Over 10 lakh people used OYO rooms on NYE, says Ritesh Agarwal: ‘Our users are certified night owls’
1 week, 1 day ago

Over 10 lakh people used OYO rooms on NYE, says Ritesh Agarwal: ‘Our users are certified night owls’

Live Mint  

OYO CEO Ritesh Agarwal on Tuesday said that over 10 lakh people used OYO rooms across the world on the New Year's Eve. “The New Year is off to an incredible start, with over 1.1 million travellers staying with us worldwide this NYE—marking a remarkable 58% increase from 2023, with the addition of Motel 6 and Studio 6 to our family,” said Agarwal in a post on X Further stating that it’s clear the world is ready to celebrate, the CEO added, “ And we’re proud to be part of this exciting journey. According to Agarwal, OYO achieved a net profit of around ₹132 crore in Q1 FY 2025, a turnaround from the nearly ₹108 crore loss reported in the same quarter of the previous fiscal year. 1 lakh customers book hotel Earlier this month, while speaking at the Rising Rajasthan Summit Agarwal said that around 1 lakh customers book its hotel everyday across India and around the same number of customers stay in its hotel everyday overseas as well.

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History of this topic

OYO Results: Hotels chain operator reports ₹114.64 crore net profit in FY2024, revenue drop 15%
1 day, 23 hours ago

OYO Results: Hotels chain operator reports ₹114.64 crore net profit in FY2024, revenue drop 15%

Live Mint  

OYO Results: OYO Hotels and Homes Pvt. Ltd., a leading operator in the hotels and hospitality sector, reported a net profit of ₹114.64 crore for the financial year 2023-24, marking a turnaround from the net loss recorded in 2022-23. However, the company's operational revenue declined by 15 per cent, falling to ₹1,112.83 crore as of March 2024, compared to ₹1,312.61 …

Oyo buys US-based G6 Hospitality from Blackstone for $525 mn, adds 1,500 hotels
2 weeks, 2 days ago

Oyo buys US-based G6 Hospitality from Blackstone for $525 mn, adds 1,500 hotels

Live Mint  

Bengaluru: Ritesh Agarwal-led Oyo has completed the acquisition of US-based G6 Hospitality, which operates the Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million and the deal is projected to increase its Ebitda to over ₹2,000 crore in FY26, the travel-tech startup said in a statement on Monday. The transaction is expected to add about 1,500 …

Oyo founder Ritesh Agarwal to invest ₹550 crore into the company for global expansion
1 month, 3 weeks ago

Oyo founder Ritesh Agarwal to invest ₹550 crore into the company for global expansion

Hindustan Times  

Oyo's founder and CEO Ritesh Agarwal may personally invest ₹550 crore into the company as it looks to expand globally as part of a proposal which will be taken up during the company’s extraordinary general meeting on December 9 as a special resolution. The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is pictured …

Why Oyo boss Ritesh Agarwal must clean up before the IPO
2 years, 1 month ago

Why Oyo boss Ritesh Agarwal must clean up before the IPO

Live Mint  

On 2 December, at noon, a man walked into Rajdoot Hotel with a suitcase. Recently, the federation wrote to the market regulator, Securities and Exchange Board of India, alleging that “Oyo is responsible for the systemic depredation of the budget segment hotel business”. Since we have a revenue sharing arrangement, it’s in both the hotels’ and Oyo’s interest to charge …

OYO to cut 10% employee base, to let go 600 from tech and hire 250 in sales
2 years, 1 month ago

OYO to cut 10% employee base, to let go 600 from tech and hire 250 in sales

Hindustan Times  

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. It is downsizing its product & engineering, corporate headquarters, and OYO Vacation Homes teams, while it adds people to the partner …

IPO-bound OYO valuation dips in private market: Report
2 years, 3 months ago

IPO-bound OYO valuation dips in private market: Report

Hindustan Times  

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. Last month, in a regulatory filing OYO reported a revenue of ₹ 1,459.32 crore in the three-month period ended June 30, 2022. …

Top hotel industry body wants SEBI to cancel Oyo's IPO
2 years, 7 months ago

Top hotel industry body wants SEBI to cancel Oyo's IPO

India TV News  

The Federation of Hotel and Restaurant Associations of India on Wednesday urged the Securities and Exchange Board of India to call off online hospitality major Oyo's initial public offering, citing the massive losses suffered by the hotel rooms aggregator in recent years. As per reports, Oyo incurred losses of Rs 3943.84 crore in FY20-21, translating to a loss of over …

