Page 5 - Oyo

Oyo founder Ritesh Agarwal urges companies to hire laid-off employees

Recently, Oyo said that it was cutting 600 jobs in its corporate and technology departments

Mulling an IPO for Ola ride-share business next year, says Bhavish Aggarwal

'Looking at synergies with EV business, will announce details soon'

IPO-bound OYO to lay off 600 in its tech team, hire 250 in sales roles

These layoffs come at a time when many other large start-ups are also letting go of employees

OYO to downsize 3,700-employee base including fresh hires, cut 600 jobs

IPO-bound travel tech firm OYO on Saturday announced it will downsize about 10 per cent of its 3,700-employee base by cutting 600 jobs in the technology and corporate verticals and hiring 250 members, primarily in the relationship management teams. OYO said the move is part of implementing wide ranging changes in its organisational structure. It is downsizing its product & engineering, corporate headquarters, and OYO Vacation Homes teams, while it adds people to the partner relationship management and the business development teams. "OYO will downsize 10 per cent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees," a statement said. Product and engineering teams are being merged for smoother functioning, it added. The downsizing in tech is also happening in teams which were developing pilots and proof of concepts such as in-app gaming, social content curation and patron facilitated content, the company said. Additionally, members

IPO-bound OYO reports Rs 63 crore profit in April-September with Sebi

Travel tech firm OYO shared its financials for the first half of FY23 with market regulator Sebi on Monday, reporting a profit of Rs 63 crore as against a loss of Rs 280 crore a year ago. In an addendum to update its IPO application filed with the Securities and Exchange Board of India (Sebi), the company said its revenues in the first half of FY23 grew by 24 per cent year-on-year to Rs 2,905 crore. The adjusted EBITDA improved from a loss of Rs 280 crore in the first half of financial year 2022 to a profit of Rs 63 crore in the latest half-year period. Apart from improving operating performance, the company has a cash corpus of Rs 2,785 crore, the filing to Sebi showed. The market regulator had given OYO the permission to submit updated financials before it examined and processed the company's application for IPO (Initial Public Offering). The company's adjusted EBITDA for the second quarter grew to eight times from Rs 7 crore in first quarter to Rs 56 crore, primarily driven by a

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

NCLAT stays CCI's Rs 169 cr penalty on Oyo, orders deposit of amount's 10%

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed a Rs 169 crore penalty imposed on Oravel Stays Ltd by the competition commission of India (CCI). Oravel Stays Ltd operates under the brand name Oyo. However, a two-member NCLAT bench while admitting the appeal filed by Oravel Stays Ltd (OSL) directed to deposit of 10 per cent of the penalty amount within six weeks. "The appeal is admitted subject to a deposit of 10 per cent of the penalty amount which must be deposited within a period of six weeks. Deposit should be in the form of FDR in favour of Registrar, NCLAT," the order said. The appellate tribunal has directed to list the matter on April 11, 2023, for the next hearing. "In the meanwhile, Counsel for the parties are granted liberty to complete pleadings, which must be completed before the first week of February 2023," the NCLAT said. Besides the fair trade regulator CCI, OSL has also made the Federation of Hotel and Restaurant Associations of India (FHRAI

OYO announces partnership to support solo female travel across India

Hospitality technology platform OYO on Thursday announced a long-term strategic partnership with travel group Adventure Women India that encourages women to be active and adventurous. "As part of the engagement, members of the group will be offered multiple benefits along with the convenience to choose from the network of safe, clean and affordable accommodations," OYO stated. Adventure Women India empanels travel industry players like tour operators and hotels and offers its members the ability to choose their travel providers from a variety of reliable and secure vendors. "The partnership with OYO will help them identify and book hotels that best suit their preferences in terms of budget and location," OYO said. Adventure Women India has a collective positive strength of 1.5 lakh women members, primarily in the age group of 25 and 45 years. Their volunteers support members through a network of 21 local city chapters across India and 2 international chapters in Mauritius and ...

