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OYO plans to double its inventory by 2019

Entrackr

Entrackr · 1y ago

OYO plans to double its inventory by 2019

Budget hotel brand OYO plans to double its inventory to over 3.4 lakh rooms by 2019. As of now, it has around 8,700 asset owner partners across 260 cities in India and South Asia. Meanwhile, it also launched a program called OPEN (OYO Partner Engagement Network). It’s a kind of structured way of exchanging ideas and providing support to asset owners. Of late, OYO announced a commitment of Rs 1400 crore for the India and Nepal market. (Source)

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Oyo partners Yatra to expand business travel offerings - The Economic Times

Economic Times

Economic Times · 2m ago

Oyo partners Yatra to expand business travel offerings - The Economic Times

Oyo has teamed up with travel platform Yatra to enhance its business travel offerings, especially in major Indian hubs like Delhi-NCR, Mumbai, and Bengaluru. Over 500 Oyo company-serviced hotels have joined Yatra's platform, with plans to add 1,000 more by September. This partnership aims to boost Yatra’s inventory, catering to the growing demand for quality accommodations in emerging metros driven by increased business travel. Oyo seeks to tap into niche business travel markets and blended travel programs.

OYO owned Innov8 reports net profit of Rs 62 Cr in FY24

YourStory

YourStory · 9m ago

OYO owned Innov8 reports net profit of Rs 62 Cr in FY24

Coworking space provider Innov8 reported a profit after tax of Rs 62 crore in FY24, up from Rs 2.5 crore in FY23. The company credited its asset-light operating model and low capex investment for its growth. Innov8 was acquired by OYO Hotels and Homes in 2019 for Rs 220 crore. The company currently operates in 10 cities and plans to double its centers and expand its seat capacity to over 50,000 by 2025. Innov8 is raising Rs 100 crore to support its expansion plans, including acquisitions and technology upgrades. It also aims to add four million square feet of managed office space over the next three years.

Oyo reports first-ever PAT of Rs 229 crore

Economic Times

Economic Times · 1y ago

Oyo reports first-ever PAT of Rs 229 crore

Hospitality company Oyo has reported its first-ever profit after tax of INR 229 crore ($31 million) for the financial year 2023-24. Oyo also saw a 215% growth in adjusted EBITDA, reaching INR 877 crore ($118 million) during the same period. The company highlighted its global expansion efforts, particularly in Europe, the US, Southeast Asia, and the Middle East. Oyo plans to acquire Checkmyguest group, a premium rental homes company in Paris, as part of its growth strategy. Despite the pandemic, Oyo added new hotels to its inventory, leading to stable consolidated revenue for the year.

Oyo puts off third IPO attempt after SoftBank takes issue

Economic Times

Economic Times · 4m ago

Oyo puts off third IPO attempt after SoftBank takes issue

Oyo Hotels has postponed its plans for an India IPO, originally slated for October, due to early investor SoftBank's concerns about the company's earnings strength, according to Bloomberg. The delay comes amidst pressure to repay a $383 million loan from a 2019 borrowing deal involving SoftBank's Masayoshi Son, as creditors demanded repayment if Oyo doesn't list by October. This situation arose amid ongoing efforts to meet a prior debt repayment deadline.

OYO showed thousands of fake bookings to inflate its turnover, claims Jaipur hotel in FIR

Inshorts · 4m ago

OYO showed thousands of fake bookings to inflate its turnover, claims Jaipur hotel in FIR

A Jaipur hotel claimed OYO showed thousands of fake bookings to inflate its annual turnover, a move leading to the hotel receiving a 'wrong' GST notice worth ₹2.66 crore. In an FIR, the hotel claimed OYO provided it ₹10.95-lakh business in 2019-20 while OYO showed bookings at the hotel worth ₹22.22 crore, inflating booking amount by over 200 times.

Oyo adds hotels as business economics stabilise

The Arc Web

The Arc Web · 1y ago

Oyo adds hotels as business economics stabilise

Oyo is shifting its strategy by expanding its hotel inventory, partnering with real estate developers, and considering revenue share deals with hoteliers. After facing significant challenges during the pandemic, the company restructured its business model to focus on generating demand and providing software automation to hotel owners. Despite facing financial difficulties, Oyo is now on track to achieve its first-ever quarter of profit after tax. The company aims to win back top hotels and regain market share by leasing and managing properties. Oyo is also seeking private funding and awaiting the decision on its delayed stock listing.

OYO, Kasauli hotel asked to pay ₹45,500 to man for denying check-in

Internet

Internet · 1y ago

OYO, Kasauli hotel asked to pay ₹45,500 to man for denying check-in

A consumer disputes redressal commission has directed OYO and a hotel in Kasauli to pay ₹45,500 to Panchkula resident Kanishak Singhal after he was denied check-in despite confirmation in 2019. Singhal, his wife, eight-month-old child and senior citizen mother were manhandled by hotel staff and hotel's owner, he alleged. OYO said its role was limited to booking through its platform.

OYO-owned European holiday home brand DanCenter plans to add 250 vacation homes in India in FY26

Economic Times

Economic Times · 2m ago

OYO's European holiday home brand, DanCenter, plans to expand in India by adding 250 vacation homes in FY26, responding to increasing demand for premium, managed vacation homes. Having added 50 homes in the first quarter, they aim for 200 more by year-end, focusing on locations like Lonavala, Kufri, and more. DanCenter, acquired by OYO in 2019, also plans to venture into Telangana and the North-East regions, offering luxury villas and apartments.

Oyo founder seeks new investment at $3.8B valuation

TechCrunch · 9m ago

Oyo founder seeks new investment at $3.8B valuation

Ritesh Agarwal, founder of Oyo, has proposed injecting $65.1 million into the Indian hospitality startup through Redsprig Innovation Partners. This investment would value Oyo at $3.8 billion, a 38% premium to its previous valuation of $2.3 billion. Oyo has previously raised over $3.4 billion in equity and debt. It remains unclear if Agarwal has settled a $2 billion loan taken in 2019. Oyo is also reportedly preparing to file for an initial public offering for the third time within two months.

Dabur India expects mid-single digit revenue dip due to floods, inventory issues | Mint

Livemint

Livemint · 11m ago

Dabur India expects mid-single digit revenue dip due to floods, inventory issues | Mint

- Dabur India is expected to report a mid-single-digit decline in consolidated revenue for the September quarter due to heavy rains and floods across parts of India. - Adverse weather conditions impacted out-of-home consumption and led to excess inventory in kirana stores. - Dabur India plans to correct distributor inventory in general trade channels, which were affected by disproportionate growth in quick commerce and modern trade. - The company's distributor inventory correction may lead to a temporary decline in top-line revenue. - However, the international business is expected to register double-digit constant currency growth in the top-line. - Investments in advertising and promotions continued during the quarter.

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