Page 5 - Oyo Rooms

India coronavirus dispatch: The fate of returning migrant workers

From building capacity to produce cheap test kits, to what is medical protective clothing, and why travel & tourism will return with a bang after Covid - read these and more in today's India dispatch

SoftBank Vision Fund posts $17.7 billion loss on WeWork, Uber Technologies

Takes hit after writing down the value of investments in WeWork, Uber and others; plans to double buybacks

Before change in FDI rules, Chinese invested millions in Indian tech firms

Between January and April 2020, Chinese companies and US hedge funds raised their stakes in Byju's, Paytm and many other billion-dollar Indian technology companies

Companies shift focus on reskilling workforce for post-Covid world

With job losses and redundancies looming large, firms have taken to the idea of reskilling their workforce with gusto

Oyo asks all employees to take 25% pay cut; some to be sent on furlough

OYO CEO for India Rohit Kapoor communicated the decision through an email to employees after a company townhall on Wednesday

Top headlines: FB buys 9.9% stake in Jio, OYO employees to take 25% pay cut

Business Standard brings to you a snapshot of events that made the headlines today

SoftBank's $2-billion guarantee at risk as pandemic hits Oyo business

Oyo risks turning into another problem startup for SoftBank and Son, still reeling from the meltdown at the shared-office company WeWork.

OYO suspends payment of monthly revenue to hotels; invokes force majeure

This abrupt, extra-ordinary and unprecedented drop in your hotel's revenue as a result of the Covid-19 can hardly be considered to be in the ordinary course of business.

Covid-19: OYO CEO Ritesh Agarwal takes 100% pay cut for rest of the year

The company's entire executive leadership team has taken a voluntary pay cut starting at 25 per cent and going up to 50 per cent

OYO offers free stay to medical staff, first responders in the US

The US is seen as the new epicentre of the disease, with nearly 55,000 cases and over 700 deaths

Covid-19: Ivanka lauds Oyo Rooms for offering free stay to doctors in US

OYO said that beginning March 24, medical first responders will receive free accommodations at any OYO Hotel in US so they can sleep, shower or just get off their feet and recharge

Oyo plans to entice coronavirus-stricken hotels in Japan with cash

To pay members a sum equal to a proportion of past year's revenue

CCI orders detailed probe against Oyo, MakeMyTrip for unfair biz practices

The order came on a complaint filed by Rubtub Solutions Pvt Ltd which operates under the brand name of Treebo Hotels in India and is in the business of providing franchising services to budget hotels.

From Swiggy to Ola, Indian star unicorns' valuations hit speed bump

Profitability has been the biggest challenge for unicorns. Swiggy reported 500 per cent jump in losses for financial year FY19 at Rs 2,346 crore against FY18, according to data platform Tofler.

CCI agrees to add Fab Hotels against Go-MMT,Oyo probe for predatory pricing

The complaint against the two firms was filed Federation of Hotel and Restaurant Associations of India.

Top 10 biz headlines: Vodafone Idea on the brink, Mistry moves SC, and more

In a day of twists and turns, the government received Rs 14,697 crore from three companies out of the telecom sector's total dues linked to adjusted gross revenue estimated at Rs 1.47 trillion

Oyo's revenue surges 4 times to $951 million in FY19, but loss widens too

The SoftBank-backed firm has been reported to have been in the process of laying off close to 2,000 employees as it shifts focus towards profitability

OYO adds over 4,000 corporate accounts in 2019, 80% rise in revenue

Hospitality firm OYO on Tuesday said its corporate channel has witnessed an 80 per cent increase in revenue on a year-on-year basis on account of strong growth trajectory in corporate bookings. The company currently has a total of over 8,400 active corporate accounts, OYO said in a statement. The company's corporate channel contributes over 30 per cent to the total revenues of OYO, it added. The revenue of corporate channel for the calendar year 2019 stood at Rs 459 crore, OYO said. "The corporate travel segment is a key engine of growth for us and we are seeing strong demand for our standardised and affordable offerings from business travellers across India," OYO Hotels & Homes India & South Asia COO Gaurav Ajmera said. The company welcomed over 4,000 new corporations in 2019 and their trust in the brand is a testament to the value OYO is creating for its corporate customers, he added. "As part of our continuous efforts to strengthen the corporate portfolio, we are working to

After scorching start, Oyo looks to get its business basics right

The firm is said to be firing 2,400 employees, or 20 per cent of its workforce in India, mainly in sales and business development

Fresh round of layoffs at Oyo, 100-150 staff likely to be impacted

The bulk of this fresh round of layoffs will be from its cloud kitchen business, which has about 200-300 employees in India