Ritesh Agarwal: Room to grow
3 years ago

Ritesh Agarwal: Room to grow

India Today  

In 2020, London-based research group Hurun featured Ritesh Agarwal as the second youngest billionaire in their Global Rich List 2020. A college dropout from Rayagada in Odisha, Agarwal has built an empire of over a million rooms in 43,000 hotels and 150,000 vacation homes globally. OYO was valued at $10 billion in 2019 after Agarwal bought back shares worth $2 …

SoftBank-backed Oyo files draft papers for $1.14 billion IPO
3 years, 3 months ago

SoftBank-backed Oyo files draft papers for $1.14 billion IPO

Hindustan Times  

SoftBank-backed Indian hotel aggregator Oyo filed for a $1.14 billion initial public offering on Friday, becoming the first hospitality company in the country to seek a domestic stock listing since 2019. According to Oyo's draft herring prospectus, the offer for sale comprises equity shares aggregating up to 13.29 billion rupees by SVF India Holdings, a firm incorporated in Cayman Islands …

OYO to stop investing in capex of hotels, says India CEO Rohit Kapoor
3 years, 5 months ago

OYO to stop investing in capex of hotels, says India CEO Rohit Kapoor

Business Standard  

OYO to stop investing in capex of hotels, says India CEO Rohit Kapoor Three-pronged revamp strategy includes getting out of investing in capex of hotels, moving away from offering minimum guarantees to hotel partners and giving them flexibility to determine room tariff Premium Rohit Kapoor, OYO Rooms CEO for India and south east Asia Surajeet Das Gupta New Delhi Global …

Oyo CEO says company’s business has rebounded from spring nadir
4 years, 2 months ago

Oyo CEO says company’s business has rebounded from spring nadir

Live Mint  

India-based hotel startup Oyo Hotels & Homes has seen a key financial figure rebound to 20% below pre-pandemic levels after falling as much as 60% earlier in the year, Chief Executive Ritesh Agarwal said. Speaking at The Wall Street Journal’s Tech Live conference on Tuesday, Mr. Agarwal said the figure, which Oyo labels “gross margin,” was at its lowest around …

OYO’s Loyalty Programme OYO Wizard crosses the 7.5 Mn+ subscribers milestone
4 years, 6 months ago

OYO’s Loyalty Programme OYO Wizard crosses the 7.5 Mn+ subscribers milestone

Live Mint  

OYO, one of the world's leading hotel chains currently, announced that its customer loyalty program OYO Wizard has crossed the 7.5 million plus member mark as of May 2020. One of India's largest paid hospitality loyalty programs, OYO Wizard is designed to recognise and reward frequent customers. As India returns to normalcy, OYO Wizard's growing subscriber base serves as an …

India Today E-Conclave | We are in a good place: Oyo founder dismisses company obituaries
4 years, 8 months ago

India Today E-Conclave | We are in a good place: Oyo founder dismisses company obituaries

India Today  

Founder and CEO of Oyo Hotels and Homes Ritesh Aggarwal on Wednesday said that his company was in a good place even as industry experts wrote its obituaries due to the heavy losses incurred during the coronavirus outbreak. Experts cast aspersions over the success of the room-aggregator-turned-hotel-chain after its fourth funding round when Ritesh Aggarwal had bought back a sizeable …

Oyo to offload more loss-making hotels; coronavirus pandemic derails plans for rapid global expansion
4 years, 8 months ago

Oyo to offload more loss-making hotels; coronavirus pandemic derails plans for rapid global expansion

Firstpost  

While Oyo does not plan to completely exit any market, it will either terminate or not renew contracts with loss-making hotels, sources said. New Delhi/Bengaluru: Oyo Hotels and Homes, backed by SoftBank Group, plans to offload more properties around the world, three sources familiar with the matter said, as the coronavirus pandemic prompts it to speed up a retreat from …

Oyo likely to cut 2,000 jobs in India by end-January as part of cost-cutting, technology addition measures
5 years ago

Oyo likely to cut 2,000 jobs in India by end-January as part of cost-cutting, technology addition measures

Firstpost  

Last month, Oyo’s internal projections showed it may not make a profit in India and China until 2022, even as the India-based hotel chain revealed a six-fold rise in losses during fiscal year 2019. The losses highlight rapid expansion by Oyo into China, the United States, the United Kingdom and other markets, which has made the six-year-old startup one of …

Hotel operators who partnered with Oyo call it 'biggest online fraud', demand criminal probe against Softbank-backed startup now poised to raise $1.5 bn
5 years, 3 months ago

