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Airbnb Files For IPO, Submitted Confidential Paperwork

20Aug By AdityaNo Comments

Market

Airbnb Files For IPO, Submitted Confidential Paperwork

Calif, 20th Aug 2020: US-based online rental marketplace platform Airbnb announced that it had submitted confidential paperwork with the US Securities and Exchange Commission for an initial public offering. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The IPO of Airbnb is expected to take place after the SEC completes its review process, subject to market and other conditions. In the recent news reports, Airbnb said they want to go public by the end of the year, in spite of its 40 percent decrease in valuation from $30 billion in 2017, but only at $18 billion this year. Last Month during the layoff, Airbnb Co-Founder and CEO Brian Chesky said, “Out of our 7,500 Airbnb employees, nearly 1,900 teammates will have to l...

OYO cuts 25% of fixed pay of Employees; sends some staff on Leave

22Apr By Press Trust of IndiaNo Comments

News

OYO cuts 25% of fixed pay of Employees; sends some staff on Leave

Softbank backed online hotel room booking platform OYO informed employees that 25 percent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19. The company, which has around 10,000 employees in the country, is a leading player in the hospitality industry that has been ravaged by the coronavirus pandemic. The nationwide lockdown, which has been extended till May 3, to curb spreading of infections has also significantly disrupted economic activities. "We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit K...

OYO elevates India & South Asia CEO Aditya Ghosh to Board of Directors

2Dec By Press Trust of IndiaNo Comments

News

OYO elevates India & South Asia CEO Aditya Ghosh to Board of Directors

Indian Hospitality firm OYO has elevated Aditya Ghosh, currently chief executive officer (India & South Asia) for the hotels and homes business, as a member of its board of directors. Rohit Kapoor, currently CEO of the new real estate businesses of the company, has been appointed as CEO (India & South Asia) for OYO Hotels & Homes, it added. Ghosh will join OYO Hotels & Homes founder & Group CEO Ritesh Agarwal, Baja Corporation founder & CEO Betsy Atkins and other industry experts like Munish Varma, Bejul Somaia and Mohit Bhatnagar, among others, on the company’s board, OYO Hotels & Homes said in a statement. In his role on the board, Ghosh will focus on five key areas namely, safety and security, customer experience, corporate governance, revenue manage...

8Oct By NitishNo Comments

FUNDING

OYO to Raise $1.5 bn Funding; for Expansion in US

Indian online hotel booking startup OYO Hotels and Homes set to raise $1.5 billion (nearly Rs 10,650 crore), from its founder, Softbank and other investors. The funding will use to expand for expansion in the US and strengthening its vacation rentals business in Europe. Softbank, has invested nearly $1 billion in OYO, through its Vision Fund and owns roughly 45 percent stake in it. The latest round of funding will be a part of Series-F funding round. OYO Hotels and Homes Founder and CEO Ritesh Agarwal, through RA Hospitality Holdings, will infuse approximately $700 million as primary capital in the company. The balance $800 million will be supplemented by other existing investors, according to the company statement. A significant part of the funds will be diverted towards co...

21Sep By AnkitaNo Comments

USA

Milestone: OYO Opens 100 Hotels in USA

OYO Hotels & Homes, the world’s third-largest and fastest-growing hotel chain, is excited to announce hitting the milestone of more than 100 hotels in the USA. This is a major landmark for the young hotel startup and a testament to how the company is continuing to maintain its growth momentum. Since formally announcing its presence in the U.S. market in June, it has established itself in more than 60 cities, almost quadrupling its previous portfolio in a short span. The company’s recent foray into Las Vegas, through the partnership with Highgate, to open the doors to its first 657 room flagship OYO Hotel & Casino, has been a key milestone in its growth journey. OYO Hotels & Homes committed $300 million as an initial investment in the U.S. fueling its rapid growt...

Oyo Acquires Las Vegas Hooters Casino Hotel

25Aug By AdityaNo Comments

ACQUISITION

Oyo Acquires Las Vegas Hooters Casino Hotel

Las Vegas, August 23, 2019 — OYO, the world’s third-largest and fastest-growing online hotel booking platform acquires Hooters Casino Hotel. OYO has partnered with Highgate to create its first key flagship property in Las Vegas and name it as OYO Hotel & Casino Las Vegas. Located near the corner of the famed Las Vegas Strip on Tropicana, OYO Hotel & Casino provides 657 rooms across nineteen floors and a 35,000 square-foot casino. Additional amenities include two signature restaurants, four bars, a fitness center, and an outdoor pool. The property will undergo an exciting transformation to be completed this year, which will bring the dynamic OYO brand to life in the most recognizable tourist destination in the world. Highgate will assume management of the hotel, and Para...

