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OYO announces leadership team reshuffle
Reading Time: 2 minutesIndia: SoftBank-backed hospitality chain OYO Hotels and Homes has announced a reshuffle in its leadership team, including appointments and promotions in verticals such as technology, supply and product. Leading the way is the appointment of Ankit Mathuria has been appointed as the startup’s new CTO, succeeding Anil Goel in the process. Mathuria brings more than […]
Söderström to invest in OYO and join Vacation Homes board
Reading Time: 4 minutesNew Delhi: OYO and its European business of OYO Vacation Homes [OVH] have announced that Martin HP Söderström has joined the company’s board in the region as a non-executive director. As a mark of his trust and commitment towards the company, Söderström will also be buying shares worth an undisclosed amount in the parent company. Belvilla, […]
OYO launches homestays in Gujarat
Reading Time: 2 minutesIndia: OYO has announced the expansion of its OYO homes brand into Kevadia, Gujarat, in line with the company’s mandate to expand in the region. It has currently opened four home-stays in the district, with plans to open over 20 by the end of the year. The shift is a part of endeavours by the […]
OYO sees booking recovery in USA and Europe
Reading Time: 2 minutesUS: According to the CEO of Indian hospitality chain OYO, Ritesh Agarwal, a recovery is visible in its US and European markets, though holidaymakers are likely to shun large-scales in favour of home rentals and boutique hotels as the Covid-19 pandemic remains in circulation. OYO’s RevPAR is around 92 per cent of pre-coronavirus levels and the brand […]
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 partners with Unilever for sanitising regime
Reading Time: < 1 minuteWorldwide: Global hospitality chain OYO Rooms has announced a partnership with Unilever to enhance the company’s cleanliness and sanitisation regimes. In a joint statement, the two companies announced their partnership would begin in India before moving to Indonesia, Vietnam, the US, Latin America, and then Europe. OYO CEO Ritesh Agarwal told Economic Times India: “We’re pleased […]
Wann steps down as CEO of OYO Vacation Homes
Reading Time: 3 minutesThe Netherlands: Tobias Wann has stepped down as the CEO of OYO Vacation Homes, with COO Raj Kamal taking over the leadership role with immediate effect. Despite the move, Wann will continue to act as a special advisor to OYO’s global vacation rental business. Since Indian hospitality chain OYO Hotels & Homes acquired Dutch vacation […]
OYO to lay off “large majority” of furloughed U.S. employees
Reading Time: 2 minutesUS: Indian hospitality chain OYO is believed to have informed those employees who have been furloughed from the company indefinitely that a “large majority” of them will not be kept on. It follows earlier reports in May that the Softbank-backed budget lodging startup was furloughing the majority of its U.S. and UK-based teams, as occupancy […]
OYO to furlough US and UK staff, considering layoffs
Reading Time: 2 minutesWorldwide: Hospitality chain OYO is planning to furlough the majority of its staff across its non-main markets of the US and the UK. The company said it would place an unspecified number of employees on furlough until lockdown measures were lifted. The company, whose net loss had risen to $335 million by the end […]
OYO announces further furlough round and 25 per cent pay cuts
Reading Time: 2 minutesIndia: Just a fortnight after placing the majority of its employees, or “Oyopreneurs”, on furlough or temporary leave in the United States, United Kingdom and many of the other countries in which it operates, Softbank-backed hospitality chain OYO is furloughing more employees around the world and accepting a 25 per cent pay cut for all […]