Oyo Rooms
{{short description|Indian multinational hospitality company}}
{{Cleanup|reason=Per NOCRIT, needs to cleanup the controversy section as it reads like Yelp reviews|date=April 2025}}
{{Use dmy dates|date=September 2024}}
{{Use Indian English|date=September 2024}}
{{Infobox company
| name = Oyo Hotels and Homes Pvt. Ltd.
| logo = 100px
| type = Private
| trade_name = OYO Rooms
OYO Hotels and Homes
| industry = Hospitality
| founded = {{start date and age|df=yes|2012}}{{cite news |title=Online short-stay accommodation venture Oravel raises funds |url=https://economictimes.indiatimes.com/small-biz/startups/online-short-stay-accommodation-venture-oravel-raises-funds/articleshow/16816800.cms |work=The Economic Times |date=15 October 2012 |access-date=25 April 2022}}
| location = Gurgaon, Haryana, India{{cite news |last1=Kaushik |first1=Manu |date=18 February 2020 |title=Mystery of the Oyo Rooms |url=https://www.businesstoday.in/magazine/cover-story/story/mystery-of-the-oyo-rooms-ritesh-agarwal-investors-business-model-250370-2020-02-18 |work=Business Today |access-date=23 January 2024}}{{cite web |title=OYO |url=https://in.linkedin.com/company/oyo-rooms |website=LinkedIn |date=13 February 2022 |access-date=23 January 2024}}
| founder = Ritesh Agarwal
| key_people = Ritesh Agarwal (Group CEO)
| revenue = {{down}} {{INRConvert|5388|c|lk=on}} (FY24){{cite news |title=Oyo posts first-ever annual profit of Rs 229 crore in FY24, eyes expansion |url=https://www.business-standard.com/companies/results/oyo-q1-result-firm-posts-1st-ever-profit-of-rs-229-cr-eyes-expansion-124081400994_1.html |work=Business Standard|date=14 August 2024|access-date=22 August 2024}}
| operating_income = {{increase}} {{INRConvert|877|c}} (FY24)
| net_income = {{increase}} {{INRConvert|229|c}} (FY24)
| assets = {{up}} {{INRConvert|8751|c}} (2021)
| area_served = Asia, Europe and Americas
| owners = {{ubl|SoftBank (46.62%)|Ritesh Agarwal (33.15%){{cite news |last=Keshavdev |first=V. |date=11 October 2021 |title=Ritesh Agarwal's ownership cost highest among Oyo investors |url=https://www.fortuneindia.com/enterprise/ritesh-agarwals-ownership-cost-highest-among-oyo-investors/105951 |work=Fortune India |access-date=10 March 2024}}}}
| subsid = Motel 6
| website = {{url|https://www.oyorooms.com/|oyorooms.com}}
}}
OYO Rooms (stylised as OYO), also known as OYO Hotels & Homes, is an Indian multinational hospitality chain of leased and franchised hotels, homes, and living spaces, headquartered in Gurgaon.{{cite news |last1=Sahay |first1=Priyanka |title=With 8.5 lakh rooms, Oyo claims third spot globally |url=https://www.moneycontrol.com/news/business/oyo-says-it-is-worlds-3rd-largest-hotel-chain-by-room-count-4191531.html |access-date=25 April 2022 |work=Moneycontrol |date=10 July 2019 |language=en}}{{cite news |last1=Soni |first1=Sandeep |title=How OYO became India's 3rd best company to work for in just 6 years |url=https://www.financialexpress.com/industry/sme/how-oyo-became-indias-3rd-best-company-to-work-for-in-just-6-years/1540659/ |access-date=25 April 2022 |work=Financial Express |date=7 April 2019 |language=en}}{{cite news |last1=Gooptu |first1=Biswarup |title=Oyo Hotels: Have become the second-largest hotel group in China: Oyo |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/have-become-the-second-largest-hotel-group-in-china-oyo/articleshow/69445392.cms |access-date=25 April 2022 |work=The Economic Times |date=22 May 2019}} Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries.{{cite magazine |last=Kaushik |first=Manu |date=8 March 2020 |title=Mystery of the Oyo Rooms |url=https://www.businesstoday.in/magazine/cover-story/story/mystery-of-the-oyo-rooms-ritesh-agarwal-investors-business-model-250370-2020-02-18 |access-date=25 April 2022 |magazine=Business Today}}
History
File:The Vintage Hotel.jpg, Malaysia]]
File:Hooters Casino (7823234654).jpg near the Las Vegas Strip]]