Tiger Global-backed Wow! Momo elevates CMO Muralikrishnan to co-founder

He officially joined the founders in 2018 and began by leading the store-level growth hacking to brand development and was later named the group's CMO

Oyo starts internal probe after couple filmed in Noida hotel

Oyo has started an internal probe after Noida police arrested two people who allegedly put a hidden camera in a hotel room and filmed a couple, officials said Saturday. The two accused had booked the same room in the Phase 3 police station area last month where they placed a hidden camera before checking out. After a week, they booked the same room and took the camera out which had recorded the couple in intimate condition, officials said. Additional DCP (Central Noida) Saad Miyan Khan said the duo had made extortion attempt with the couple threatening to release their video online. While accused Vishnu Singh and Abdul Wahab were held, police also questioned the hotel staff over the incident but so far their role has not been found. "The hotel and its staff were not found involved in the incident so far. The accused duo had stayed in the hotel in the past also and the police are contacting the guests who have stayed there in recent past to confirm if anyone else also got an extort

Over 30% increase in last-minute bookings for the Diwali long weekend: Oyo

Top 5 cities in terms of bookings include Hyderabad, Bangalore, Kolkata, Goa and Chennai, says the hospitality technology company

CCI slaps penalties totalling Rs 392 cr on MakeMyTrip, Goibibo, OYO

The CCI has also directed MakeMyTrip and Goibibo to amend its market behaviour

Penalties on OYO, MakeMyTrip, GoIbibo big win for hospitality sector: FHRAI

With the penalties of Rs 223.48 crores and Rs 168.88 crores on MMT-Go and OYO for anti-competitive conduct, the FHRAI described it as "one of the biggest wins for the hospitality industry"

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

IPO-bound OYO's valuation dips in pvt market after markdown by SoftBank

Valuation of IPO-bound OYO in the private market has dipped to around USD 6.5 billion following reports of a markdown of valuation of the hospitality and travel-tech firm by SoftBank in its private books, according to industry players. In the week ended September 30, 2022, nearly 12.3 lakh shares of the company were sold in the private market as compared to over 1.6 lakh shares sold in the previous week. The sell-off followed reports that its largest investor SoftBank has cut the valuation of the hospitality platform by 20 per cent to USD 2.7 billion in its books, said a source. When OYO updated its financials in its draft prospectus last month, reporting positive EBIDTA besides the narrowing of losses, the company's share price in the private market had risen to Rs 94 per share. However, in the subsequent days following reports of the markdown of OYO's valuation by SoftBank, the company's valuation dipped by nearly 13 per cent to Rs 81 per share, said the source. "Last year, ...

OYO working on 'green tag' for sustainable hotels on its platform: CEO

Hospitality and travel-tech firm OYO is currently working towards bringing a 'green tag' for sustainable hotels listed on its platform, CEO Ankit Gupta said on Tuesday. The 'green tag' will be assigned to hotels that are eco-friendly in terms of features like using solar power enhanced efficient lighting and rainwater harvesting. "We are working towards a 'green tag' for all sustainable hotels on our platform," Gupta said at a Ficci event here. Sharing OYO's future plans, he said, "We are basically thinking about launching green tagged hotels, hotels that are eco-friendly in terms of using solar power enhanced efficient lighting, rainwater harvesting or the likes of it and for the more eco-friendly customers".

Mohandas Pai slams OYO over 'fake accounting', hospitality major replies

The allegations came after Oyo filed an addendum to its earlier submitted draft red herring prospectus (DRHP), filed in October 2021 for its IPO, to the Securities and Exchange Board of India (SEBI)

Oyo reports its first EBITDA positive quarter, reduces FY22 losses

In FY22 revenues were Rs 4,905 crore, up 18 per cent against Rs 4,157.3 crore reported in FY21

We should go public when the time is right: OYO Hotels' Steve Albrechts

'There are many factors and parameters that we are going to weigh', he said

Top headlines: Oyo posts positive core earnings; Ola lays off 200 engineers

Jawahar Lal Goel has tendered his resignation from Dish TV India's board and has ceased to be the Chairman of the company, the company announced in a notice to the stock exchange.