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SoftBank executives to prop up OYO’s ailing Japanese business
Reading Time: 2 minutesJapan: SoftBank Group Corp. has appointed two executives to prop up OYO in Japan, one of the prized startups in its portfolio, where the hospitality chain has had to merge its hotel booking and apartment rental units as part of its cost-cutting measures. SoftBank executive vice president, Eric Gan, and its Vision Fund investor, […]
OYO valuation reportedly drops to $8 billion
Reading Time: 2 minutesIndia: Hospitality unicorn OYO has reportedly seen its value drop from $10 billion [at the time of its last known valuation in November 2019] to $8 billion, as reported by The Hurun Global Unicorn Report 2020. The chain’s valuation had shot up to $10 billion in November as a result of CEO and founder, Ritesh […]
OYO to combine hotel and residential divisions in Japan
Reading Time: 2 minutesJapan: SoftBank-backed hospitality chain OYO is to merge its short-term residential and hotel divisions in Japan in the latest stage of its business restructuring due to the coronavirus pandemic. Pre-pandemic, OYO had expanded its portfolio to operate over 35,000 hotels and 125,000 vacation homes, including more than 1.2 million rooms in 80 countries and 800 […]