In 2012, Ritesh Agarwal launched Oravel Stays as a budget accommodation listing and booking website, later renamed to OYO in 2013.{{Cite news |first=Paramita |last=Chatterjee |date=16 May 2017 |url=http://www.forbesindia.com/article/8th-anniversary-special/how-oyos-ritesh-agarwal-transformed-the-business-of-budget-accommodation/46971/1 | title=How OYO's Ritesh Agarwal transformed the business of budget accommodation |work=Forbes |access-date=11 April 2021}} Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $100,000 as part of the Thiel Fellowship, a two-year program from PayPal co-founder Peter Thiel.{{Cite news |last=Bergen |first=Mark |date=10 May 2013 |title=Oravel founder Ritesh Agarwal wins Thiel Fellowship |url=https://www.livemint.com/Companies/ZbqDGYUN0yfhtB2syOIDVP/Oravel-founder-Ritesh-Agarwal-wins-Thiel-Fellowship.html |access-date=11 April 2021 |work=Mint}}{{Cite news |first=Shona |last=Ghosh |date=22 September 2018 |url=https://www.businessinsider.com/ritesh-agarwal-interview-with-founder-of-peter-thiel-backed-oyo-2018-9 |title=Ritesh Agarwal: Interview with founder of Peter Thiel-backed Oyo |work=Business Insider |access-date=11 April 2021 |url-access=subscription}}
In November 2015, Oyo signed a term sheet to acquire Zostel's Zo Rooms in an all-stock deal which would give Zostel's founders and investors a combined 7% stake in Oyo.{{cite news |last1=Shrivastava |first1=Aditi |last2=Chanchani |first2=Madhav |date=17 December 2015 |title=Oyo Rooms to acquire Zo Rooms in an all-stock deal |url=https://economictimes.indiatimes.com/small-biz/startups/oyo-rooms-to-acquire-zo-rooms-in-an-all-stock-deal/articleshow/50210682.cms |access-date=25 April 2022 |work=The Economic Times}} In February 2016, Oyo's biggest stakeholder SoftBank announced in its earnings report that the acquisition was completed.{{cite news |last1=Sahay |first1=Priyanka |title=Oyo Rooms has acquired Zo Rooms: SoftBank |url=https://www.livemint.com/Companies/xuiwyocuFosCu6l1T6DfuJ/Oyo-Rooms-has-acquired-Zo-Rooms-says-SoftBank.html |access-date=25 April 2022 |work=mint |date=10 February 2016 |language=en}} However, in October 2017, Oyo stated that the deal was called-off and the "non-binding term sheet" for the deal had expired in September 2016.{{cite news |last1=Russell |first1=John |title=The deal that never was: OYO says it didn't acquire rival ZO Rooms after all |url=https://techcrunch.com/2017/10/26/oyo-zo-rooms-deal/ |access-date=25 April 2022 |work=The Pharmaceutical Journal |date=27 October 2017 |doi=10.1211/pj.2018.20205559}} Zostel claimed that the term sheet was binding and it had transferred its business to Oyo which in turn failed to transfer the 7% stake.{{cite news |title=Zostel-Oyo tussle intensifies |url=https://www.thehindubusinessline.com/companies/zostel-oyo-tussle-intensifies/article36949610.ece |access-date=25 April 2022 |work=The Hindu Business Line |date=11 October 2021 |language=en}} In 2018, Zostel approached the Supreme Court of India, which appointed former Chief Justice of India, A. M. Ahmadi as the sole arbitrator to resolve the dispute.{{cite news |last1=Gooptu |first1=Biswarup |last2=Shrivastava |first2=Aditi |date=3 October 2018 |title=OYO-Zo Rooms: SC sends OYO-Zo Rooms dispute for arbitration |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sc-sends-oyo-zo-rooms-dispute-for-arbitration/articleshow/66048279.cms |access-date=25 April 2022 |work=The Economic Times}} In March 2021, Ahmadi ruled that the term sheet was binding and Zostel was entitled to execute the definitive agreements in the contract.{{cite news |last=Kaushik |first=Manu |date=16 March 2021 |title=Will Oyo be forced to give 7% equity to Zostel? |url=https://www.businesstoday.in/latest/corporate/story/will-oyo-have-to-really-give-7-shareholding-to-zostel-290905-2021-03-16 |access-date=25 April 2022 |work=Business Today |language=en}} In October 2021, Zostel wrote to the Securities and Exchange Board of India, seeking a stay on Oyo's IPO and claiming that Oyo's "capital structure is not final."