OYO HOTEL
Oyo's GBV reached Rs 10,700 crore in FY24, co reports first time PAT of Rs 229 cr for last fiscal
As per new filings accessed by ET, Oyo's hotel count grew from 12,938 hotels at the end of financial year 2023 to 18,103 at the end of financial year 2024, marking a 40% growth. The company's vacation homes business added 5000-6,000 homes, reaching 84,600 homes by the end of financial year 2024.
M3M India sighs MoU with parent company of Oyo to expand Sunday hotel across India
Realty developer M3M India and Oravel Stays, the parent company of OYO Hotels & Homes, have signed an MoU to expand the Sunday hotel brand in India. The first project will be a 220-key hotel at M3M SkyLoft, Gurugram, spanning 1.67 lakh square feet. Located near Cyber City 2, this hotel aims to attract business travelers and conference attendees.
Oyo projects three-fold rise in FY25 PAT at Rs 700 crore
According to founder and CEO Ritesh Agarwal, Oyo achieved a net profit (PAT) of about Rs 132 crore in Q1 FY 2025, a turnaround from the Rs 108 crore loss reported for the same quarter of the previous fiscal year.
Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal
In May, Agarwal had posted on X that the January-March quarter of 2024 was Oyo’s eighth consecutive quarter of positive Ebitda, while providing a provisional number of ₹100 crore for profit after tax.
Oyo reports first-ever PAT of Rs 229 crore
OYO Net Profit: Oyo announced its first-ever profit after tax of Rs 229 crore for FY24, driven by consecutive growth in Adjusted EBITDA. The company expanded globally, notably in Europe and the US. Acquisitions included Paris-based Checkmyguest group. Oyo's inventory increased significantly, reaching 18,103 hotels by the end of FY24.
Realty firms ramp up hospitality focus as travel biz booms
Indian developers are investing in hospitality projects as domestic travel increases post-pandemic. Sattva Ventures and JLL data show growth in key signings in tier two and three cities. Companies like Trehan Iris and M3M India are launching new hotel ventures, recognizing opportunities in merging real estate with hospitality to meet rising demand.
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Oyo parent Oravel Stays plans to open 25 premium hotels this fiscal
Oravel Stays, the parent company of OYO, announced plans to expand its premium SUNDAY Hotels brand with 25 new openings across Gurgaon, Manesar, and Corbett this financial year. Currently, SUNDAY Hotels operate in Jaipur, Vadodara, and Chandigarh, aiming to offer guests proximity to business districts and cultural landmarks.
SUNDAY Hotel to open 25 premium hotels in India in by March 2025
SUNDAY Hotels, a premium brand of hotels was originally launched in May 2023 through a joint venture between the Softbank Group and Oravel Stays, the parent company of Oyo. The first SUNDAY hotel was launched in Jaipur followed by Vadodara and Chandigarh.
OYO opens first luxury hotel in Dubai, eyes boosting premium property portfolio
OYO announced the opening of its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa, targeting Indian tourists after Dubai's visa policy change.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
We had our maiden net profitable financial year at nearly Rs 100 cr: Oyo founder Ritesh Agarwal
Agarwal had shared with employees in February that it has doubled its profit after tax (PAT) sequentially in quarter three of financial year 2024 to Rs 30 crore. The company had marked its maiden profitable quarter with a PAT of over Rs 16 crore in quarter two of fiscal year 2024.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Indian origin hotel investors increasing in overseas markets
Accor opened Raffles London at The OWO, London’s most expensive hotel owned by the Hinduja Group, expressing gratitude to the Hindujas for the partnership.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
'Oyo Khulwa do': BJP MLA raids park, couples say where should we go, you have closed everything. Watch viral video
BJP MLA Rikesh Sen garnered attention for intervening in couples' meetings at a local park in Chhattisgarh, captured in a viral video. Couples expressed frustration over OYO Rooms' closure, resorting to public spaces. Sen stressed decorum in parks, urging youth to focus on education. He hinted at further action post-Model Code of Conduct, following previous efforts to shut down unauthorized hotels due to concerns over illicit activities.
