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News on Medial
OYO's Ritesh Agarwal to set up five healthcare centres in Odisha by 2024
Livemint
·
1y ago
Medial
Ritesh Agarwal, the founder and CEO of OYO, plans to establish five healthcare centres in Odisha, India, over the next year. These centres will be operated by Last Mile Care and will provide free doctor consultations for the first three months, with discounted treatment and medicine for the following three months. The centres will offer a range of healthcare services, including preventive care, diagnostics, primary healthcare, and affordable medication. The goal is to improve access to quality healthcare in underserved areas. No budget details were disclosed.
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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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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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OYO Founder Ritesh Agarwal introduces new B2B product
YourStory
·
10m ago
Medial
OYO founder Ritesh Agarwal recently introduced Oravel Travel Solutions, the company's B2B product, which aims to provide seamless corporate travel and event planning. With over 500 company-serviced accommodations across India, OYO offers special corporate rates, tailored meal plans, conference setups, and event support. The B2B arm has already served clients like Tech Mahindra, Cult fit Healthcare, and Sun TV Network, among others. This move comes as OYO expands its leadership team and prepares for its upcoming IPO. Additionally, OYO's parent company is set to acquire G6 Hospitality for $525 million.
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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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SoftBank's Sumer Juneja to join Oyo board
Economic Times
·
1y ago
Medial
Sumer Juneja, Managing Partner at SoftBank Vision Fund, is set to join the board of OYO's parent company, Oravel Stays Ltd. The appointment, subject to shareholder approval, highlights SoftBank's support for OYO as it turns profitable. OYO reported its first profitable fiscal year in 2023-24, with net earnings of nearly Rs 100 crore. Juneja's appointment comes after the departure of Munish Varma, SoftBank's previous nominee on OYO's board. SoftBank is showing renewed interest in OYO and aims to boost its growth in international markets. Other board members include founder Ritesh Agarwal and executives from Lightspeed Venture Partners and Starbucks.
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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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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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'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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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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