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OYO Acquires Mumbai Based IoT Startup AblePlus

11Jul By Gauri SinghNo Comments

ACQUISITION

OYO Acquires Mumbai Based IoT Startup AblePlus

The pocket-friendly hospitality chain OYO has announced a new acquisition. The company has taken over an Internet of Things (IoT) technology company known as AblePlus Solutions Pvt. Ltd for an undisclosed amount. After this acquisition, the hospitality startup will be bringing in IoT into the basic zones of their hotel management system. The main purpose of this acquisition is to enhance its technology portfolio with the help of artificial intelligence and much more. OYO objects to create a sustainable ecosystem through technology and artificial intelligence for managing hotels and assets as stated by the company. Anil Goel, OYO Chief Technology Officer said, "With the introduction of IoT into the basic precincts of hotel management, we aim to enhance customer and partner experienc...

OYO to Invest US$20 Million to Fuel its Malaysian Expansion

30Jun By Lavina TolaniNo Comments

BUSINESS

OYO to Invest US$20 Million to Fuel its Malaysian Expansion

India’s largest budget hotel network and hospitality chain, OYO Hotels is gearing up to expand its operations in Malaysia and has committed an initial capital of US$20 million for the expansion. The company has plans to expand its Malaysian team from 50 to 500 employees where the leadership and employees will comprise of Malaysian locals. Commenting on the recent development, Abhinav Sinha, chief operating officer, OYO Hotels said, OYO plans to create more than 5,000 new jobs in Malaysia over the next few years, and achieve “twenty-fold increase” by onboarding 1,000 hotels over the next 12 months. We are looking to expand into Sarawak, adding on to the list of 50 hotels it has across major cities in Malaysia, including Kuala Lumpur, Penang, Langkawi, Johor and Melaka. According to Sin...

OYO Makes Entry Into The Wedding Space Through Auto Party

30Jun By Gauri SinghNo Comments

BUSINESS

OYO Makes Entry Into The Wedding Space Through Auto Party

India’s largest hotel network OYO has now made an entry into the fragmented marriages and wedding space business in the country with the help of its separate website called Auto Party. The Auto Party website enables the customers to make use of banqueting and wedding planning services provided by the company. Now, the company is planning to provide united services such as banqueting space, catering services and decoration as well as devoted event planners for the customers integrated under the OYO mobile application. “We were doing a lot of word of mouth MICE events in our hotels and a lot of people used to come to us and ask for bigger spaces for hosting events like marriages. In the existing banquets, the entire experience for customers was very much broken. The banquets were not pro...

Softbank Backed OYO To Enter China With All The Support

21Jun By Gauri SinghNo Comments

News

Softbank Backed OYO To Enter China With All The Support

The Gurugram-based online hospitality company OYO is now officially entering the Chinese market. OYO is a Softbank backed firm and China is its third international destination after Malaysia and Nepal. The investor of OYO that is Softbank is showing high hopes and support in favour of the hospitality company. SoftBank Group’s chairman and chief executive Masayoshi Son addressed OYO Hotels as the ‘next generation hotel company using the internet service’. He is also determined to bolster up OYO hotels in China through a joint venture.” “I would really like to introduce this (OYO Hotels) company to all of you. The founder (Ritesh Agarwal), as of today, is only 23 years old. He founded the company when he was only 19 years old. Only four years have passed but it is growing exponentially,”...

OYO Acquires Chennai based Startup in all Cash Deal

19Mar By Sheldan RungasamyNo Comments

ACQUISITION

OYO Acquires Chennai based Startup in all Cash Deal

OYO, the network of budget hotels recently made the acquisition of Chennai-based service apartment operator Novascotia Boutique Homes, which moreover marks the company’s first major takeover and proves its dominance in the market they operate. The deal’s negotiations begun in last October and materialized last month. Despite OYO company executives’ opting to keep the financial details of the deal confidential, the company backed by SoftBank Group is rumored to have struck the Novascotia acquisition at around $1 million. This deal is a significant landmark for the Gurgaon-based company as it marks its first all-cash deal for a brick-and-mortar company. Previously, OYO began negotiations to acquire smaller competitor Zo Rooms, but wrote off the deal in October 2017 after finding out th...

OYO Narrowed Losses by 27%, Witnessed Seven Times Revenue Growth In 2017

28Dec By NitishNo Comments

BUSINESS

OYO Narrowed Losses by 27%, Witnessed Seven Times Revenue Growth In 2017

Online hotel booking startup OYO has narrowed its losses by 27 per cent to Rs 363.7 crore in 2016-17, mainly on account of a high degree of operating leverage in the business model. The company's losses were at Rs 496.8 crore during FY16, OYO said in a release issued here. OYO has witnessed seven times revenue growth at Rs 125 crore in FY17 compared to Rs 17 crore during 2015-16. The revenue growth has been fueled by more than two times growth in room nights and significant improvement in commissions, the company said. OYO continue to focus on steady business growth by making strategic investments in building capabilities, partner relations and market expansion. "2017 has been a watershed year for us. We steered our growth trajectory by upgrading and bringing beautiful living-s...

Goldman Sachs Puts $25 Mn In Budget Hotel Aggregator FabHotels

26Jul By AnkitaNo Comments

FUNDING

Goldman Sachs Puts $25 Mn In Budget Hotel Aggregator FabHotels

Budget Hotels Chain FabHotels has recently raised an amount of $25 Mn in a Series B funding round led by Goldman Sachs, an American multinational finance company, that backed the likes of Uber and Spotify. Started in 2014 by Vaibhav Aggarwal and Adarsh Manpuria, FabHotels is a branded budget hotel aggregator wherein it partners with smaller hotels for providing standardized services to budget travelers. (more…)

Oyo Launched Its Operation in Nepal, Target to Acquire 100 Properties in This Year

24May By AnkitaNo Comments

News

Oyo Launched Its Operation in Nepal, Target to Acquire 100 Properties in This Year

Budget hotel platform Oyo has forayed into Nepal with a target of on-boarding 100 properties by the end of this year. The room aggregator, which opened its first property here, is also looking to roll out its Townhouse brand in the Himalayan nation, which of late is witnessing a tourist influx after a back-breaking earthquake in 2015. According to official statistics, of the 174,803 tourists who visited Nepal in 2016, most were from India. The entry into Nepal comes on the heels of its foray in Malaysia. The plan is to set up 100 Oyo hotels in Nepal this year. While its basic model is meant for the value- and cost-conscious traveller, Townhouse caters to those who do not mind paying slightly more for a better service. "Our core premise is right pricing and right location wit...