{{cite news |last1=Mishra |first1=Digbijay |date=11 October 2021 |title=Zostel asks Sebi to reject and suspend Oyo's $1.2-billion IPO |url=https://economictimes.indiatimes.com/tech/startups/zostel-asks-sebi-to-reject-and-suspend-oyos-1-2-billion-ipo/articleshow/86937192.cms |access-date=25 April 2022 |work=The Economic Times}} In February 2022, the Delhi High Court rejected Zostel's appeal for a 7% stake in Oyo.{{cite news |title=Oyo IPO: Delhi HC rejects Zostel's petition for stake in firm |url=https://www.business-standard.com/article/companies/oyo-gets-breather-after-delhi-hc-rejects-zostels-petition-for-stake-in-firm-122021500145_1.html |access-date=25 April 2022 |work=Business Standard India |date=15 February 2022}}
In March 2016, OYO acquired the team of Qlik Pass, founded by Rahul Gupta and Rishi Swami, to set up and lead its data science department.{{Cite news | url=https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/oyo-rooms-hires-3-senior-executives/articleshow/51530822.cms | title=OYO Rooms hires 3 senior executives | work=The Economic Times | date=23 March 2016|access-date=26 March 2020}}
In March 2018, OYO acquired Chennai-based service apartment operator, Novascotia Boutique Homes,{{Cite news | url=https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/oyo-acquires-chennais-novascotia-boutique-homes/articleshow/63358150.cms | title=OYO acquires Chennai's Novascotia Boutique Homes | first=Biswarup | last=Gooptu | work=The Economic Times | date=18 March 2018|access-date=26 March 2020}}{{Cite news | url=https://www.thenewsminute.com/article/oyo-acquires-chennai-based-novascotia-boutique-homes-expand-corporate-offering-78171 | title=Oyo acquires Chennai-based Novascotia Boutique Homes to expand corporate offering | work=The News Minute | date=19 March 2018 |access-date=26 March 2020}} to establish its presence in the service apartment and corporate executive stay segment. It acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues and vendors.{{Cite news | url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-acquires-wedding-marketplace-weddingz/articleshow/65361237.cms | title=OYO acquires wedding marketplace Weddingz | work=The Economic Times | date=11 August 2018|access-date=26 March 2020}}
In 2019, OYO and Airbnb announced a strategic partnership where OYO would list their properties in the Airbnb platform.{{Cite news |last=Russell |first=Jon | date=1 April 2019 |url=https://techcrunch.com/2019/04/01/airbnb-oyo-investment/ | title=Airbnb confirms stake in India's OYO, sources say it invested $150M-$200M | work=Techcrunch |access-date=26 March 2020}} In March 2019, OYO announced a {{INR}}1,400 crore investment in its India and South Asia businesses.{{Cite news | url=https://www.thehindu.com/business/oyo-plans-1400-cr-expansion/article26514953.ece | title=OYO plans ₹1,400-cr. expansion | work=The Hindu |date=12 March 2019 |access-date=26 March 2020}} In April 2019, OYO announced a strategic global distribution partnership with Hotelbeds.{{Cite news|date=15 April 2019|title=Hotelbeds & Oyo Hotels & Homes announce strategic distribution partnership|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/hotelbeds-oyo-hotels-homes-announce-strategic-distribution-partnership/articleshow/68888428.cms|access-date=26 March 2020}} The company also announced two joint-ventures with SoftBank and Yahoo! Japan in 2019.{{Cite web|date=23 February 2019|title=OYO enters Japan via JV with Yahoo Japan, to bring housing rental product|url=https://www.financialexpress.com/industry/oyo-enters-japan-via-jv-with-yahoo-japan-to-bring-housing-rental-product/1495942/|access-date=7 October 2021|website=The Financial Express|language=en-US}} In May 2019, OYO announced the acquisition of Amsterdam-based @Leisure Group, a European vacation rental company, for $415 million.{{Cite news |first=Anumeha |last=Chaturvedi |date=2 May 2019 |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-to-acquire-amsterdam-based-vacation-rental-company-leisure-group/articleshow/69129470.cms |title=OYO plans ₹1,400-cr. expansion | work=The Economic Times |access-date=26 March 2020}} In July 2019, OYO announced the acquisition of Innov8, a co-working space in New Delhi.{{Cite news | url=https://techcrunch.com/2019/07/16/oyo-workspaces-innov8/ | title=India's budget hotel startup Oyo enters co-working business with $30 million Innov8 acquisition |work=Tech Crunch |date=16 July 2019 |access-date=26 March 2020}}
