Page 2 - Oyo

Softbank-backed Oyo Hotels eyes $450 million bond sale for refinancing

The refinancing will extend the repayment timeline to five years, the person said. The company plans to complete the process in the September quarter

If there is a market to invest in the world, it is India: Lightspeed exec

A number of limited partners (LPs) are reassessing their exposure to China and increasing weight to India, says Taneja

Oyo parent Oravel Stays plans to launch 13 premium hotels this year

Last year, the company started a pilot by setting up 10 Palette resorts in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru

OYO parent firm Oravel Stays plans to launch self-operated premium hotels

Oravel Stays Ltd, the parent company of travel-tech firm OYO, on Thursday announced its plans to launch self-operated premium hotels under the Palette brand, beginning with Morbi in Gujarat. As part of a pilot programme, Oravel Stays had earlier launched Palette with 10 hotels in cities, including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru. "To ensure enhanced guest experience and service delivery, the company will take direct operational control of select Palette hotels in high-growth and promising locations. Oravel Stays intends to open 12 additional self-operated Palette hotels by the end of the year," it stated. Further, it said the 48-room premium hotel in Morbi aims to cater to the rising demand for premium accommodation amidst the region's booming economic scene. "With its booming economic scene and growing business opportunities, Morbi is an important market for us. We aim to provide business travellers with a premium hospitality experience and look ..

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

Banks are catching up with fintech companies: BlackSoil co-founder

ANKUR BANSAL, co-founder and director of BlackSoil, feels that fintech will see a shakeout even as regulations bring in more clarity enabling the sector to grow

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

IPO-bound Oyo elevates Rakesh Kumar as new chief financial officer

Kumar will replace Abhishek Gupta, who will continue with Oyo in "an advisory and mentorship capacity

OYO elevates Rakesh Kumar as Chief Financial Officer with effect from Jan 1

Hospitality technology platform OYO on Tuesday announced the elevation of Rakesh Kumar to Chief Financial Officer (CFO) with effect from January 1, 2024. Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement. Kumar, who is currently working as Deputy Chief Financial Officer, in his new role as the CFO, will continue driving financial strategy and operational efficiency, the company said. He has been overseeing financial functions, including business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation, and financial planning and analysis, it added. In his last six years at OYO, Kumar has played a pivotal role in the company's financial stability during the COVID-19 pandemic. His leadership facilitated successful equity and debt raises and strategic acquisitions. "Rakesh's elevation to the role of CFO is a crucial milestone in our pursuit of financial stabilit

OYO restarts self-operated hotels, seeks partnerships with realty sector

Hospitality tech platform OYO on Tuesday said it has restarted self-operated hotels tagged as 'Managed by OYO' through the company's app and website and is seeking partnerships with real estate developers to identify properties for these hotels. "As part of the program, OYO will secure annual to long-term management contracts on the revenue share basis of 200 premium hotels across Indian metros and give its top hotel operators an opportunity to leverage their expertise in maintaining operational excellence and high customer satisfaction," the company said. OYO closed its self-operated hotel model in 2020, just before the start of the first wave of COVID-19, and is restarting after three years. During the pilot phase of the programme, OYO has partnered with 30 realtors and started operations in more than 35 hotels. These hotels are spread across key cities such as Delhi, Bengaluru, Hyderabad, Kolkata, Goa, Jaipur, Mumbai, Chennai, Pune, Pondicherry and Vadodara. These hotels will be

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 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 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's growth 'incredibly strong', can't give timeline for IPO: Troy Alstead

Profitability 'starting point' ensure growth, says independent director of hospitality major

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 to facilitate skill training for youths at its vacation home biz abroad

Hospitality tech platform OYO on Wednesday said it will facilitate on-the-job training across its vacation home business in countries such as Denmark to selected youth from Haryana in conjunction with Vishwakarma Skills University. OYO signed a memorandum of agreement (MoU) with Vishwakarma Skill University, Haryana Kaushal Rozgar Nigam Limited (HKRNL) and the Foreign Cooperation Department of Haryana government, the company stated. "By facilitating partnerships between educational institutions, government agencies, and private sector companies like OYO, the state government is actively working to enhance its young population's employability and skill sets. "Today's MoU signing initiative not only will contribute to the economic development of the state but also foster international cooperation and cultural exchange through the movement of skilled workers," said Haryana Chief Minister Manohar Lal Khattar. He said that the youth is a significant asset, and creating employment ...

OYO enters premium resorts, hotels category, launches Palette brand

Hospitality technology platform OYO on Tuesday announced its foray into premium resorts and hotels category with the launch of its new brand -Palette with plans to have a total of 50 properties by second quarter of FY24. The company has started 10 Palette resorts as a pilot in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bangalore. It will add 40 more Palette resorts to its portfolio by Q2 FY 2024, OYO said in a statement. "The expansion will encompass destinations like Delhi-NCR, Kolkata, Amritsar, Shimla, Goa, Udaipur, Pune, Mussoorie, Srinagar and Kochi," it added. On the reasons behind the expansion, OYO Chief Merchant Officer Anuj Tejpal said, "Today, travellers are seeking more than just a place to stay; they are craving unique and memorable experiences. This paradigm shift, fuelled by rising disposable incomes, has prompted us to diversify our portfolio and introduce the Palette brand." He further said the company has witnessed a very encouraging response for the .

OYO launches 'Spotless Stay' programme; to conduct hotel audits for upkeep

Hospitality technology platform OYO on Thursday said it has launched a 'Spotless Stay' programme as part of which it will conduct audits of hotels to assess them for overall upkeep and maintenance. As a part of the Spotless Stay programme, hotels with high cleanliness ratings from customers will be awarded benefits such as high search rankings, OYO stated. The company's on-field officers will conduct a comprehensive on-ground audit of one property every day, leading to a total of over 3,000 audits each month. This number will be scaled to 6,000 audits per month by October 2023. "The hotels will be carefully assessed for overall upkeep and maintenance of the property, cleanliness, in-room hygiene, maintenance of upholstery and linen, and washroom cleanliness, while also taking into account the customer ratings received during the week prior to the audit. The property owners will be asked to conduct an overhaul and thorough deep cleaning, including replacement of upholstery, linen, .

OYO to add 500 hotels in host cities for upcoming Men's Cricket World Cup

The tournament, which begins on Oct 5 and ends on Nov 19, will take place in Hyderabad, Delhi, Dharamsala, Chennai, Lucknow, Bengaluru, Mumbai, Kolkata, and Pune. The final will be played in Ahmedabad

OYO to add 500 hotels in host cities of upcoming cricket world cup

Hospitality technology platform OYO on Friday said it will add 500 new hotels in the next three months in host cities of the upcoming men's cricket world cup in India, to meet the anticipated increase in booking demand. The new hotels will be strategically located near the stadiums, ensuring ease of access for cricket fans traveling from around the world to witness their favourite teams in action, OYO said in a statement. Travel demand automatically goes up whenever the dates for a marquee cricket tournament are announced, a company spokesperson said. "OYO will add 500 hotels in host cities in the next three months to meet demand for the Cricket World Cup. We want to ensure that everyone who is travelling from far away to watch their favourite teams has access to a comfortable and affordable accommodation," the spokesperson added. Hotel tariffs have already increased due to heightened demand across host cities three months ahead, OYO said, adding it has also witnessed a significant