Monday, 24 January, 2022
TopicOYO

Topic: OYO

Oyo files to raise over Rs 8,000 cr in IPO as it refashions business model

Oyo, backed by SoftBank Group & Airbnb, plans to raise Rs 7,000 cr through sale of new shares. The rest will be secondary shares or those sold by existing stockholders.

Oyo plans to file for $1.2 billion IPO next week

The proposed initial public offer plan of the hospitality firm follows the success of Zomato's IPO that ended with bumper oversubscription on 16 July, the biggest since March 2020.

Microsoft invests $5 million in Oyo to develop AI-driven hotel technologies

Oyo carries a valuation of $9.6 billion after Microsoft's investment, third in the country behind Byju’s and Paytm. The startup is due to file IPO documents in the coming weeks.

Oyo needs help, seeks $600 million loan as Covid surge decimates travel demand

Oyo, one of the larger startups in Softbank’s portfolio, was recently valued at $10 billion, but business has been crushed by the pandemic while operational missteps soured hotel partnerships.

‘Absolutely untrue’ – Oyo’s Ritesh Agarwarl denies bankruptcy claim after Rs 16 lakh claim

Oyo, one of the larger startups in the SoftBank Group’s portfolio, was struggling to restructure and whittle down loss-making operations even before the pandemic obliterated travel.

Oyo is in trouble in Japan but parent SoftBank has a plan to fix it

Oyo Japan is creating a six-member management oversight panel to deal with its virus-stricken business. Its headcount has shrunk by 450 since October.

Ritesh Agarwal’s Oyo Hotels to cut 5,000 jobs in India, China and US

Oyo’s global headcount will fall by about 17% from 30,000 in January as the start-up seeks to boost profitability, Ritesh Agarwal says.

Ritesh Agarwal’s Oyo is facing major problems due to Masayoshi Son’s dramatic overreach

With its chaotic rush to expand in Japan, Oyo infuriated potential partners, alienated workers and jeopardised its reputation with local customers.

Kashmiri student alleges OYO Room in Delhi didn’t let him check-in because of his identity

Manager at OYO Aasha Residency hotel admits it is turning away customers from Jammu and Kashmir but blamed it on “verbal orders” of Delhi Police. 

OYO was the big disruptor in India’s hotel industry, forcing even Tata to take note

OYO founder Ritesh Agarwal was just 18 when he came up with the idea. Within just a few years, OYO surpassed the valuation of India’s oldest hotel company.

On Camera

YourTurn

Liberals mourning India Gate flame must also recall some dark aspects of the colonial Army

The moving of the flame seems, to some, as part of an ongoing extinguishing of the Indian Army’s heritage of secularism, decency and righteousness.

South-East Asia’s SMEs are underperforming. Their ‘digital revolution’ depends on fintech

Digitisation of South-East Asia's economy during the pandemic is uneven. The growth in digital services has favoured individual consumers, not SMEs.

Defence

File photo of Scorpene-class submarine 'INS Vela', at the Naval Dockyard in Mumbai | ANI

Kamov choppers, submarine torpedoes among deals defence ministry will review this week

Ministry is reviewing all procurement under the ‘Buy (Global)’ category, under which equipment is bought directly from foreign manufacturers, amid govt's 'Atmanirbhar' push.

Modi vs non-BJP CMs: When most popular isn’t all-powerful & why Centre-state ties will worsen

Modi’s inability to win many states, and the huge popularity his rivals enjoy there, is pushing Indian politics in a more robustly federal direction.
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