In August 2019, Oyo made its first major investment in the United States by purchasing the Hooters Casino Hotel, near the Las Vegas Strip, in partnership with US-based real estate company Highgate, for $135 million.{{Cite web| url=https://www.livemint.com/companies/news/softbank-backed-oyo-known-for-budget-stays-to-rebrand-hooters-hotel-in-vegas-1566561488306.html | title=Oyo buys Las Vegas Hooters Hotel in its first US purchase| work=mint|date=23 August 2019 | access-date=29 August 2019| last1=Chaudhary| first1=Deepti}}{{Cite news|url=https://www.wsj.com/articles/indias-oyo-rolls-dice-with-purchase-of-las-vegas-hooters-hotel-11566552601|title=India's Oyo Rolls Dice With Purchase of Las Vegas Hooters Hotel|last=Morris|first=Keiko|newspaper=Wall Street Journal|date=23 August 2019|language=en-US|access-date=29 August 2019}} In September 2019, Oyo announced the acquisition of the Copenhagen-based data science firm Danamica for $10 million.{{cite news |last1=Singh |first1=Manish |date=2 September 2019 |title=India's Oyo acquires Copenhagen-based data science firm Danamica for $10M |url=https://techcrunch.com/2019/09/02/india-oyo-danamica/ |work=TechCrunch |access-date=21 May 2024}}
In June 2021, Oyo Rooms collaborated with Yatra, Airbnb, and EaseMyTrip to form the Confederation of Hospitality, Technology and Tourism Industry (CHATT), an industry body for the tourism sector of India.{{Cite news|last=Alawadhi|first=Neha|date=9 June 2021|title=CHATT: New association announced, will help tourism, hospitality with tech|work=Business Standard India|url=https://www.business-standard.com/article/economy-policy/new-association-announced-will-help-tourism-and-hospitality-with-tech-121060900576_1.html|access-date=7 October 2021}}
In October 2021, OYO appointed Paralympian Deepa Malik as an independent director on the company's board of directors.{{Cite news|url=https://economictimes.indiatimes.com/tech/tech-bytes/oyo-appoints-indian-woman-paralympics-medallist-deepa-malik-as-independent-director/articleshow/86989329.cms|title = Oyo appoints Indian woman Paralympics medallist Deepa Malik as independent director|newspaper = The Economic Times|last1 = Chaturvedi|first1 = Anumeha}} In December 2021, OYO onboarded former State Bank of India (SBI) Chairman Rajnish Kumar as its strategic group advisor.{{Cite news|url=https://economictimes.indiatimes.com/tech/startups/oyo-ropes-in-former-sbi-chairman-rajnish-kumar-as-strategic-group-advisor/articleshow/88047204.cms|title = Oyo ropes in former SBI chairman Rajnish Kumar as strategic group advisor|newspaper = The Economic Times|last1 = Chaturvedi|first1 = Anumeha}}
In May 2022, OYO announced the acquisition of Europe-based company Direct Booker, valuing the latter at around {{USD}}5.5 million.{{Cite news |last=Press Trust of India |date=10 May 2022 |title=OYO completes acquisition of Europe-based company Direct Booker |work=Business Standard India |url=https://www.business-standard.com/article/companies/oyo-completes-acquisition-of-europe-based-company-direct-booker-122050900181_1.html |access-date=11 May 2022}}
In September 2024, Oyo agreed to buy American budget motel chain Motel 6 and its hotel brand Studio 6 in an all-cash deal worth $525 million from Blackstone Inc.{{Cite news |last=Koblin |first=John |date=20 September 2024 |title=Motel 6 Is Sold to Oyo, an Indian Hotel Company Expanding in the U.S. |url=https://www.nytimes.com/2024/09/20/business/motel-6-oyo-blackstone.html |work=The New York Times |access-date=21 September 2024}}
Operations
