Page 4 - Oyo

OYO raises Rs 1,457 crore from investors in series G funding round

Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round, sources said. This fund raise concludes the Series G funding round. The IPO-bound unicorn had earlier raised nearly Rs 1,040 crore and Rs 416.85 crore in the same series. According to different documents accessed by PTI, the additional equity issuance was approved by 99.99 per cent shareholders in an EGM held on August 8. The capital will be used to support OYO's growth and its global expansion plans, sources said. The additional fund raise values the company at the same valuation of USD 2.4 billion, as the first Series G tranche issued to InCred in July, a source said. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The funding round includes contributions from InCred Wealth, who led the recent fundraise as well as J&A ...

OYO's co-working firm Innov8 inaugurates three centers in Delhi-NCR region

Co-working firm Innov8 has started three new facilities with over 600 sitting capacity in Delhi-NCR at an investment of Rs 10 crore as part of its expansion plan amid a rise in demand for flexible workspace. These three facilities, having a total of 60,000 square feet area, are located at Unitech Cyber Park, DLF Cyber City and Okhla in Delhi-NCR, the company said in a statement. "Delhi NCR's thriving startup ecosystem and its position as a major corporate hub make it an ideal location for our latest co-working spaces," Ritesh Malik, Founder of Innov8, said. Innov8, which was acquired by OYO in 2019, has invested Rs 10 crore towards the development of these co-working centres. Founded in 2015, Innov8 is currently spread across nine cities - Delhi, Gurugram, Mumbai, Pune, Chennai, Bengaluru, Ahmedabad, Hyderabad, and Indore - with over 30 centres hosting more than 8,000 employees of its clients. Currently, the company has seven centres in Delhi-NCR.

Oyo opens first luxury hotel in Dubai, eyes boosting premium properties

Travel tech platform OYO on Monday announced the opening of its first luxury hotel in Dubai -- Palette Royal Reflections Hotel and Spa -- as the IPO-bound unicorn eyes strengthening its premium property portfolio globally. The company expects the number of Indian tourists to grow significantly in 2024 after Dubai relaxed visa policy for them earlier this year. "OYO is expecting more than 1 lakh Indian tourists to visit Dubai this year. Dubai has long been a favourite destination for Indian travellers, thanks to its luxury shopping, stunning architecture, and vibrant culture. The launch comes as the emirate prepares to welcome a record number of Indian tourists in 2024," OYO stated. The initiative is part of OYO's ongoing efforts to strengthen its premium property footprints across the world, including the Middle East. OYO has over 700 properties in the UAE, including over 200 only in Dubai, the company said. India is the biggest source country for Dubai tourism. The country ranked

SoftBank Group-backed Oyo in talks to raise Rs 1,000 cr from family offices

After withdrawing its application for an IPO last month, Oyo is set to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraising after increasing its authorised share capital

Oyo posts maiden profitable year with Rs 100 cr PAT in FY24: Ritesh Agarwal

Agarwal, in a post on social media platform X, added that he expects growth not just in India, but in other key markets like the Nordics, South East Asia, the US, and the UK as well

At Rs 100 crore, OYO posts FY24 as maiden profitable fiscal: Ritesh Agarwal

Travel tech platform OYO reported financial year 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder Ritesh Agarwal said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel an

Oyo withdraws IPO papers for second time, opts for private placement

"The refinancing will result in material changes to Oyo's financial statements. Hence as per existing regulations, it will need to revise its filings with the regulator," the source said

Softbank-backed Oyo Hotels eyes $450 million bond sale for refinancing

The refinancing will extend the repayment timeline to five years, the person said. The company plans to complete the process in the September quarter

If there is a market to invest in the world, it is India: Lightspeed exec

A number of limited partners (LPs) are reassessing their exposure to China and increasing weight to India, says Taneja

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

OYO parent firm Oravel Stays plans to launch self-operated premium hotels

Oravel Stays Ltd, the parent company of travel-tech firm OYO, on Thursday announced its plans to launch self-operated premium hotels under the Palette brand, beginning with Morbi in Gujarat. As part of a pilot programme, Oravel Stays had earlier launched Palette with 10 hotels in cities, including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru. "To ensure enhanced guest experience and service delivery, the company will take direct operational control of select Palette hotels in high-growth and promising locations. Oravel Stays intends to open 12 additional self-operated Palette hotels by the end of the year," it stated. Further, it said the 48-room premium hotel in Morbi aims to cater to the rising demand for premium accommodation amidst the region's booming economic scene. "With its booming economic scene and growing business opportunities, Morbi is an important market for us. We aim to provide business travellers with a premium hospitality experience and look ..

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

Banks are catching up with fintech companies: BlackSoil co-founder

ANKUR BANSAL, co-founder and director of BlackSoil, feels that fintech will see a shakeout even as regulations bring in more clarity enabling the sector to grow

OYO plans 400 properties at spiritual places, including Ayodhya, in 2024

Hospitality tech platform OYO on Monday said it is planning to launch 400 properties in major spiritual destinations like Ayodhya, Varanasi, Tirupati, and Katra-Vaishno Devi by the end of this year. The planned expansion in major spiritual hotspots across the country has been fuelled by a surge in domestic travel and rising interest in spiritual tourism, OYO said in a statement. The hospitality platform has selected various destinations, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and Char Dham route, to launch properties. There has been a 350 per cent increase in searches for Ayodhya on the OYO platform over the past year, driven by the upcoming opening of the grand Ram Mandir on January 22, 2024, it added. "Spiritual tourism in India is on the precipice of a monumental surge, poised to be one of the biggest growth drivers of our industry in the coming five years. The opening of the Ram Mandir in Ayodhya stands as a testament to thi

IPO-bound Oyo elevates Rakesh Kumar as new chief financial officer

Kumar will replace Abhishek Gupta, who will continue with Oyo in "an advisory and mentorship capacity

OYO elevates Rakesh Kumar as Chief Financial Officer with effect from Jan 1

Hospitality technology platform OYO on Tuesday announced the elevation of Rakesh Kumar to Chief Financial Officer (CFO) with effect from January 1, 2024. Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement. Kumar, who is currently working as Deputy Chief Financial Officer, in his new role as the CFO, will continue driving financial strategy and operational efficiency, the company said. He has been overseeing financial functions, including business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation, and financial planning and analysis, it added. In his last six years at OYO, Kumar has played a pivotal role in the company's financial stability during the COVID-19 pandemic. His leadership facilitated successful equity and debt raises and strategic acquisitions. "Rakesh's elevation to the role of CFO is a crucial milestone in our pursuit of financial stabilit

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's loan prepayment: Moody's nearly doubles the EBITDA estimates

Fitch said that the move will improve Oyo's EBITDA and that they may take positive rating action

OYO launches 60% festive discount for Indian tourists visiting Dubai

OYO has a network of more than 130 properties including OYO Smart and OYO Homes in Dubai

Oyo to report first profitable quarter in Q2 FY24 at Rs 16 crore PAT

The company's revenue from operations in FY23, Agarwal added, stood at approximately Rs 5,463 crore in FY23 up from Rs 4,781 crore in FY22, marking a 14 per cent increase