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Microsoft in talks to invest in OYO ahead of IPO
Reading Time: 2 minutesIndia: Global tech corporation Microsoft is in advanced talks to invest strategically in hospitality chain OYO ahead of a proposed IPO for the Indian startup. It is believed that Microsoft would value OYO at around $9 billion, a valuation which has fluctuated between $10 billion and $3 billion over the last two years, and an agreement […]
OYO secures $660m loan after “strong” investor interest
Reading Time: 2 minutesIndia: Softbank-backed hospitality chain OYO has secured a $660 million loan from global institutional investors, claiming that the offer was oversubscribed by 1.7 times. The deal came in the form of a Term Loan B [TLB], or institutional term loan, including nominal repayment over five to eight years, and was arranged predominantly by JP Morgan, Deutsche Bank, and Mizuho […]
Airbnb and OYO join forces for new industry organisation
Reading Time: < 1 minuteIndia: Travel brands Airbnb, EaseMyTrip, OYO and Yatra have joined forces to form a new industry association in India to help small companies and travel and hospitality technology players. The Confederation of Hospitality, Technology and Tourism Industry [CHATT] has been created to promote domestic travel in India, aid digital transformation, act as a thought leader […]
Vista Rooms raises $1.37m in funding
Reading Time: 2 minutesIndia: Luxury holiday home brand Vista Rooms has raised Rs 10 crore [approximately US$1.37 million] in funding led by DSG Consumer Partners, with participation from CA Holdings, Artha India Ventures and Everest Flavours founder Anand Ladsariya. Founded in 2015, Vista Rooms manages a portfolio of around 400 privately owned luxury villas, holiday homes and homestays […]
Oxford Economics: Airbnb contributed $320m to Indian economy in 2019
Reading Time: 2 minutesIndia: Airbnb contributed over US $320 million [INR 22 billion] to India’s Gross Domestic Product and supported close to 50,000 local jobs in 2019 alone, according to the Oxford Economics’ The Economic Impact of Airbnb in India report released this week. The landmark report explores the total economic impact of Airbnb in India between 2015 and 2019. The […]
OYO appoints new independent board member
Reading Time: 2 minutesIndia: Hospitality chain OYO Hotels and Homes has appointed a new independent member of its board of directors. Troy Alstead, former COO of Starbucks and current board member of Topgolf, Harley-Davidson and Levi Strauss and Co, will join in a supervisory manner, providing advice and guidance to the founder. Alstead began working for Starbucks in […]
OYO founder Agarwal to forego 100 per cent of annual salary
Reading Time: 2 minutesIndia: Ritesh Agarwal, founder and group CEO of OYO Hotels & Homes, has announced that he is foregoing 100 per cent of his salary for the rest of the year as the company seeks to unite in the face of the impact of Covid-19 on the global travel and hospitality industry. Furthermore, OYO’s entire executive […]
Indian e-commerce tax set to affect online platforms
Reading Time: 2 minutesIndia: An amended finance bill, passed in parliament on Monday, may increase prices for Indian users of major e-commerce platforms. The bill, which comes into effect on 1 April, adds a two per cent equalisation levy on any foreign companies making digital sales. Notable firms which will be hit include Netflix, Booking.com and Airbnb. The […]
Mumbai-based rental platform Azuro acquired by Square Yards
Reading Time: 2 minutesIndia: Mumbai-based short-term rental platform Azuro has been acquired by real estate brokerage firm Square Yards, which is backed by Reliance Group. Azuro, which was founded in 2016 by Altaf Ahmad, Sushant Kumar, Sudhanshu Mishra, Ayush Agrawal and Vishal Chauthmal, specialises in offering rental and property management solutions by helping hosts to find tenants, as […]
OYO announces layoff round in India and China
Reading Time: 2 minutesIndia: Franchised short-term rental and hotel startup OYO has announced a significant layoff round, letting go of thousands of their employees across the core markets of India and China. The company has announced a five per cent layoff of its 12,000 staff members in China, and 12 per cent of its 10,000 employees in India, […]