SoftBank-backed Oyo recorded a profit after tax (PAT) of over Rs 200 crore in quarter one of the current fiscal year, as per an email from founder Ritesh Agarwal to the company’s management committee and its shareholders. The email was seen by ET. In a separate notification sent to its shareholders and seen by ET, … Read more
Global travel tech firm OYO plans to file its Draft Red Herring Prospectus (DRHP) in November, eyeing a USD 7-8 billion valuation for its IPO, sources said. The company is expected to approach its board with the proposal next week, people familiar with the matter told PTI. When reached out, a company spokesperson said, “While … Read more
New Delhi: After the Paytm‘s IPO fiasco, Sebi has turned cautious while giving clearance to the initial share sales as it has returned the preliminary papers of half a dozen companies, including Oravel Stays, which operates hospitality chain OYO, in over two months. These companies have been asked to re-file their draft red herring prospectus … Read more
Competition Commission Chairperson Ashok Kumar Gupta on Tuesday said the regulator has been pragmatic in levying and quantifying penalties as the enforcement actions are not divorced from business and economic realities. Gupta, who will be demitting office on Tuesday after being at the helm of the watchdog for nearly four years, also said that the … Read more
Goa, Nainital, Rishikesh, Gangtok and Mount Abu emerged as the top five favoured family summer holiday destinations for Indians this year, according to a survey by travel and hospitality technology platform OYO. As per the study – Summer Vacation Index – Family Edition 2022, 82 per cent of parents felt they had a difficult time … Read more
Varanasi, Tirupati, Puri, Amritsar and Shirdi have emerged as the top pilgrimage destinations, according to a report by travel tech firm OYO. The report titled ‘India’s Treasure Trove of Cultural Travel 2022’ said with over 3.5 times growth over the past year, Srinagar clocked the highest growth in bookings among cultural destinations in 2022. Besides … Read more
One in every two Indian travellers plan to take their first trip this summer, after a 2-year hiatus due to COVID-19 induced restrictions, indicating a strong bounce back in travel confidence across the country, says survey by travel and hospitality technology platform OYO. As per the OYO’s Mid-Summer Vacation Index 2022, over 61 per cent … Read more
IPO-bound travel tech firm OYO on Thursday said more than 8 lakh bookings were made primarily through its app and website over the April 11-17 period, with Manali, Haridwar, Amritsar, Goa and Mysore emerging among the most sought-after leisure destinations. With relaxation of pandemic-related curbs, high vaccination rates, increase in air travel, school holidays, and … Read more
“These stays will be free for refugees who cannot pay for them, and the costs will be borne by the company and its homeowners, who volunteer to host refugees. The company will support administratively, and help cover operational expenses incurred by the homeowners,” OYO said in a statement. Homegrown hospitality technology platform OYO on Tuesday … Read more
Oyo Hotels & Homes, which is preparing to file a draft prospectus for a $1-$1.2 billion initial public offering (IPO),has a legal hurdle ahead that is being posed by once rival Zostel (Zo Rooms) over a botched acquisition deal, which is due to come up for a court hearing on Wednesday. Hospitality startup Zo — … Read more