OYO HOTELS
Coforge-Cigniti merger; Oyo acquires G6 Hospitality
Happy Tuesday! Coforge and Cigniti Technologies move closer to a merger. This and more in today¡¯s ETtech Morning Dispatch.
Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million
Oyo has acquired G6 Hospitality, including Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million. This acquisition will boost Oyo's earnings and expand its North American presence. Oyo's founder Ritesh Agarwal is increasing his stake in the company. The startup also reported its first profit and continues to grow in key markets.
Electronics sales on q-comm; Oyo acquires G6 Hospitality
Consumers are now shopping for electronics on quick commerce platforms. This and more in today¡¯s ETtech Top 5.
Staycation: India¡¯s untapped goldmine for quick getaways and digital detoxes
The staycation industry, a niche within the leisure sector, is experiencing growth, with a projected market revenue of $758 million by 2033. Appealing particularly to the 25-34 age group, staycations offer escapes and digital detox opportunities close to home. However, India lacks sufficient 'holiday infrastructure' outside traditional tourist spots and hotels.
OYO opening new hotel in Rajasthan every 2-3 days; to set up back office for overseas biz: CEO Ritesh Agarwal
OYO is rapidly expanding in Rajasthan, adding a new hotel every few days and establishing a back office to support its international operations. The company's CEO, Ritesh Agarwal, anticipates a record-breaking winter tourism season, citing post-pandemic travel demand and consistent growth in the hotel industry.
Moody's upgrades OYO parent Oravel Stays rating; outlook stable
Moody's Ratings has upgraded the corporate family rating (CFR) of Oravel Stays Limited -- travel tech platform OYO's parent firm -- and the rating on the senior secured term loan issued by its wholly-owned subsidiary OYO Singapore to B2 from B3, and maintained the stable outlook.
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Oyo parent, Oravel launch premium hotels in UK & Middle East
Oyo's parent company, Oravel Stays Limited, launched its premium hotel brand, SUNDAY, in the UK and Dubai. The UK property, a restored historic building near Canary Wharf, joins existing SUNDAY locations in India. Oravel plans further SUNDAY expansion in Dubai and other global destinations, targeting both leisure and business travelers.
OYO group's premium hotel brand 'SUNDAY' opens first property abroad
OYO's parent company, Oravel Stays, has expanded its luxury hotel brand, SUNDAY, to the UK and UAE. The first international SUNDAY properties include a restored historic building near London's Canary Wharf and a hotel in Dubai.
Apple supplier Jabil eyes expansion; Ixigo, Go Digit financials
Apple supplier Jabil plans to expand operations in India, one of the world's fastest-growing markets for iPhones. This and more in today¡¯s ETtech Morning Dispatch.
Oyo registers Rs 158 crore net profit in July-Sept quarter
The hospitality company had made a loss of Rs 50 crore in the same period last year. Its emphasis on premiumisation through the launch of company-serviced hotels under its Townhouse banner, and other hotel brands, helped the Gurugram-based company add to Q1 profit of Rs 132 crore.
ET Startup Awards 2024 | Ten years on, Startup Inc¡¯s raring to rev it up to 110%
New economy champions, brightest investment minds & policy makers see the ecosystem growing, maturing and evolving to global standards. The 10th edition of The Economic Times Startup Awards showcased the optimism and potential of the Indian tech industry. Government support, with policies favoring innovation and AI democratization, is expected to fuel this growth. Key industry leaders expressed confidence in India's ability to produce large-scale, globally competitive companies.
Court comes down heavily on Bailiff who sealed Oyo's office, says action is illegal
Oyo's Ahmedabad office was sealed due to a warrant favoring a hotelier over unpaid dues but was reopened following a court ruling that deemed the distress warrant invalid. Oyo reported a net profit of Rs 229 crore for FY 2024, with significant growth in its hotel and vacation home portfolio.
AAHOA Welcomes OYO's Acquisition of G6 Brands
With an estimated 98% of G6 Hospitality properties owned by AAHOA Members, this landmark deal marks a promising opportunity for continued growth, collaboration, and innovation in the budget hotel sector.
OYO estimates EBITDA to cross Rs 2,000 cr in FY26 with Motel 6 acquisition
OYO's EBITDA is projected to exceed Rs 2,000 crore by 2025-26, driven by the acquisition of Motel 6. The travel tech company expects Motel 6 to contribute over Rs 630 crore to its EBITDA in the next financial year. OYO plans to refile its IPO papers with SEBI after refinancing a USD 450 million loan at a lower interest rate.
