Page 7 - Oyo

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

OYO to downsize 3,700-employee base including fresh hires, cut 600 jobs

IPO-bound travel tech firm OYO on Saturday announced it will downsize about 10 per cent of its 3,700-employee base by cutting 600 jobs in the technology and corporate verticals and hiring 250 members, primarily in the relationship management teams. OYO said the move is part of implementing wide ranging changes in its organisational structure. It is downsizing its product & engineering, corporate headquarters, and OYO Vacation Homes teams, while it adds people to the partner relationship management and the business development teams. "OYO will downsize 10 per cent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees," a statement said. Product and engineering teams are being merged for smoother functioning, it added. The downsizing in tech is also happening in teams which were developing pilots and proof of concepts such as in-app gaming, social content curation and patron facilitated content, the company said. Additionally, members

IPO-bound OYO reports Rs 63 crore profit in April-September with Sebi

Travel tech firm OYO shared its financials for the first half of FY23 with market regulator Sebi on Monday, reporting a profit of Rs 63 crore as against a loss of Rs 280 crore a year ago. In an addendum to update its IPO application filed with the Securities and Exchange Board of India (Sebi), the company said its revenues in the first half of FY23 grew by 24 per cent year-on-year to Rs 2,905 crore. The adjusted EBITDA improved from a loss of Rs 280 crore in the first half of financial year 2022 to a profit of Rs 63 crore in the latest half-year period. Apart from improving operating performance, the company has a cash corpus of Rs 2,785 crore, the filing to Sebi showed. The market regulator had given OYO the permission to submit updated financials before it examined and processed the company's application for IPO (Initial Public Offering). The company's adjusted EBITDA for the second quarter grew to eight times from Rs 7 crore in first quarter to Rs 56 crore, primarily driven by a

Surge in bookings, cost cutting fuel 8-fold surge in IPO-bound OYO's Ebitda

Spike in adjusted Ebitda primarily driven by a 23% QoQ rise in Gross Booking Value per hotel in Q2 to Rs 4,00,000; firm still ends with Rs 333 cr loss

NCLAT stays CCI's Rs 169 cr penalty on Oyo, orders deposit of amount's 10%

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed a Rs 169 crore penalty imposed on Oravel Stays Ltd by the competition commission of India (CCI). Oravel Stays Ltd operates under the brand name Oyo. However, a two-member NCLAT bench while admitting the appeal filed by Oravel Stays Ltd (OSL) directed to deposit of 10 per cent of the penalty amount within six weeks. "The appeal is admitted subject to a deposit of 10 per cent of the penalty amount which must be deposited within a period of six weeks. Deposit should be in the form of FDR in favour of Registrar, NCLAT," the order said. The appellate tribunal has directed to list the matter on April 11, 2023, for the next hearing. "In the meanwhile, Counsel for the parties are granted liberty to complete pleadings, which must be completed before the first week of February 2023," the NCLAT said. Besides the fair trade regulator CCI, OSL has also made the Federation of Hotel and Restaurant Associations of India (FHRAI

OYO announces partnership to support solo female travel across India

Hospitality technology platform OYO on Thursday announced a long-term strategic partnership with travel group Adventure Women India that encourages women to be active and adventurous. "As part of the engagement, members of the group will be offered multiple benefits along with the convenience to choose from the network of safe, clean and affordable accommodations," OYO stated. Adventure Women India empanels travel industry players like tour operators and hotels and offers its members the ability to choose their travel providers from a variety of reliable and secure vendors. "The partnership with OYO will help them identify and book hotels that best suit their preferences in terms of budget and location," OYO said. Adventure Women India has a collective positive strength of 1.5 lakh women members, primarily in the age group of 25 and 45 years. Their volunteers support members through a network of 21 local city chapters across India and 2 international chapters in Mauritius and ...

Tiger Global-backed Wow! Momo elevates CMO Muralikrishnan to co-founder

He officially joined the founders in 2018 and began by leading the store-level growth hacking to brand development and was later named the group's CMO