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OYO showed thousands of fake bookings to inflate its turnover, claims Jaipur hotel in FIR
Inshorts
·
4m ago
Medial
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.
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Jaipur Resort Files FIR Against OYO for Alleged GST Fraud Over Fake Bookings
OutlookIndia
·
4m ago
Medial
Samskara Resorts in Jaipur has filed a FIR against OYO and its CEO, Ritesh Agarwal, alleging GST fraud through fake bookings that inflated its turnover, resulting in a ₹2.66 crore show cause notice. The complaint accuses OYO of recording fraudulent bookings under Samskara’s name to boost annual turnover and includes charges of cheating, criminal breach of trust, forgery, and conspiracy. This follows claims that OYO submitted inflated bills to the GST office affecting multiple hotels.
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SoftBank partners Oravel to check into premium hotels
Economic Times
·
1y ago
Medial
SoftBank is expanding its presence in the Indian hospitality sector by partnering with Oravel Stays, the parent company of Oyo hotels. The companies have established a joint venture called 'Mountainia' to open premium and five-star hotels under the 'Sunday' brand in tier two Indian cities. The first Sunday hotel has already opened in Jaipur, with plans for four more by the end of the year. SoftBank and Oyo aim to redefine the premium and luxury hotel experience in India, tapping into the growing demand for high-end offerings in non-metro and tier-2 cities.
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OYO launches its first luxury hotel in Dubai, plans special packages for Indian tourists
YourStory
·
1y ago
Medial
OYO has launched its first luxury hotel in Dubai, called Palette Royal Reflections Hotel and Spa. The move comes as OYO anticipates a significant influx of Indian tourists to Dubai due to the relaxed visa policy. India currently ranks first in terms of visitors to Dubai, and OYO aims to meet the demand for premium accommodations with this initiative. The hotel will offer special packages and services tailored to Indian tourists, including authentic Indian cuisine and traditional hospitality. OYO has over 700 properties in the UAE, with more than 200 in Dubai.
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OYO, Kasauli hotel asked to pay ₹45,500 to man for denying check-in
Internet
·
1y ago
Medial
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.
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OYO To Launch 13 Self-Operated Hotels Under Premium Brand ‘Palette’ This Year
Inc42
·
1y ago
Medial
Oravel Stays, the parent company of OYO, plans to open 13 self-operated hotels under the premium brand 'Palette' by the end of 2024. The company will start by opening a Palette hotel in Gujarat's Morbi, strategically located to serve business travelers in the area. The hotel will have 48 rooms and cater to the growing demand for premium accommodation in the region. This marks Oravel's expansion into the upscale hotel category, as it aims to further diversify its offerings. The move comes as OYO reported its second consecutive profitable quarter in Q3 FY24.
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Oyo adds hotels as business economics stabilise
The Arc Web
·
1y ago
Medial
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.
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Khazanah in talks to lead Oyo Hotel’s $400 million fund raise
Economic Times
·
1y ago
Medial
Khazanah, the sovereign wealth fund of Malaysia, is reportedly in talks to lead a $400 million fundraise for OYO Hotels. The funding round, if successful, could help OYO further expand its presence in international markets. This move comes as OYO has been facing challenges due to the COVID-19 pandemic, with a decline in hotel occupancy and revenue.
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India's Oyo in talks with Apollo to refinance $660 mln loan - Bloomberg News
Reuters
·
1y ago
Medial
Softbank-backed Indian hotel aggregator Oyo Hotels and Homes is in discussions with Apollo Management to refinance a $660 million loan following the delay of its IPO, according to Bloomberg News. Oyo is seeking to extend the maturity of the loan to five years and a decision may be reached as early as next month. Oyo has faced setbacks with its IPO and is trying to reduce its debt burden.
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SoftBank’s Sumer Juneja joins Oyo board as non-executive director
Entrackr
·
1y ago
Medial
Hospitality major Oyo has officially appointed Sumer Juneja as a non-executive director. The development comes a month after he joined the firm’s board as additional director, representing SoftBank. The board at Oyo has passed a resolution to appoint Juneja as a non-executive director, the firm’s regulatory filing sourced from the Registrar of Companies (RoC) shows. Juneja is managing director of EMEA & India at SoftBank’s investment advisors. He sits on multiple companies’ boards on behalf of SoftBank including Lenskart, Swiggy, Eruditus and Unacademy. Prior to SoftBank, Juneja was a partner at Norwest Venture and a member of Goldman Sachs Asia special situations group. The IPO-bound company recently closed its $175 million Series G round led by Patient Capital — an entity run by Oyo’s Ritesh Agarwal in Singapore — at a post-money valuation of $2.4 billion. Oyo’s valuation declined 70% from its peak valuation of $9.6 billion in August 2021, when the firm raised $5 million from Microsoft. The hospitality firm made a turnaround in business by churning profit of Rs 230 crore with an operating revenue of Rs 5,389 crore in FY24. For background, the firm bore a loss of Rs 1,286 crore in FY23. Recently, Oyo said that it will refile the IPO papers after concluding a large funding round. In May, it withdrew its draft papers (DRHP) for the second time in the wake of unfavorable conditions. For a better experience in the budget hotel segment, Oyo has been working to get more control on operations of its partners. As per sources, the Gurugram-based company is looking after the services such as laundry and room service. The company also got into luxury accommodation with the brand name ‘Sunday’ which currently operates in three cities —Jaipur, Chandigarh and Ahmedabad. Sunday Hotel is a joint venture between Oyo’ parent company and its largest backer SoftBank. Sunday Hotel plans to open 25 properties in India by the end of FY25.
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OYO Saw Over 4.5 Lakh Bookings On New Year's Eve: Founder Ritesh Agarwal
OutlookIndia
·
3m ago
Medial
OYO experienced a record 4.5 lakh bookings on New Year's Eve, its highest in five years, according to Founder Ritesh Agarwal. Global bookings increased by 35% compared to the previous year. Varanasi saw more bookings than Goa, highlighting a shift towards smaller cities. The year 2022 marked a significant recovery in travel, with Uttar Pradesh emerging as the most visited state and smaller towns like Hathras and Sasaram showing notable growth.
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