JP Morgan extends Rs 200 crore credit facility to Oyo
JP Morgan has provided Oyo with a Rs 200 crore credit facility to support the expansion of Oyo's Accelerator Programme. Launched in March last year, the program aids over 700 hotels and 85 first-generation hoteliers, offering mentorship, technology access, financial support, and networking opportunities.
OYO forays into sports hospitality business, shortlists 100 hotels in 12 key cities
OYO, a hospitality and travel-tech firm, has shortlisted 100 hotels across 12 key cities to cater to large sports events. The sports hospitality business aims to provide end-to-end solutions, including accommodation for athletes and sports officials. The company will offer a range of accommodation options, from budget-friendly to premium hotels, to ensure a comfortable stay for participants. Specialized packages and group booking options will be available.
BeatO appoints Amit Gupta as chief product officer
Gupta has held key leadership positions in leading global organisations and has a proven track record of driving product strategy and technological innovation across diverse markets.
Oyo expects consistent PAT rise in upcoming quarters, CEO Ritesh Agarwal tells employees
Agarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday.
Khazanah in talks to lead Oyo Hotel’s $400 million fund raise
Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is in discussions to lead a $400 million funding round in Oyo Hotels & Homes Pvt., the Indian hotel-booking company backed by Softbank Group Corp. Oyo, founded by Ritesh Agarwal, filed for an IPO for the second time in March, but has not yet decided on the timing. The company is seeking funds for expansion and debt reduction.
Driven by surge in Ayodhya, Oyo to open 400 new properties in major spiritual hotspots
Budget hospitality chain Oyo plans to launch 400 new properties in major spiritual hotspots of the country, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route. This move is in response to a surge in domestic travel and rising interest in spiritual tourism. The company aims to cater to the increasing demand for accommodation near key landmarks and religious sites.
Oyo inaugurates 65 hotels and homes in Ayodhya for pilgrims
Budget hospitality chain Oyo has inaugurated 65 hotels and homestays in Ayodhya, days before the consecration of the Ram Temple. The properties, with prices starting at Rs 1000, aim to provide comfortable and affordable accommodations for pilgrims and travellers visiting Ayodhya. Oyo has partnered with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation for smooth operations.
Oyo restarts self-operated hotels, targets 200 new properties
Oyo closed its self-operated hotel model in 2020, just before the start of the first wave of COVID-19, and is restarting after three years.
Oyo gives Indian tourists in Thailand a 60% discount
OYO Thailand is offering Indian tourists a 60% discount on hotel stays between October 11 and 31, with reservations available until December 31, 2023. To avail the discount, customers need to use the coupon code OYOSPLDEAL through the company's app or website. OYO has added 13 Super OYO hotels in cities like Bangkok, Chon Buri, Chiang Mai, and Pattaya.
Oyo to report maiden net profit of Rs 16 crore in ongoing quarter
In an email to the company’s top management, Agarwal said Oyo has published its annual accounts for FY23 and that it has achieved operational profitability in FY23, clocking an adjusted Ebitda of Rs 277 crore.
SoftBank partners Oravel to check into premium hotels
The Japanese conglomerate has partnered with Oravel Stays, the parent of hotel chain Oyo, to operate these hotels. Under a joint venture arrangement called ‘Mountainia’ the companies have drawn up a plan to open four- and five-star hotels under the ‘Sunday’ brand name across fast-growing tier two Indian cities, the people cited above said.
Oyo's growth is ahead of schedule, cost controls are better than ever: Steve Albrecht
Steve Albrecht, a non-executive independent director on Oyo's board said in terms of corporate governance, the company is at a 'very professional' level at this point and cost controls are better than ever.
Oyo to end FY24 with 1500 'Super Oyos'
Oyo said it is supporting its hotel partners to improve consistently in experience and aims to end financial year 2024 with over 1500 hotels which can be tagged as Super Oyos.
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