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News on Medial
Oyo to add over 1000 hotels under Accelerator Programme by December
Economic Times
·
2y ago
Medial
OYO plans to expand its portfolio by adding over 1,000 hotels by December. The company aims to attract 100 first-generation hoteliers into its network, offering them the benefits of technology, marketing, and operational expertise. This initiative reflects OYO's strategy to strengthen its presence and provide support to small hotel owners, enabling them to thrive in the competitive hospitality industry. Oyo said it also plans to add over 100 first generation hoteliers operating these hotels across India.
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‘Super OYO’ hotels crosses 1000-mark, company plans to end FY24 with 1500
Business Today
·
1y ago
Medial
On Tuesday, OYO, a global hospitality technology company, announced that its 'Super OYO' designated hotels have exceeded 1000 in number, spread across 140 cities in India. The 'Super OYO' category was introduced in December 2022 with 200 properties across 70 cities to acknowledge hotels offering consistent and high-quality customer experiences.
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Oyo partners Yatra to expand business travel offerings - The Economic Times
Economic Times
·
29d ago
Medial
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.
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OYO launches 60% discount for Indian tourists on booking hotels in Thailand
Business Today
·
1y ago
Medial
Global hospitality technology company OYO has announced a discount of up to 60% for Indian tourists staying at OYO hotels in Thailand. This offer is available from October 11 to October 31, 2023, with reservations being accepted until December 31, 2023. OYO recently launched Super OYO hotels in Thailand and has added 13 such properties in cities like Bangkok and Pattaya. India was the second largest source of tourists to Thailand in 2022.
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OYO relaunches self-operated hotels with a focus on premium category
Inc42
·
1y ago
Medial
Indian hospitality unicorn OYO has relaunched its self-operated hotels after a two-year hiatus. Through its new Prime Partner Program, OYO aims to offer its best-managed hotel operators the opportunity to operate additional hotels and earn extra revenue. The company is seeking partnerships with real estate developers to identify suitable properties for these hotels. OYO has already partnered with 30 realtors and started operations in over 35 hotels across various Indian cities. The self-operated hotels will be closely monitored and will benefit from OYO's network of corporate accounts and travel agents.
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Oyo to add 750 hotels on its platform in next three months to tap peak travel season
Economic Times
·
1y ago
Medial
Hospitality tech firm Oyo plans to expand by adding 750 hotels to its platform in the next three months across 35 leisure markets, targeting the festive and winter tourism season. The majority of the new hotels will be added under Oyo's premium brands, such as Palette, Townhouse, Townhouse Oak, and Collection O. The company's key focus markets include Goa, Jaipur, Mussoorie, Rishikesh, and Shimla. Oyo aims to provide quality accommodation and employment opportunities for local communities, with the influx of new hotels expected to boost tourism. The introduction of a stay now pay later option offers greater flexibility for travelers.
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IPO-bound Oyo eyes doubling of revenue from company serviced hotels by FY26
Economic Times
·
2m ago
Medial
Oyo, a global travel tech platform, plans to raise booking revenue share from company-serviced hotels to 44% by fiscal year-end, targeting India and premium property growth. Currently, Oyo operates over 1,300 such hotels in India. This segment, introduced in FY23, quickly became Oyo's fastest-growing globally. The focus is on expanding in leisure cities, pilgrimage destinations, and business corridors. Company-serviced hotels deliver higher customer ratings and occupancy rates, aligning with Oyo’s 2025 strategic focus on profitability and guest experience.
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Games24x7 launches accelerator programme TechXpedite to promote early-stage startups
YourStory
·
10m ago
Medial
- Real money gaming firm Games24x7 has launched TechXpedite, an accelerator programme focused on AI, gaming, and assistive technology. - The programme will run for five months and aims to empower early-stage startups in these sectors. - Games24x7 plans to select and announce a cohort of 10-15 startups in November 2024, followed by a structured mentorship programme in December and January. - The accelerator will provide startups with mentorship, masterclasses, networking opportunities, and potential investments. - Last year, Games24x7 selected 15 startups across four focus areas and seven of them pitched to investors like Prime Venture Partners and Sony Innovation Fund. - TechXpedite will have city-based chapters across India to provide localized access to mentorship and networking opportunities.
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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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Jaipur Resort Files FIR Against OYO for Alleged GST Fraud Over Fake Bookings
OutlookIndia
·
3m 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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OYO owned Innov8 reports net profit of Rs 62 Cr in FY24
YourStory
·
8m ago
Medial
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.
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