In 2019, OYO had over 17,000 employees globally,{{Cite news |url=https://www.thehindubusinessline.com/companies/oyo-to-add-over-3000-employees-in-india/article29213780.ece |title=OYO to add over 3,000 employees in India |access-date=11 April 2021 |work=Business Line |date=21 August 2019}}{{Cite news |url=https://kr-asia.com/oyo-plans-mass-recruitment-in-india-to-boast-of-12k-staff-by-year-end |title=OYO plans mass recruitment in India to boast of 12k staff by year-end |access-date=11 April 2021 |work=KrASIA |date=22 August 2019}} of which approximately 8,000 were in India and South Asia. OYO Hotels & Homes leases and franchises assets. The company invests in capex,{{Cite news | url=https://www.businesstoday.in/current/corporate/oyo-rooms-hospitality-startup-collection-o-hotels-india-south-asia-oyo-announces-rs-1400-crore-investments-launches-new-property-collection-o-targeting-millennials/story/326986.html | title=OYO announces Rs 1,400 crore investments, launches new property 'Collection O' targeting millennials |access-date=11 April 2021 |work=Business Today |date=26 June 2019}} hires general managers to oversee operations and customer experience.{{Cite news |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/have-created-over-1-lakh-direct-and-indirect-jobs-in-india-oyo/articleshow/68812105.cms |title=Have created over 1 lakh direct and indirect jobs in India: OYO |work=The Economic Times |date=10 April 2019}} OYO set up 26 training institutes for hospitality enthusiasts across India in 2019.{{Cite news |url=https://timesofindia.indiatimes.com/companies/OYO-opens-Gurgaon-campus-with-plans-to-launch-a-skill-training-centre/articleshow/54020092.cms |title=OYO opens Gurgaon campus, plans to launch a skill training center |access-date=11 April 2021 |work=The Times of India |date=6 September 2019}}
Funding
The company's current and former investors include SoftBank Group, Didi Chuxing, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb and China Lodging Group.
In September 2018, OYO raised $1 billion, of which the RoC filing for the amount of $100 million raised from Star Virtue Investment Ltd. was made on 13 February 2019.{{Cite news | url=https://www.moneycontrol.com/news/business/chinas-didi-chuxing-invests-100-million-in-oyo-3537511.html | title=China's Didi Chuxing invests $100 million in Oyo | work=Moneycontrol.com | date=14 February 2019 |access-date=26 March 2020}}{{Cite web|title=India's Oyo seeks over $1 billion in IPO, eyes $12 billion valuation|url=https://techcrunch.com/2021/09/22/indias-oyo-to-file-for-1-billion-ipo/|access-date=19 January 2022|website=TechCrunch|date=23 September 2021 |language=en-US}}
In February 2019, OYO received $100 million funding from the Chinese vehicle-for-hire company, Didi Chuxing.{{Cite news|last1=Gooptu|first1=Biswarup|last2=Sharma|first2=Samidha|title=Oyo gets $100 million from China's ride-hailing giant Didi Chuxing|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-gets-100-million-from-chinas-ride-hailing-giant-didi-chuxing/articleshow/67985663.cms?from=mdr|access-date=27 October 2020}} In July 2019, Ritesh Agarwal, through RA Hospitality Holdings in Cayman Islands,{{cite news |title=Oyo: Ritesh Agarwal's Cayman based firm to bring funds to Oyo |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/new-cayman-base-to-bring-funds-to-oyo/articleshow/70253747.cms |access-date=25 April 2022 |work=The Economic Times |date=17 July 2019}}{{Cite news |last=Priyadarshan |first=Chetan | date=18 July 2019 |url=https://www.ibtimes.co.in/ritesh-agarwal-sets-ra-hospitality-cayman-islands-drive-oyo-funding-801845| title=Ritesh Agarwal sets up RA Hospitality in Cayman Islands to drive Oyo funding | work=International Business Times |access-date=25 April 2022}} signed a $2 billion deal to buy back shares from existing investors, Lightspeed Venture Partners and Sequoia India, to increase his stake in the company to 30%.