OYO founder buy back shares worth $2 bn from early investors

20Jul By PriyankaNo Comments

BUSINESS

OYO founder buy back shares worth $2 bn from early investors

Hospitality firm OYO founder Ritesh Agarwal has signed a deal to buy back shares worth $2 billion (nearly Rs 13,770 crore) from early investors through his Cayman islands-registered entity, RA Hospitality Holdings. Lightspeed Venture Partners and Sequoia India, OYO's early supporters, are selling part of their holdings in order to help the founder increase his stake while remaining invested significantly in the company's long-term mission, OYO said in a statement. "Company's founder and CEO Ritesh Agarwal, through RA Hospitality Holdings (Cayman), has signed $2 billion primary and secondary management investment round, supported by global institutional banks and his financial partners," it added. According to Pixr8 sources, after the entire process is completed, Agarwal's stake in...

OYO acquires Innov8 for $30 million to enter into co-working business

16Jul By PriyankaNo Comments

ACQUISITION

OYO acquires Innov8 for $30 million to enter into co-working business

Hospitality firm OYO announced entry into a new vertical, OYO Workspaces, targeting the co-working opportunity in India with an aim to have 50 centres across the country having a total seat count of around 35,000 by the end of 2019. It also formally announced the acquisition of co-working firm Innov8 during the year. Currently, Innov8 has 16 centres across the country with over 6,000 seats. According to the deal, Innov8 was acquired for around USD 30 million (about Rs 205 crore). The entire team of Innov8 joined OYO as part of the deal. "This alliance will work towards simplifying and strengthening the co-working experience for Indians while tapping the enormous opportunities this space offers," Innov8 founder Ritesh Malik said. The debut of OYO Workspaces follows a multi-bran...

OYO acquires Amsterdam-based Leisure Group for $415 mn

1May By PriyankaNo Comments

ACQUISITION

OYO acquires Amsterdam-based Leisure Group for $415 mn

India's online hotel room booking app OYO has acquired Amsterdam-based vacation rental company Leisure Group from Axel Springer for an estimated $ 415 million (over ₹ 2,885 crore). The acquisition will help OYO in realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry. Leisure Group is a leading vacation rental company in Europe and manages holiday homes, holiday parks and holiday apartments. As part of the deal, Leisure Group CEO Tobias Wann will join OYO’s leadership group as CEO, Vacation Homes, OYO Global, the statement said. Commenting on the development, OYO founder & Group CEO Ritesh Agarwal said, “We see vacation homes as a unique opportunity with 115,000 units of homes now getting added to our already gr...

1Apr By reutersNo Comments

FUNDING

Airbnb invests in OYO’s series E funding round

Home-renting company Airbnb has invested in Indian hotel reservation start-up OYO's series E funding round, as it dives deeper into the hotel-booking business. Airbnb did not disclose the details of its investment in OYO, however, as per sources, the round is close to between $100-$200 million. It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year."Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes..." said Maninder Gulati, global chief strategy officer at OYO Hotels & Home. U.S.-based Airbnb will look at ways to make the OYO accommodation available on its platform, the co...

7Jan By Press Trust of IndiaNo Comments

FUNDING

Indian Startups raise $38.3 bn Funding in 2018: Report

New Delhi: Indian startups are estimated to have raised $38.3 billion in funding in 2018, behind only the US and China, a report by Yostartups said Thursday. Flipkart’s $16 billion deal with American retailer Walmart accounted for the biggest piece of the pie, followed by Swiggy raising about $1.3 billion over three deals, and OYO picking up $1 billion in 2018, the report said. Other big funding deals included those by Paytm Mall ($895 million), ReNew Power ($495 million), Byju’s ($422 million) and Zomato ($410 million). Around 1,000 deals were signed by Indian startups in 2018 with areas like e-commerce, fintech, sustainability and renewable energy, transportation and logistics, health and wellness, and travel and tourism attracting the highest investments, it adde...

OYO Expects to Double Down on Growth in its Home Market

24Dec By Gauri SinghNo Comments

BUSINESS

OYO Expects to Double Down on Growth in its Home Market

OYO Hotels & Homes is “well-capitalised” and will be doubling down on growth in its home market of India. From the ongoing funding round, it plans to invest a fifth, or $200 million, in Asia’s third-largest economy. The SoftBank-backed company, which is in the process of raising $1 billion (Rs 7,000 crore) from a clutch of investors, doesn’t have any plan to raise further capital. “Today, we are committing to invest $200 million in India, with the focus on building strong capabilities that will help us further improve the quality of customer experience in India. We will cross leverage this in other markets as well,” he said. The communique suggests a shift in OYO’s strategy from focusing on profitability — last fiscal year it had cut losses by a third to pushing gro...