Hotel operators who partnered with Oyo call it 'biggest online fraud', demand criminal probe against Softbank-backed startup now poised to raise $1.5 bn

Firstpost  

Founded in 2013, Oyo started by aggregating bookings for India’s budget hotels, promising a standard of service in a market where that was more often the exception Even as Oyo Hotels and Homes, le by 25-year-old Ritesh Agarwal expands its horizons with Series F funding, it is finding itself in the cross hairs of an increasing number of Indian hotel …

As Oyo booms, some Indian hotels cry foul and check out
5 years, 3 months ago

As Oyo booms, some Indian hotels cry foul and check out

Live Mint  

India's Oyo Hotels and Homes shot out of nowhere to become one of the world's largest hotel chains with a simple promise of "hassle-free" online booking, transparent pricing and cheerful lodging. Agarwal said hotel operators who have raised complaints represent a tiny fraction of Oyo's network and were seeking to drive prices higher at the expense of consumers. Reuters interviews …

OYO ties up with IIT Delhi to provide housing rental services to students
5 years, 3 months ago

OYO ties up with IIT Delhi to provide housing rental services to students

Live Mint  

Hospitality start-up OYO has tied up with IIT Delhi and Plaksha University to provide end-to-end fully managed housing experience for students. All OYO LIFE buildings will be equipped with essential amenities like Wi-Fi connectivity, television, refrigerator, AC, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. Targeted at millennials and young professionals in search of fully managed homes on long-term …

Oyo to raise $200 mn for luxury push in US
5 years, 3 months ago

Oyo to raise $200 mn for luxury push in US

Live Mint  

Bengaluru: Oyo Hotels and Homes, the operator of India’s largest network of hotels, is in talks with financial institutions to borrow $200 million to buy premium and luxury hotels in the US, two people familiar with the matter said. The company, which bought Hooters Casino Hotel in Las Vegas last month, has identified the premium hotels segment as its area …

OYO to add over 3,000 employees in India over 6 months
5 years, 4 months ago

OYO to add over 3,000 employees in India over 6 months

Live Mint  

New Delhi: Hospitality firm OYO on Wednesday said it will add over 3,000 employees across multiple functions in six months to fuel its next phase of growth in India. The development is aligned with the company's commitment towards investing ₹1,400 crore by the end of 2019 in India and South Asia business, OYO said in a statement. "With the addition …

Oyo Hotels acquires Innov8, expands co-working space business
5 years, 5 months ago

Oyo Hotels acquires Innov8, expands co-working space business

Live Mint  

OYO Hotels and Homes, the world’s third-largest chain of hotels, homes, managed living and workspaces, on Tuesday confirmed its acquisition of Innov8, a co-working spaces provider, highlighting the company’s increasing focus on the fast-growing segment. Charting out its multi-brand approach to the workspaces opportunity in India, Oyo introduced three co-working brands under Oyo Workspaces: Innov8, Powerstation and Workflo for upper …

Oyo says it is world's third largest hotel chain by room count; UK, US markets remain strong growth drivers for company
5 years, 5 months ago

Oyo says it is world's third largest hotel chain by room count; UK, US markets remain strong growth drivers for company

Firstpost  

Today, Oyo has over 8,50,000 exclusive keys as part of its hotel chain, he added. New Delhi: Hospitality firm Oyo on Wednesday said it has emerged as the world’s third largest hotel chain as per room count with 8,50,000 rooms in its portfolio. In a span of six years, the company has expanded its presence to over 800 cities, more …

Oyo creates over 1 lakh direct and indirect jobs in India; aims to double number by next year
5 years, 8 months ago

Oyo creates over 1 lakh direct and indirect jobs in India; aims to double number by next year

Firstpost  

The company is helping empower multiple ancillary industries in the hospitality ecosystem by leveraging scale to make bulk procurement that supports local businesses, Oyo said in a statement. New Delhi: Hospitality firm Oyo on Wednesday said it has created over a lakh direct and indirect jobs in India and is aiming to double the number by 2020. “We are focused …

Oyo books $200 million funding from Airbnb
5 years, 9 months ago

Oyo books $200 million funding from Airbnb

Live Mint  

Bengaluru: Airbnb Inc., the world’s largest home-sharing platform, on Monday said it has invested an undisclosed amount in India’s budget hotel startup, Oyo, as the US company seeks to bolster its hotel-booking business ahead of a planned IPO. Two people familiar with the matter said Airbnb has invested between $150 million and $200 million in Oyo as part of the …

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