HC directs travel portals to take down listings by 'orchid' infringer
The Bombay High Court has ordered online travel portals like Makemytrip and Agoda to remove listings of a company allegedly infringing Kamat Hotels' trademark 'The Orchid'. Kamat Hotels claims that Orchid Service Apartment is using a similar name, causing confusion. The case will be heard further on October 10.
Blackstone sells US motel chain G6 Hospitality to Oyo in $525 million all-cash deal
Private equity giant Blackstone said the deal is expected to close before the end of the year, and would include the chain's offshoot hotel brand, Studio 6. ¡°This acquisition is a significant milestone for a startup company like us to strengthen our international presence,¡± said Gautam Swaroop, chief executive of Oyo International.
Oyo snaps up US chain Motel 6 in $525 million all-cash deal, eyes overseas expansion
OYO, the travel tech platform, is set to acquire American budget hotel chain Motel 6 and Studio 6 brands from Blackstone Real Estate for USD 525 million. The acquisition aims to expand OYO's presence in the US. The deal is expected to close in the fourth quarter of 2024, subject to customary conditions.
M3M India sighs MoU with parent company of Oyo to expand Sunday hotel across India
Realty developer M3M India and Oravel Stays, the parent company of OYO Hotels & Homes, have signed an MoU to expand the Sunday hotel brand in India. The first project will be a 220-key hotel at M3M SkyLoft, Gurugram, spanning 1.67 lakh square feet. Located near Cyber City 2, this hotel aims to attract business travelers and conference attendees.
Oyo projects three-fold rise in FY25 PAT at Rs 700 crore
According to founder and CEO Ritesh Agarwal, Oyo achieved a net profit (PAT) of about Rs 132 crore in Q1 FY 2025, a turnaround from the Rs 108 crore loss reported for the same quarter of the previous fiscal year.
Oyo reports first-ever PAT of Rs 229 crore
OYO Net Profit: Oyo announced its first-ever profit after tax of Rs 229 crore for FY24, driven by consecutive growth in Adjusted EBITDA. The company expanded globally, notably in Europe and the US. Acquisitions included Paris-based Checkmyguest group. Oyo's inventory increased significantly, reaching 18,103 hotels by the end of FY24.
Oyo parent Oravel Stays plans to open 25 premium hotels this fiscal
Oravel Stays, the parent company of OYO, announced plans to expand its premium SUNDAY Hotels brand with 25 new openings across Gurgaon, Manesar, and Corbett this financial year. Currently, SUNDAY Hotels operate in Jaipur, Vadodara, and Chandigarh, aiming to offer guests proximity to business districts and cultural landmarks.
SUNDAY Hotel to open 25 premium hotels in India in by March 2025
SUNDAY Hotels, a premium brand of hotels was originally launched in May 2023 through a joint venture between the Softbank Group and Oravel Stays, the parent company of Oyo. The first SUNDAY hotel was launched in Jaipur followed by Vadodara and Chandigarh.
OYO opens first luxury hotel in Dubai, eyes boosting premium property portfolio
OYO announced the opening of its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa, targeting Indian tourists after Dubai's visa policy change.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Oyo may back out of IPO plan, opt for private raise
In a response to emailed queries by ET, Oyo said the information is inaccurate. Oyo¡¯s first public offer filing was returned by the markets regulator in January 2023, requiring the SoftBank-backed firm to refile its draft red herring prospectus (DRHP) with updates and revisions. The startup then made a confidential pre-filing with Sebi for a significantly smaller-sized IPO.
Oyo expects consistent PAT rise in upcoming quarters, CEO Ritesh Agarwal tells employees
Agarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday.
Oyo to add 750 hotels on its platform in next three months to tap peak travel season
Oyo said its key focus markets are Goa, Jaipur, Mussoorie, Rishikesh, Katra, Puri, Shimla, Nainital, Udaipur, and Mount Abu for the new hotels addition.
Oyo to report maiden net profit of Rs 16 crore in ongoing quarter
In an email to the company¡¯s top management, Agarwal said Oyo has published its annual accounts for FY23 and that it has achieved operational profitability in FY23, clocking an adjusted Ebitda of Rs 277 crore.
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