Tag: OYO Rooms

Hotel aggregator Oyo has decided to extend the furlough period of its Indian employees, by six more months. The furlough period was initially expected to conclude by the end of August. The Gurugram-headquartered company has also introduced a voluntary separation option for those employees who want to move on. Under its voluntary separation plan, Oyo India has also granted restricted stock units to all its employees. Staff who opt for the voluntary separation program are being given a choice to cancel a small portion – around 25% – of their unvested restricted stock units or RSUs and get additional cash ... Read more

OYO, the Indian hotel-booking startup backed by Masayoshi Son’s Softbank, is merging its operations in Japan and appointing a new chief executive officer to oversee the combined entity. The reorganisation involves Oyo’s hotel-booking and apartment-rental units coming together into a single company called Oyo Japan, to be led by Ryoma Yamamoto as CEO with Ryota Tanozaki as his deputy. Both of them have been promoted from senior roles in the existing Oyo operations, said a Bloomberg report. Japan has been a focal point for Oyo’s international expansion due to Son’s endorsement and association with the Softbank brand name. The company operated Oyo Hotels and Oyo Life ... Read more

The Madras High Court has directed Oyo Hotels & Homes to respond to a breach of contract case filed by Hotel Sakthi Park before its next hearing on August 12. The hotel, which is located 100 km south of Chennai, had filed a case against Oyo in the Madras High Court on July 10 for non-payment of minimum guarantee. The case was filed under Section 9 of the Arbitration and Conciliation Act, 1996. The hotel is now seeking relief and is requesting for a compensation of Rs 75 lakh from Oyo Hotels & Homes. The company was in a contract with Oyo ... Read more

The Delhi High Court has asked SoftBank-backed Oyo Hotels & Homes to file an affidavit in the court in two weeks on its unencumbered assets. The July 7 order came in a case filed by hospitality company Anam Datsec, which has accused Oyo of non-payment of dues for its Golden Sands property at Calangute in Goa and sought more than Rs 8 crore in damages. Anam Datsec claimed that Oyo had agreed to pay Rs 14 lakh a month as the minimum guaranteed amount when it entered into a management services agreement with the company for the property in 2018. ... Read more

Hospitality firm Oyo is trying to assuage the hurt of its furloughed employees, by offering them employee stock ownership plans (ESOPs) worth around Rs 130 crore. An internal e-mail from its founder Ritesh Agarwal said the move is part of the company’s efforts to minimise the disruption experienced by these employees, news agency PTI said. On April 8, Agarwal had said in a letter that the company will place a certain number of employees on furloughs or temporary leaves, globally. In an internal town hall note to the impacted employees, Agarwal on Monday said that while he hoped that the ... Read more

The Indian hospitality chain, Oyo, is all set to enter the Saudi Arabian market.  Other than its regular offerings such as hotel rooms, homestays and townhouses, Oyo is launching a new category for the Saudi market. The new category of offer is expected to tap the huge number of religious tourists visiting the country. OYO Hotels & Home has also set a target of reaching 12,000 rooms by 2020 in the Middle East market, which is a 10-fold jump from 1300 rooms on its platform in the UAE market. In September 2018, the company has raised some AED3.68 billion (US$1 billion) funding ... Read more

Oyo Rooms have now started offering houses on rent at an affordable price beginning from Rs 7999 per month. Launched under the name, Oyo Living label, the company has over 2,000 beds in Noida, Gurgaon, Bangalore and Pune to begin with. OYO Living aims to expand to the top 10 metros by the end of 2019 and will offer over 50,000 beds. “OYO Living is conceptualized based on the feedback and demand from customers and asset partners. We saw this as a huge opportunity and decided to leverage our hospitality experience to offer a first of its kind end to end ... Read more

Tourism in India is rapidly growing on the rise, as the new investment opportunity, as well as market, widens with over US$91.3 billion (Rs 5,949 billion) revenue generated in 2017. Previously, over US$26 billion (Rs 1,961 billion) spending from the foreign travellers was generated, that further widens the human resource and foreign direct investment to the sector. Online International and national key players in the tourism and hospitality industry are nowadays emerging with customisation option namely AirBnb, Makemytrip, Cleartrip, Yatra, Goibibo, and OYO Rooms. As per the new prediction, around 18 million international tourist arrivals are expected by the ministry ... Read more