Page 8 - Oyo

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

Oyo starts internal probe after couple filmed in Noida hotel

Oyo has started an internal probe after Noida police arrested two people who allegedly put a hidden camera in a hotel room and filmed a couple, officials said Saturday. The two accused had booked the same room in the Phase 3 police station area last month where they placed a hidden camera before checking out. After a week, they booked the same room and took the camera out which had recorded the couple in intimate condition, officials said. Additional DCP (Central Noida) Saad Miyan Khan said the duo had made extortion attempt with the couple threatening to release their video online. While accused Vishnu Singh and Abdul Wahab were held, police also questioned the hotel staff over the incident but so far their role has not been found. "The hotel and its staff were not found involved in the incident so far. The accused duo had stayed in the hotel in the past also and the police are contacting the guests who have stayed there in recent past to confirm if anyone else also got an extort

Over 30% increase in last-minute bookings for the Diwali long weekend: Oyo

Top 5 cities in terms of bookings include Hyderabad, Bangalore, Kolkata, Goa and Chennai, says the hospitality technology company

CCI slaps penalties totalling Rs 392 cr on MakeMyTrip, Goibibo, OYO

The CCI has also directed MakeMyTrip and Goibibo to amend its market behaviour

Penalties on OYO, MakeMyTrip, GoIbibo big win for hospitality sector: FHRAI

With the penalties of Rs 223.48 crores and Rs 168.88 crores on MMT-Go and OYO for anti-competitive conduct, the FHRAI described it as "one of the biggest wins for the hospitality industry"

OYO elevates two senior execs in service experience and revenue functions

The firm recently had also revamped its flagship patron-facing app, CO-OYO, allowing users to now run their own promotional offers ahead of the peak festive travel season this year

IPO-bound OYO's valuation dips in pvt market after markdown by SoftBank

Valuation of IPO-bound OYO in the private market has dipped to around USD 6.5 billion following reports of a markdown of valuation of the hospitality and travel-tech firm by SoftBank in its private books, according to industry players. In the week ended September 30, 2022, nearly 12.3 lakh shares of the company were sold in the private market as compared to over 1.6 lakh shares sold in the previous week. The sell-off followed reports that its largest investor SoftBank has cut the valuation of the hospitality platform by 20 per cent to USD 2.7 billion in its books, said a source. When OYO updated its financials in its draft prospectus last month, reporting positive EBIDTA besides the narrowing of losses, the company's share price in the private market had risen to Rs 94 per share. However, in the subsequent days following reports of the markdown of OYO's valuation by SoftBank, the company's valuation dipped by nearly 13 per cent to Rs 81 per share, said the source. "Last year, ...

OYO working on 'green tag' for sustainable hotels on its platform: CEO

Hospitality and travel-tech firm OYO is currently working towards bringing a 'green tag' for sustainable hotels listed on its platform, CEO Ankit Gupta said on Tuesday. The 'green tag' will be assigned to hotels that are eco-friendly in terms of features like using solar power enhanced efficient lighting and rainwater harvesting. "We are working towards a 'green tag' for all sustainable hotels on our platform," Gupta said at a Ficci event here. Sharing OYO's future plans, he said, "We are basically thinking about launching green tagged hotels, hotels that are eco-friendly in terms of using solar power enhanced efficient lighting, rainwater harvesting or the likes of it and for the more eco-friendly customers".

Mohandas Pai slams OYO over 'fake accounting', hospitality major replies

The allegations came after Oyo filed an addendum to its earlier submitted draft red herring prospectus (DRHP), filed in October 2021 for its IPO, to the Securities and Exchange Board of India (SEBI)

Oyo reports its first EBITDA positive quarter, reduces FY22 losses

In FY22 revenues were Rs 4,905 crore, up 18 per cent against Rs 4,157.3 crore reported in FY21

We should go public when the time is right: OYO Hotels' Steve Albrechts

'There are many factors and parameters that we are going to weigh', he said

Top headlines: Oyo posts positive core earnings; Ola lays off 200 engineers

Jawahar Lal Goel has tendered his resignation from Dish TV India's board and has ceased to be the Chairman of the company, the company announced in a notice to the stock exchange.

Oyo files fresh docs with Sebi for IPO in early 2023 as growth resumes

Oyo, formally known as Oravel Stays Ltd., is internally working toward a January IPO as executives are encouraged by a pick-up in demand

India edges out China in creating new unicorns in H1CY22: Hurun report

As many as 147 unicorns worldwide saw their valuations drop in the last six months

Big tech under Parliamentary panel lens for alleged anti-competition play

Top execs of Indian arms of Apple, Google, Amazon, Netflix and Microsoft quizzed about impact of their business models on small players.

OYO acquires Denmark-based holiday home operator Bornholmske Feriehuse

Travel and hospitality technology platform OYO on Tuesday said it has acquired Denmark-based holiday home operator Bornholmske Feriehuse for an undisclosed sum. Based out of Bornholm island in Denmark, Bornholmske Feriehuse has 737 holiday homes spread over 30 holiday parks on its platform and expects to clock more than 2.5 lakh guest nights in 2022, OYO said in a statement. The transaction has been carried out by the company's subsidiary DanCenter through the 'Invest in Denmark' initiative by the Danish government that provides customised one-stop service to foreign firms looking to set up or expand a business in the country, it added. "Bornholm exhibits great potential for tourism in the coming years," OYO founder and Group CEO Ritesh Agarwal said. Founded in 2002 by Rasmus Lund and Jacob Lund, Bornholmske Feriehuse is a full stack operator providing end-to-end solutions to homeowners. Rasmus Lund will continue as director of Bornholmske Feriehuse and will grow operations furthe

Parl panel summons Paytm's Vijay Shekhar Sharma, Oyo's Ritesh Agarwal

BJP leader and former Union minister Jayant Sinha-chaired Parliamentary Standing Committee on Finance has been looking into various aspects of competition in the marketplace

Quality standards for gig, shared economy players soon: top govt officials

Indian Bureau of Standards also mulling adoption of ISO benchmarks; need for standardisation also arises from increasing number of complaints received by consumer affairs ministry lately