years." Bengaluru, Delhi, Mumbai, Gurugram and Hyderabad lead in presence of hotels among metros, the statement said. Manali, Ujjain, ...

Top 10 biz headlines: Truck sales fall 60%, GST cut for hybrid cars & more

From sales of medium and heavy commercial vehicles falling by over half in Aug to the GST Council considering a breather for hybrid vehicles in its upcoming meeting, here is today's top business news

Watch out, Starbucks: OYO is brewing plans to start premium coffee chain

OYO is changing tack and shedding its 'affordable' image for its chain of premium coffee shops so that it can take on coffee chain giant Starbucks

Oyo to invest Rs 2,390 cr to boost presence in European vacation rental mkt

Amsterdam-headquartered Oyo Vacation Homes is part of Oyo Hotels and Homes

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

Issues aside, cost efficiency, networking opportunity make co-working work

Real estate experts say such places work out to be 15-25% cost efficient vis-a-vis permanent offices

Best of BS Opinion: Crypto ban not a good idea, labour law reforms & more

From the ban on cryptocurrency, political defections to OYO's adventures, here's a selection of Business Standard Opinion pieces for the day

Why Ritesh Agarwal's $2-bn deal to hike his stake in Oyo to 30% is a riddle

SoftBank, OYO's largest investor, already owns 46% in the Gurugram-based company

OYO's Ritesh Agarwal to buy back shares worth $2 bn from early investors

Agarwal's stake in the company will rise from the current 9-10% to around 30%