Page 7 - Oyo

OYO founder Ritesh Agarwal's father dies after fall from Gurugram high-rise

'With a heavy heart, my family and I, would like to share that our guiding light and strength, my father, Shri Ramesh Agarwal passed away on 10 March,' says Ritesh Agarwal

High stakes: OYO, FHRAI accuse each other of functional irregularities

Reports of the two butting heads date back to December 2018, when FHRAI accused OYO of large-scale breach of contracts, jeopardising consumer safety and violation of law

Masayoshi Son invites start-up founders, CEOs with SoftBank holding

Those meeting the SoftBank boss in New Delhi will have to go through RT-PCR tests

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

OYO urges govt to probe into functioning of hotel association's committee

Travel tech platform OYO on Sunday said it has requested the tourism ministry to probe the functioning of Federation of Hotel & Restaurant Associations of India (FHRAI) and order eviction of the "erring" executive committee members. The representation by OYO alleges that FHRAI's actions are detrimental to small hotel owners. It urged the tourism ministry to take necessary action against FHRAI's "illegally run" executive committee and its members alleging that they are working for self-interest rather than the interest of the small hotel owners. When reached out for a response, FHRAI Secretary General Jaison Chacko told PTI: "It would have been desirable if OYO would have tried to counter FHRAI's allegations and tried to clear the pending dues of hundreds of hotel partners." He said FHRAI had approached authorities, including the CCI, NCLT, NCLAT, SEBI and government against OYO's "oppressive and unethical" business practices. Chacko said FHRAI had received several complaints from .

IPO-bound OYO looks to double number of premium hotels in India this year

The firm plans to add about 1800 premium hotels this year, with a focus on key business cities

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 estimates its revenue to be $751 million in 2022-23: Ritesh Agarwal

Hospitality and travel-tech firm OYO estimates its revenue in 2022-23 to be USD 751 million on the back of which it expects to post its first operating profit in a full year, company Founder and Group CEO Ritesh Agarwal has told its employees. At an employees townhall held this week, Agarwal is understood to have shared how the company has been able to gradually strengthen its financials after overcoming the challenges of the pandemic. The company expects its revenue in FY23 to be USD 751 million, up 19 per cent from USD 629 million in FY22, he told the employees through a presentation during the townhall. In the first half of the fiscal year, OYO posted an adjusted EBITDA of USD 8.3 million. It had registered an adjusted EBITDA loss of USD 37 million in the same period of FY22. For the second half of the fiscal, continued momentum on topline coupled with margin expansion and healthy operating leverage are expected to result in USD 24 million adjusted EBITDA, he added. On the bac

IPO-bound OYO to refile DRHP with updates to Sebi by mid-February

Market regulator asked hospitality company to submit application again, give information on risk factors and litigation

OYO writes to NCLT to expedite inquiry on FHRAI executive committee

The travel firm has further requested to make the same available to members of the hospitality industry and the public at large

Sebi returns Oyo's draft IPO papers, asks to refile with certain updates

Sources are expecting IPO in October-December quarter of this year

Sebi returns OYO's draft IPO papers, asks to refile with certain updates

Capital markets regulator Sebi has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates. The move might delay the Gurugram-based hospitality unicorn's initial public offering (IPO). OYO filed preliminary documents with the Securities and Exchange Board of India (Sebi) in September 2021 for a Rs 8,430 crore IPO. The proposed offering consists 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. According to an update with Sebi's website on Tuesday, the markets regulator returned the company's draft red herring prospectus (DRHP) on December 30, 2022 and asked the firm to refile it with applicable updates/ revisions. However, the regulator has not elaborated on the updates or revisions required in the draft documents. Earlier, the company had filed an addendum to its DRHP which included its financials for the first half of FY23. It reported a profit of Rs 63 crore for

Small towns witness highest increase in room bookings in 2022: OYO

India's small towns like Hathras, Sasaram, Karaikudi, and Tenali witnessed the highest increase in room bookings in 2022, according to hospitality and travel-tech firm OYO's annual data. With travel bouncing back strongly after the pandemic, OYO Travelopedia 2022 found that Hyderabad, Delhi, Bangalore, Kolkata, and Chennai emerged as the most booked cities in India for business travel. "Uttar Pradesh became the most visited state in 2022. Smaller towns and cities such as Hathras (Uttar Pradesh), Srinagar in Uttarakhand, Sasaram (Bihar), Karaikudi (Tamil Nadu) and Tenali (Andhra Pradesh) observed the highest increase in bookings in 2022 versus 2021. June 4, 2022, was the most booked day in 2022," OYO said in a statement citing its data. While Hyderabad, Delhi, Bangalore, Kolkata, and Chennai are the most booked cities for business travel, OYO said Jaipur, Goa, Kochi, Varanasi and Visakhapatnam topped the charts as favourite leisure destinations in 2022. "Varanasi became the most boo

Hotels to tickets: Travel return fuels growth for online travel aggregators

EaseMyTrip, Airbnb and OYO among companies reporting steady growth in business as pandemic wanes

Layoff fallout: Outplacement firms have their hands full with flood of CVs

Tough trade-off: Companies want job guarantee for people they've laid off, but on a bargain

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

OYO records 83% YoY growth in business travel, Delhi is most-booked city

Younger business travellers such as college graduates and new entrants into the workforce, such as traders and small enterprises, played a key role in the overall business travel recovery process

Oyo founder Ritesh Agarwal urges companies to hire laid-off employees

Recently, Oyo said that it was cutting 600 jobs in its corporate and technology departments

Mulling an IPO for Ola ride-share business next year, says Bhavish Aggarwal

'Looking at synergies with EV business, will announce details soon'

IPO-bound OYO to lay off 600 in its tech team, hire 250 in sales roles

These layoffs come at a time when many other large start-ups are also letting go of employees