Page 3 - Oyo Rooms

Oyo Hotels reports net loss of Rs 333 cr in Q2; revenue increases 24%

The company reported a 24% increase in revenue during the first half of the year, to 29.05 billion rupees. It did not disclose a quarterly revenue figure

FHRAI writes to Sebi to stop OYO from launching IPO after CCI penalty

Federation of Hotel & Restaurant Associations of India on Tuesday said it has written to Sebi to stop OYO from launching its IPO in the wake of a penalty imposed by the Competition Commission of India on the hospitality and travel-tech firm for unfair business practices. OYO, however, said the Federation of Hotel & Restaurant Associations of India (FHRAI) is misrepresenting the CCI order and the letter to Securities and Exchange Board of India (Sebi) is to distract attention from the executive committee meeting of FHRAI being held as null and void by the NCLT, which has also ordered a court-monitored AGM of the hospitality industry body. In October this year, the Competition Commission of India (CCI) slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality services provider OYO for indulging in unfair business practices. "Now that OYO has been found guilty of indulging in anti-competitive and unfair business practices ...

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 files fresh docs with Sebi for IPO in early 2023 as growth resumes

Oyo, formally known as Oravel Stays Ltd., is internally working toward a January IPO as executives are encouraged by a pick-up in demand

OYO to bring onboard 600 new hotels, homes in South India by year-end

Buoyed by the strong booking trends in the business as well as liesure travel segments, OYO is looking to significantly increase hotels and homes (storefronts) in South India on its platform

Facing unfair competition from global tech giants, says domestic players

Top executives of 8 domestic tech firms, including Paytm founder Vijay Shekhar Sharma and OYO's Ritesh Agarwal, deposed before a parl panel and said they face unfair competition from big tech firms

Goa, Nainital in top summer holiday destinations in 2022, says OYO survey

Goa, Nainital, Rishikesh, Gangtok and Mount Abu emerged as the top five favoured family summer holiday destinations for Indians this year, according to a survey by OYO.

OYO plans IPO after September, may settle for lower valuation: Report

OYO's move to launch the IPO after the September quarter is mainly driven by the expectation of improvement in its financial performance and the current volatile nature of the market

Top headlines: Govt may restrict sugar exports; Snap shares fall 30%

Business Standard brings you top news of the evening

OYO delists hotel from platform for denying reservation to Kashmir man

Hospitality firm OYO has taken off from its platform the hotel, which allegedly denied reservation to a man from Jammu and Kashmir, according to a social media post by the company. Responding to a purported viral video on social media that shows a man allegedly being denied reservation in the hotel as he is from the union territory, OYO said, "We are appalled that this happened. We have taken the hotel off from our platform immediately." The company further said, "Our rooms and our hearts are open for everyone, always. This is not something that we will compromise on, ever. We will definitely check what compelled the hotel to deny check-in." On Wednesday, the Delhi Police clarified that it has not issued any direction against giving reservation in hotels to those furnishing identity cards from Jammu and Kashmir. In a series of tweets, the Delhi Police stated, "a purported video is viral on social media wherein a person is being denied hotel reservation due to his J&K ID. The ...

Top Headlines: Oyo rejigs top brass; immediate fuel price hike unlikely

IPO-bound Oyo on Thursday announced a major rejig in top management and appointed a new CEO of its India business

IPO-bound OYO gets in-principle listing approval from BSE, NSE

Oravel Stays Limited, the parent company of travel-tech firm OYO, has received in-principle approval from BSE and NSE to list on the respective bourses, sources said. OYO has filed preliminary documents for a Rs 8,430 crore initial public offering (IPO). The offering will consist of a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore. As per documents reviewed by PTI, the company recently received the go-ahead for listing from the National Stock Exchange and BSE. Bourses typically provides such go ahead at advanced stages of the approval process thus signaling that regulatory path is close to getting cleared for the company to approach for its listing. The company had filed its Draft Red Herring Prospectus (DRHP) with Securities & Exchange Board of India (SEBI) in September last year and has been in the process of responding to the questions and clarifications sought by the regulators. Sources told PTI that the SEBI observations are .

OYO appoints ex-Apple executive Nirdosh Chouhan as senior vice president

Oyo said it has appointed ex-Apple executive Nirdosh Chouhan as Senior Vice President of Engineering and former Swiggy official Kranthi Mitra Adusumilli as Senior Principal Data Scientist.

IPO-bound OYO defies pandemic, set to meet investors' expectations

IPO-bound Oravel Stays Ltd, or OYO, amid pandemic revamped its operations and business strategies to not only stay afloat but also emerge stronger.

Dozen Indian IPOs now under extra investor scrutiny after Paytm debacle

Planned smaller IPOs could have a harder time pricing shares if there is a reduced appetite for new listings

Purchasing intention gets a boost as economy shows signs of recovery

Intentions to buy consumer products through Nykaa and Croma picked up pace

OYO names silver-medallist Paralympian Deepa Malik as independent director

Joins three other independent directors and one nominee director, besides Ritesh Agarwal who is the chairman

Small towns will write next chapter of India's startup story: Oyo CEO

Small towns will write the next chapter of India's startup story, OYO Founder and Chairman Ritesh Agarwal said on Tuesday, as he extended his support to four startups from Ladakh and the Himalayan region that are part of the Naropa Fellowship programme. Naropa Fellowship, co-founded by Drukpa Thuksey Rinpoche and Pramath Raj Sinha is a Ladakh-based fellowship programme aimed at creating environmentally and socially conscious entrepreneurs from the Himalayan region. "Small towns in India will write the next chapter of India's startup story & I'm delighted to extend my support to this momentum, through an initial pledge of INR 1CR equity-free grant & mentorship to entrepreneurs across India-starting with 4 fantastic startups from @TheNaropa," Agarwal said in a tweet. Small town entrepreneurs often struggle with a lack of access to resources and expertise, he added, stating that through strategic feedback, mentorship sessions and funding, he looks forward to doing his part for ...

Oyo files DRHP for $1.2 bn IPO; founder, key investors not diluting stake

In the DRHP, the firm says its app has been downloaded 100 million times and its major focus geographies are India, Malaysia, Indonesia and Europe

Softbank-backed Oyo in legal spat with rival Zostel ahead of $1.2-bn IPO

Zostel filed a petition in August with the Delhi High Court to stop Oyo from changing its shareholder structure, including through an IPO