{{Cite news |last=Peerzada |first=Abrar |date=19 July 2019 |url=https://www.business-standard.com/article/companies/ritesh-agarwal-to-deploy-2-billion-in-his-hotel-startup-oyo-to-boost-stake-119071901295_1.html |title=Ritesh Agarwal to deploy $2 billion in his hotel startup OYO to boost stake |work=Business Standard |access-date=26 March 2020}} The company was valued at $10 billion with this deal.{{cite news |last1=Clark |first1=Kate |title=India's Oyo valued at $10B after founder purchases $2B in shares |url=https://techcrunch.com/2019/07/19/indias-oyo-valued-at-10b-after-founder-purchases-2b-in-shares/ |access-date=25 April 2022 |work=TechCrunch |date=19 July 2019}}{{cite news |last1=Russell |first1=John |title=India's budget hotel startup OYO raises $1B for international growth |url=https://techcrunch.com/2018/09/25/oyo-raises-1-billion/ |access-date=25 April 2022 |work=TechCrunch |date=25 September 2018}} In October 2019, OYO raised Series F funding of $1.5 billion led by SoftBank Group, Lightspeed Venture Partners and Sequoia India.{{cite news |last1=Singh |first1=Manish |title=Ritesh Agarwal to invest $700M in Oyo's new $1.5B financing round |url=https://techcrunch.com/2019/10/07/india-oyo-ritesh-agarwal-investment/ |access-date=25 April 2022 |work=TechCrunch |date=7 October 2019}}
In July 2021, OYO closed a debt financing round of $660 million from global institutional investors to service existing loans.{{Cite news|last=Mishra|first=Digbijay|title=Eye on revival, Oyo secures $660 million debt|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/startups/eye-on-revival-oyo-secures-660-million-debt/articleshow/84459901.cms|access-date=17 July 2021}} In July 2021, Microsoft expressed interest to invest in OYO before its IPO{{Cite news|url=https://www.businesstoday.in/latest/corporate/story/microsoft-looks-to-invest-in-oyo-before-potential-ipo-302811-2021-07-30|title=Microsoft looks to invest in Oyo before potential IPO|date=30 July 2021|newspaper=Business Today|access-date=27 January 2022}} and a multi-year strategic deal was signed in September 2021.{{Cite web|title=Microsoft makes strategic investment in Oyo|url=https://techcrunch.com/2021/09/09/microsoft-confirms-investment-in-indias-oyo-in-a-multi-year-strategic-deal-to-co-develop-travel-and-hospitality-products/|access-date=7 October 2021|website=TechCrunch|date=9 September 2021 |language=en-US}} In October 2021, Oyo filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise {{USD}}1.2 billion through an initial public offering.{{cite news |title=Oyo joins startup IPO rush to raise $1.2 billion, seeks Sebi nod |url=https://economictimes.indiatimes.com/tech/startups/hospitality-startup-oyo-files-for-1-2-billion-ipo/articleshow/86673327.cms |access-date=25 April 2022 |work=The Economic Times |date=1 October 2021}}
In January 2022, more than 500 current and former employees of OYO, purchased around 3 crore shares in the company. The total value of these shares can be approximated to about {{INRconvert|330|c}}, as per the last valuation of OYO of $9.6 billion.{{cite news |last1=PTI |title=Over 500 employees, ex-staff of IPO-bound OYO buy around 3 crore shares - Times of India |url=https://timesofindia.indiatimes.com/business/india-business/over-500-employees-ex-staff-of-ipo-bound-oyo-buy-around-3-crore-shares/articleshow/88665923.cms |access-date=25 April 2022 |work=The Times of India |date=3 January 2022 |language=en}}
In June 2024, Oyo held another round of funding, raising between $100 and $125 million. The company was valued at $2.5 billion, down over 70% from the previous valuation in 2019.{{cite web |last1=Singh |first1=Manish |title=India's Oyo, once valued at $10B, finalizes new funding at $2.5B valuation |url=https://techcrunch.com/2024/06/16/indias-oyo-once-valued-at-10b-finalizes-new-funding-at-2-5b-valuation/ |website=TechCrunch |access-date=17 June 2024 |date=17 June 2024}}
Financials
class="wikitable"
!Year !Revenue (In crores) !Profits/Loss (In crores) !Source |
FY 2019
|{{Increase}} 6,329 |{{Decrease}} {{color|red |
2,364}} |
