Page 2 - Oyo Rooms

Softbank nominee likely to join Oyo board as non-executive director

IPO-bound unicorn OYO's parent firm Oravel Stays Ltd is set to appoint Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund, as a non-executive director on its board, sources said. The appointment is subject to shareholders' approval to be sought at an Extraordinary General Meeting (EGM), according to information accessed by PTI. Sumer will join Oravel Stays' Board as a nominee director of Softbank. Sources, speaking on condition of anonymity, said the move signals SoftBank's bullish stance on OYO, in light of the company turning profitable. Travel tech platform OYO reported financial year 2023-24 as the maiden profitable fiscal year with net earnings of nearly Rs 100 crore, founder Ritesh Agarwal said in a post on microblogging site X, formerly Twitter, recently. "SoftBank is actively supporting OYO and showing renewed interest in its prospects. They want to provide impetus to the company's growth in international markets," said a person ...

JP Morgan extends Rs 200 cr credit line to boost Oyo accelerator programme

Oyo almost doubled its profit after tax to Rs 30 cr in Q3FY24, compared to the previous quarter's Rs 16 crore

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

No TDS on minimum guarantee paid by OYO Rooms to hotels: ITAT

OYO Rooms assures minimum benchmarks, occupancy of hotels and in case such benchmark is exceeded, the service fee is payable by the hotel and in case of shortfall

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 .

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 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 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 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 to add over 1,000 hotels by Dec, to target 100 first gen hoteliers

Hospitality technology platform OYO on Wednesday said it will add over 1,000 hotels to support over 100 first-generation hoteliers by December 2023 as part of its accelerator programme. The company launched its accelerator programme in March this year with a target of supporting 50 first-generation hoteliers. OYO has already added more than 300 hotels operated by 30 hoteliers since the announcement of the plan which is higher than the initial target of adding 200 properties in the first phase of the programme, the company said in a statement. "Since the unveiling of our Accelerator Program, we have been actively engaging with our hotel partners to gather their insights, concerns, and suggestions," OYO Chief Merchant Officer Anuj Tejpal said. The company is also offering financial assistance to facilitate expansion in new markets. It has already extended support worth Rs 10 crore, it added. With the Indian hospitality sector showing signs of promising growth in the next few years,

OYO launches 'stay now pay later' programme for Indian travelers

Customers will get credit limit of up to Rs 5,000 which can be settled after 15 days of hotel stay

IPO-bound OYO to expand its US presence with over 100 new hotels this year

New hotels planned in Oregon, Washington, Texas, Oklahoma, Georgia and Florida

OYO asks govt to probe FHRAI's 'illegally-run' executive committee

Claims committee's actions hurting small hotel owners; constant friction with organised players discouraging SMEs and entrepreneurs from moving ahead with the times and with technology

Vrindavan, Bengaluru among most booked Valentine's Day destinations: Report

Average duration of stays increases from last year; people willing to travel on weekdays: OYO

OYO saw over 450,000 bookings on New Year's eve: Founder Ritesh Agarwal

Travel tech firm OYO witnessed a record 4.5 lakh-plus bookings on New Year's eve, its highest bookings per hotel per day for India in the last 5 years, Founder and Group CEO Ritesh Agarwal said. In a series of tweets, Agarwal spoke about the "busiest day of the year" for the travel technology company and shared that OYO saw higher bookings in Varanasi as compared to Goa. "Over 450k-plus bookings were made on this New Year's Eve globally. This is 35 per cent more than last year. We are also seeing the highest bookings per hotel per day for India in the last 5 years," Agarwal informed. The year 2022 saw a major uptick in travel and tourism. Globally, leisure destinations have led the travel recovery curve, while in India, business and cultural travel have significantly contributed to the sector. "Bookings from Goa are rising by the hour. But guess the city that is overtaking Goa? Varanasi," Agarwal said in a tweet. He also shared information from OYO's annual travel trends index ...

Travel-tech firm OYO launches 'Super OYO' in more than 70 cities in India

Global travel technology company OYO has launched a programme to recognise hotels that provide the most consistent and high-quality customer experience

OYO announces launch of category for highly rated hotels in 70 cities

Best hotels ranked by customer experience, location, analysis of reviews: CEO Ritesh Agarwal

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