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OYO's Ritesh Agarwal says startup investments in early, mid-stages is accelerating
Money Control
·
1y ago
Medial
Ritesh Agarwal, founder and CEO of OYO, believes that there is a surge in funding for Indian startups in the early and mid-stages, despite a decline in investments last year. He also notes that startups have transformed themselves towards profitability, and mentions that OYO is set to have its first profitable year. Agarwal sees startups becoming mainstream in India, with discussions around innovation and problem-solving becoming more prevalent. He also discusses his experience as a shark on the reality show Shark Tank India, where he aims to support and inspire new businesses and founders.
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My house was locked, had ₹23 in bank account: OYO CEO Ritesh on early days
Twitter
·
2y ago
Medial
OYO's Founder and CEO, Ritesh Agarwal, recently posted a video from the past where he discusses a challenging moment during the early days of the startup. After returning from a work trip, he discovered his house locked, and his belongings were placed outside because his security had expired. At that time, he had only ₹23 in his bank account, and his phone was blocked due to unpaid bills, as he recalls.
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Elon Musk seen with several Indian founders in pic from US
Inshorts
·
7m ago
Medial
Elon Musk was seen with several Indian startup founders and executives including Oyo's Ritesh Agarwal, Freshworks' Girish Mathrubootham, Innov8's Ritesh Malik and others in a picture from the US. Musk hosted the India Global Forum's (IGF) delegation in the US. "This moment underscores the need for collaboration, bold ideas, and shared purpose," India Global Forum's Founder Manoj Ladwa said.
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Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million
Economic Times
·
8m ago
Medial
Hospitality startup Oyo has acquired G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, for $525 million. This acquisition is expected to boost Oyo's earnings and significantly enhance its presence in North America. The transaction adds approximately 1,500 franchised hotels to Oyo's portfolio and is projected to generate a gross booking value of around $3 billion. Oyo's founder, Ritesh Agarwal, is also planning to increase his stake in the company by buying additional shares worth Rs 550 crore. Oyo reported its first-ever profit after tax of approximately Rs 229 crore in FY24.
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Oyo value to hit ₹32,000 cr as CEO Ritesh invests ₹550 cr: Report
Inshorts
·
9m ago
Medial
Oyo CEO Ritesh Agarwal is set to increase his stake in the company from 30% to 32% by investing another ₹550 crore, reports said. Agarwal will buy over 12.9 crore shares at ₹42.60 apiece and the investment will value Oyo at ₹32,000 crore, reports added. This comes after Agarwal led Oyo's Series G funding round with a ₹830 crore investment.
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OYO Continues Growth, Expands Income Streams in Fiscal Year 2023
Business Bytes
·
1y ago
Medial
OYO, led by Ritesh Agarwal, reported continued growth in fiscal year 2023, albeit at a slower pace compared to previous years. The SoftBank-backed startup has adapted to industry fluctuations by diversifying income streams, moving beyond a reliance on a single revenue source. While growth has decelerated, this adjustment is in response to changing market conditions, aiming for sustainable expansion. SoftBank's support has been crucial for OYO's growth, positioning it as a significant player in the evolving global hospitality industry. OYO's resilience and innovation are essential for maintaining competitiveness in the dynamic hospitality sector.
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Oyo clocked adjusted ebitda of Rs 175 crore in Q1, CEO Ritesh Agarwal tells employees
Economic Times
·
2y ago
Medial
OYO, the hospitality startup, achieved an adjusted EBITDA of Rs 175 crore in Q1, as reported by Economic Times. CEO Ritesh Agarwal shared this milestone with employees. The positive adjusted EBITDA indicates the company's progress in managing its expenses and operational efficiency. This achievement reflects OYO's ongoing efforts to strengthen its financial position and profitability in the competitive hospitality industry.
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IPO-bound OYO seeks to rename parent firm to craft premium identity
YourStory
·
3m ago
Medial
OYO's founder, Ritesh Agarwal, is seeking new name suggestions for its parent company, Oravel Stays, as OYO prepares for an IPO and aims to offer more premium segment services. The name selection could potentially be used for a new premium hotels app. Agarwal invited suggestions via social media, emphasizing a bold, global, tech-forward name. The initiative includes a prize and a chance to meet Agarwal. OYO plans a significant presentation for SoftBank regarding its IPO ambitions.
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Ritesh Agarwal On Taking OYO To Profits, The Shark Tank Spotlight & More
Inc42
·
10m ago
Medial
Ritesh Agarwal, founder and CEO of OYO, has been busy with various initiatives recently. OYO has turned towards profitability, made new acquisitions, and ventured into B2B services. Agarwal also became a judge on Shark Tank India Season 3, showcasing his investment mindset. He discusses OYO's financial health, the contributions of key employees, and shares his experience on the TV show.
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Hospitality startup Oyo readying to file IPO papers in first quarter
Economic Times
·
7m ago
Medial
Oyo is gearing up for a public offering by filing its draft red herring prospectus by the first quarter of the financial year, marking its third IPO attempt. Founder Ritesh Agarwal is restructuring shareholding, with major stakeholders including Agarwal, SoftBank, and family offices. The IPO follows investor interest and Agarwal's debt financing arrangements. Oyo's valuation has fluctuated but shows revived sustainable operations, achieving profitability and expanding internationally, notably with the acquisition of G6 Hospitality in the US.
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'Had to print my own offer letter': OYO's CFO recounts Ritesh Agarwal hiring him almost a decade ago
Business Today
·
1y ago
Medial
Oyo's Group CFO Abhishek Gupta shared an interesting anecdote about his journey with the company during a session at Masters' Union. He revealed that founder Ritesh Agarwal hired him without a formal offer letter, and he had to print his own offer letter at the office. Gupta joined Oyo even before formally joining and recalled how Agarwal told him, "Your job has started, I don't care if you have a notice period." Gupta discussed Oyo's business model and how the company had refocused on key markets like India and Indonesia.
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