FY 2020
|{{Increase}} 13,168 |{{Decrease}} {{color|red |
13,122}} |
FY 2021
|{{Decrease}} 3,961 |{{positive decrease}} {{color|red |
3,943}} |
FY 2022
|{{Increase}} 4,781 | {{positive decrease}} {{color|red |
1,940}} |
FY 2023
|{{Increase}} 5,464 | {{positive decrease}} {{color|red |
1,287}} |
FY 2024
|{{Decrease}} 5,388 |{{Increase}} 229 |
Services
Oyo Rooms operates the following brands for its properties and services:
- OYO Townhouse – midscale hospitality{{cite news|last1=Chaturvedi|first1=Anumeha|date=24 January 2017|title=Budget hotel chain OYO launches OYO Townhouse|work=The Economic Times|url=https://economictimes.indiatimes.com/small-biz/startups/oyo-launches-oyo-townhouse/articleshow/56756602.cms|access-date=11 April 2021}}
- OYO Home – home management system that offers private homes in different locations and are fully managed by OYO{{Cite news| url=https://qz.com/1077354/oyo-rooms-wants-to-build-an-airbnb-for-india-that-does-more-than-what-airbnb-does/ | title=In trying to be the Indian Airbnb, OYO may be turning too cumbersome | last=Bhattacharya| first=Ananya |work=Quartz Media | date=21 September 2017}}{{Cite news | url=https://www.oyorooms.com/officialoyoblog/2017/09/15/oyo-home-unlocking-and-managing-homes-to-create-high-quality-spaces-for-our-guests-2 | title=Unlocking Homes for Great Holiday Experiences | work=OYO Rooms | date=15 September 2017}}
- OYO Vacation Homes – vacation home brand with vacation rental management brands Belvilla,{{Cite news |first=Ingrid |last=Lunden |date=1 May 2019 |url=https://techcrunch.com/2019/05/01/airbnb-backed-oyo-moves-into-europe-acquires-leisure-from-axel-springer-for-415m/ | title=Airbnb-backed OYO moves into Europe, buys Leisure Group from Axel Springer for $415M |work=TechCrunch |access-date=11 April 2021}} Danland, and DanCenter,{{Cite news |last=Singh |first=Manish |date=14 August 2019 |url=https://techcrunch.com/2019/08/14/oyo-vacation-rental-europe/ |title=Oyo to invest $335M in vacation rental business in Europe push |work=TechCrunch |access-date=11 April 2021}} along with Germany-based Traum-Ferienwohnungen
- SilverKey – hotel brand focused on corporate travellers{{cite news |last1=Gooptu |first1=Biswarup |title=OYO Rooms: OYO to scale up its SilverKey hotels portfolio to 19 cities across India |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-to-scale-up-its-silverkey-hotels-portfolio-to-19-cities-across-india/articleshow/68698845.cms |access-date=11 April 2021 |work=The Economic Times |date=3 April 2019}}{{cite news |last1=Modi |first1=Ajay |title=OYO plans big focus on serviced apartments for corporate clients |url=https://www.business-standard.com/article/companies/oyo-plans-big-focus-on-serviced-apartments-for-corporate-clients-118041800353_1.html |access-date=11 April 2021 |work=Business Standard |date=18 April 2018}}
- Capital O – hotel booking for business travellers{{Cite news |url=https://www.arabianbusiness.com/travel-hospitality/423960-indias-oyo-launches-capital-o-hotels-in-the-uae |title=India's Oyo launches Capital O hotels in the UAE |access-date=11 April 2021 |work=Arabian Business | date=16 July 2019}}
- Palette – upscale leisure resorts{{Cite news |url=https://timesofindia.indiatimes.com/business/india-business/oyo-forays-into-leisure-segment-with-palette-resorts/articleshow/65607782.cms |title=Oyo forays into leisure segment with Palette Resorts |access-date=26 April 2022 |work=The Times of India |date=30 August 2018}}{{cite news |last1=Chaturvedi |first1=Anumeha |title=OYO forays into upper-end leisure resorts category; launches Palette Resorts |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-forays-into-upper-end-leisure-resorts-category-launches-palette-resorts/articleshow/65607265.cms |access-date=25 April 2022 |work=The Economic Times |date=30 August 2018}}
