Page 14 - Oyo

Oyo to cut about 5,000 jobs in broad overhaul, highest reductions in China

The restructuring in China is in line with the global restructuring exercise announced in January 2020, said sources.

Top SoftBank exec ran smear campaigns against Nikesh Arora, Sama: Report

Misra planted negative stories against Nikesh Arora to damage his reputation in the company

Masayoshi Son's other big real estate bet has some real problems

SoftBank declined to comment on Oyo's internal issues and practices beyond Son's comments, but said it believes the company can have a sustainable expansion in Japan with good corporate governance.

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

Housing.com enters co-living biz; partners OYO, Zolo to list 500,000 beds

Housing.com, which is also backed by Softbank, Accel and SAIF Partners, has tied up with OYO Life and Zolo to promote their co-living spaces on its platform.

Top 10 biz headlines: India Inc gets legal relief, OYO's coffee plan & more

From criminal offences in the Companies Act being slated to be slashed to banks possibly taking a majority stake in DHFL, here are the top business headlines for Monday

Top 10 business headlines: Sebi blinks on CMD role, layoffs in Oyo, Walmart

From Nusli Wadia withdrawing defamation suit against Ratan Tata to fiscal deficit for FY21, Business Standard brings you the top business headlines of the day

Troubled times? Oyo Group CEO Ritesh Agarwal confirms trimming staff

It was reported last week that Oyo had let go of about 1,200 people from its China business, and an equal number are likely to be asked to leave in India

OYO to lay off over 1,000 people in India as part of restructuring exercise

CEO Ritesh Agarwal said that asking some of the colleagues to move to a new career outside of OYO has not been an 'easy decision'

Oyo continues to trim workforce, plans to let go 1,200 in India in 4 months

It has let go of 5 per cent of its 12,000 employees in China partly due to non-performance

OYO: Toxic culture, troubling incidents reported at SoftBank's India jewel

Oyo is part of a group of prominent start-ups that have sprinted to get as big as possible, fed by money from large investors such as the Japanese conglomerate SoftBank

Coworking centre operators likely to double or treble in 2 years: Anarock

In the coworking space, top seven operators - Cowrks, WeWork India, Awfis, Regus, Smartworks, 91springboard and OYO Workspaces - have more than 350 centres across cities in the country

Committed to grow the right way: Oyo responds to reports of irregularities

Oyo says it is investing in technology to ensure reconciliations happen faster and expects all owners to partner in delivering superior guest experience

Travel trends: Where Indians went and stayed in 2019, reveals Oyo report

In 2019, Oyo saw some interesting travel trends through its properties

Top headlines: Anti-CAA protests in Delhi, Donald Trump impeached, and more

Internet, voice and messaging services by Airtel, Vodafone Idea and Reliance Jio were suspended in parts of Delhi-NCR following instructions from the police

Oyo's loyalty programme Wizard gets 5 mn users, drives 49% of business

With 9200+ hotels under OYO's portfolio currently partnered with this program, OYO Wizard is increasingly becoming a preferred option of booking quality and affordable accommodation on OYO.

Cheating case against Oyo's Ritesh Agarwal, six others over unpaid dues

A cheating case has been registered against OYO Hotels & Homes founder Ritesh Agarwal and six others based on a complaint by a hotelier who has alleged that the firm did not pay rent for rooms for the past five months, police said on Monday. In his complaint, Betz Fernandez, who owns Roxel Inn at Domlur here, stated that OYO had booked rooms and had agreed to pay Rs 7 lakh per month. However, since May OYO did not pay him any rent thereby duping him to the tune of Rs 35 lakh, he alleged. Besides Ritesh Agarwal, police have booked Rohit Srivastava, head of OYO South, heads of business development Madhvendra Kumar and Gourab De, OYO Finance Officers Prateek Agarwal, Manjeet Singh and Mrimony Chakraborty. They have been asked to appear before the investigating officer on Thursday, police said. The OYO Hotels & Homes said in a statement that they will file a counter complaint against the Bengaluru hotel owner for "using improper legal means to sensationalise a civil .

CCI to probe MakeMyTrip, Oyo for unfair business practices, deep discounts

Bengaluru/ New Delhi, 29 OctoberThe Competition Commission of India (CCI) has launched an investigation against Oyo Hotel & Homes and MakeMyTrip (MMT-Go), on charges of predatory pricing, creating a monopoly and deep discounting.A CCI order says there is enough substance to warrant a probe, on evidence that the two are charging excessive commissions from hotel partners and demanding deep discounts which have led to the destruction of competitive pricing in the marketThe complaint in this regard came from the Federation of Hotel and Restaurant Associations of India (FHRAI). And, CCI has directed its director-general, investigations, to do a detailed investigation in the matter and give a report within 150 days. "The there exists a prima facie case for investigation for alleged violation of the provisions of Section 3(4) of the Act. Further, a prima facie case for investigation under Section 4 is made out against MMT-Go, as elucidated in the earlier parts of this order. The DG is, ..

CCI orders probe against MakeMyTrip-GoIbibo, Oyo for unfair biz practices

The Competition Commission has ordered an investigation against online travel agents Make My Trip-GoIbibo and hospitality services provider Oyo for alleged unfair business practices. Following a complaint from the Federation of Hotel & Restaurant Associations of India (FHRAI), the watchdog looked into various aspects of their businesses and concluded that "prima-facie" there are violations of competition law. For the case, the Competition Commission of India (CCI) assessed the allegations on the basis of two relevant markets. In the case of Make My Trip-GoIbibo (MMT-Go), it is the 'market for online intermediation services for booking of hotels in India' and for OYO, it is the 'market for franchising services for budget hotels in India'. Make My Trip has acquired GoIbibo. The Commission said that MMT-Go prima-facie appears to be a dominant player in the relevant market. "... prima-facie OYO is not found to hold a dominant position, despite being a significant player in the market

OYO to expand footprint in Bihar, create 700 new jobs in next six months

OYO's presence in Bihar includes 28 cities including Patna, Bodhgaya, Muzaffarpur, Purnea and Bhagalpur