- Collection O – booking and renting services to business travellers{{Cite news |url=https://www.deccanchronicle.com/nation/current-affairs/130319/oyo-woos-biz-travellers-with-collection-o-ups-investment.html | title=OYO woos biz travellers with Collection O; ups investment |access-date=25 April 2022 |work=Deccan Chronicle |date=13 March 2019}}{{Cite news |url=https://www.aninews.in/news/business/oyos-collection-o-hotels-reaches-milestone-175-buildings-in-3-months20190713124833/ |title=OYO's Collection O Hotels reaches milestone 175 buildings in 3 months |access-date=25 April 2022 |work=Asian News International |date=13 July 2019}}
- OYO LIFE – long-term rentals{{Cite news |url=https://www.thenewsminute.com/article/why-oyo-life-betting-big-co-living-market-india-101514 |title=Why OYO Life is betting big on the co-living market in India |access-date=25 April 2022 |work=The News Minute |date=9 May 2019}}{{cite news |last1=Khan |first1=Sobia |title=Oyo Hotels: Oyo looks to enter student housing and co-working, to expand co-living segments |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-looks-to-enter-student-housing-and-co-working-to-expand-co-living-segments/articleshow/69172676.cms |access-date=25 April 2022 |work=The Economic Times |date=6 May 2019}}
Criticism
- In 2018, OYO has been accused of using predatory pricing and not following its own agreements including threatening hotels to unilaterally change some of the clauses or not be paid.{{cite news |last1=Chaturvedi |first1=Anumeha |title=Budget hotels teaming up to take legal route against Oyo |url=https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/budget-hotels-teaming-up-to-take-legal-route-against-oyo/articleshow/66890345.cms |access-date=25 April 2022 |work=The Economic Times |date=1 December 2018}}
- In 2018, the company sent mass unsolicited job offer emails targeting senior- and mid-level employees of competitors.{{cite news |last1=S.H |first1=Salman |title=All's fair in talent war: Oyo targets staff at rivals |url=https://www.livemint.com/Industry/ML1hLZR50QT08vsDMPfSzK/Alls-fair-in-talent-war-Oyo-targets-staff-at-rivals.html |access-date=25 April 2022 |work=Mint |date=27 April 2018 |language=en}}
- In 2019, OYO planned to implement a digital register mechanism which will allow it to share customer data in real-time with the government. This was described as a threat to privacy.{{Cite magazine |url=https://www.indiatoday.in/technology/news/story/oyo-rooms-wants-to-share-digital-record-of-your-check-ins-with-government-1431439-2019-01-15 |title=Oyo Rooms wants to share digital record of your check-ins with government |access-date=25 April 2022 |magazine=India Today |date=15 January 2019}}{{Cite web |date=16 February 2023 |title=Privacy Policy |url=https://casino-bambet.com/privacy-policy/ |access-date=28 June 2023 |website=casino-bambet.com |language=en-US}}
- In April 2021, the National Company Law Appellate Tribunal (NCLAT) initiated an insolvency resolution process on OYO on the basis of a hotelier's petition over a monetary dispute with the company.{{cite news |title=Fact Check: Is OYO Filing for Bankruptcy? Here's What Company CEO Has to Say About it |url=https://www.news18.com/news/buzz/fact-check-is-oyo-bankrupt-heres-what-company-ceo-has-to-say-about-it-3622745.html |access-date=10 April 2021 |work=News18 |date=9 April 2021 |language=en}}{{cite news |title=Oyo news: Founder Ritesh Agarwal denies reports of Oyo filing for bankruptcy |url=https://timesofindia.indiatimes.com/business/india-business/absolutely-untrue-founder-ritesh-agarwal-denies-reports-of-oyo-filing-for-bankruptcy/articleshow/81948757.cms |access-date=11 April 2021 |work=The Times of India |date=7 April 2021 |language=en}}
See also
- {{portal-inline|Hotels}}
References
{{Reflist}}
External Links
- {{url|https://www.oyorooms.com|Official site}}
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{{SoftBank}}
{{Hotel chains}}
Category:Hotel affiliation groups
Category:Hotel chains in India
Category:Indian companies established in 2013
Category:Hotels established in 2013
Category:Companies based in Gurgaon
Category:Softbank portfolio companies