OYO (company)

OYO (company)

OYO is a south East Asian hospitality company.

OYO is an online marketplace for finding hotels and places to stay for travelers. Founded in 2013 by Ritesh Agarwal, OYO aggregates and standardizes services offered by budget hotels and hostels across India. OYO Hotels and Homes operates India's largest network of hotels.

History

When OYO started, they aimed to solve the problem of standardization of hotel and stay experiences in India. Hotels on OYO are measured in 30 ways, including free wifi, breakfast, flatscreen TVs, spotless white bed linen and threadcount, branded toiletries and shower quality.

In 2019, OYO expanded their services to include OYO Rooms, OYO Collection O, OYO Townhouse, OYO SilverKey, OYO Capital O, OYO Palette Resorts and OYO Life. They launched their services and properties into overseas markets, including the Philippines, Indonesia, Japan, UK and Saudi Arabia. Their expansion included the United States, where they opened 112 hotels across 21 states and 60 cities by July 2019. Part of this expansion was a partnership with Highgate to open the OYO Hotel & Casino in Las Vegas. The casino is a rebranded Hooters Casino Hotel.

During this period of aggressive expansion, Ritesh Agarwal, founder and CEO, proposed a buy back of $1.5 billion of shares from early investors Sequoia Capital and Lightspeed. OYO acquired Danamica, a Europe based machine learning and business intelligence company who specialize in dynamic pricing. OYO suggested Danamica would increase the accuracy of their pricing. The acquisition, and Agarwal's buy back, pushed OYO's late-2019 valuation to $10 billion.

Funding
Series A

In March 2015 OYO raised $24 million. The round was led by Greenoaks Capital and included Sequoia Capital, Lightspeed Venture Partners and DSG Consumer Partners.

Series B

In August 2015 OYO raised $100 million. SoftBank led the round, which saw participation from Sequoia Capital, Lightspeed Venture Partners and Greenoaks Capital.

Series C

OYO secured $250 million in April 2017. The round, led by Softbank, saw participation from other existing investors Lightspeed Venture Partners, Greenoaks Capital and Sequoia Capital.

Series D

In September 2017, OYO raised $250 million through their Series D. Softbank led the round which included participation from Sequoia Capital, Lightspeed Venture Partners, Greenoaks Capital and Hero Enterprise.

Corporate Round

OYO, in September 2017, secured a $10 million investment from China Lodging (formerly known as Huazhu Hotels).

Series E

In September 2018, OYO raised $1 billion in funding. The round was led by SoftBank. Grab, an initially unnamed investor in the round, invested $100 million into OYO. Another confirmed investor of $100 million was Chinese ride-hailing Didi Chuxing. Airbnb was another confirmed investor, at $75 million. This round placed OYO valuation at $4.3 billion.

Timeline

September 2, 2019
OYO acquires Danamica

Danamica is an European data science company that specializes in dynamic pricing for vacation and hotel rentals.

April 1, 2019
Airbnb invests $100m in Indian hotel start-up Oyo
April 1, 2019
OYO raises a $75,000,000 series E round from Airbnb.
September 25, 2018
Series E

OYO has pulled in $1 billion in new funding. The majority of the funding was led by SoftBank’s Vision Fund with participation from Lightspeed, Sequoia and Greenoaks Capital.

September 7, 2017
Series D

OYO has raised $250 million in a Series D financing round led by SoftBank through SoftBank Vision Fund with participation from Sequoia India, Lightspeed Venture Partners and Greenoaks Capital and Hero Enterprise.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
OYO Series F round
1,500,000,000
3 Results
Results per page:
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People

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Further reading

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Airbnb Eyes OYO, Indian Hotel Startup

Web

Documentaries, videos and podcasts

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Companies

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News

Title
Author
Date
Publisher
Description
Press Trust of India
April 8, 2021
@bsindia
OYO said the NCLAT has ordered a stay on the formation of committee of creditors in proceedings under the Insolvency and Bankruptcy Code against its subsidiary Oyo Hotels and Homes Pvt Ltd
Zee News
April 7, 2021
Zee News
Several news reports on Tuesday said that Hospitality firm OYO has applied for bankruptcy under IBC 2016. However, the company s CEO Ritesh Agarwal denied claims via a series of tweets and said that OYO has not filed for bankruptcy.
Press Trust of India
March 17, 2021
@bsindia
India business is EBITDA positive. It has achieved EBITDA break-even from December 2020 and is growing month-on-month
Neha Alawadhi & Samreen Ahmad
March 7, 2021
@bsindia
Zostel could get upwards of $600 million if arbitration goes through
Press Trust of India
January 6, 2021
@bsindia
Hospitality firm Oyo has raised Rs 54 crore from Hindustan Media Ventures as part of Series F1 round
Meghan Morris
January 2, 2021
Business Insider
Big funding and explosive sales growth didn't translate into a path to profits. Startups that burned through cash are now facing a reckoning.
Samreen Ahmad
December 30, 2020
@bsindia
Gandhi Jayanti and Christmas weekends were the countrys favourite holidays to travel in 2020. In December, over 1.7 million people have checked in over the weekends so far
Press Trust of India
December 10, 2020
@bsindia
Agarwal was speaking at the India Symposium 2020, organised by the Institute of Chartered Accountants of India (ICAI) Netherlands Chapter and India Dutch Financial Corridor (IDFC)
Press Trust of India
December 8, 2020
@bsindia
This is in line with the companys efforts to drive technology-enabled synergies and realign of some business functions to other verticals, leading to some redundancies across a few functions
Samreen Ahmad
December 1, 2020
@bsindia
Well look at various things like the market situation, opportunities outside, and so on, and the board will consider and then potentially advise on the timeline, Agarwal said
Manish Singh
December 1, 2020
TechCrunch
India's Oyo has been one of the worst impacted startups with the coronavirus, but it has enough cash to steer through the pandemic and then look at funding further scale, a top executive says. In a townhall with employees last week, Oyo founder Ritesh Agarwal said the budget lodging firm "continued to hold on to [...]
Manish Singh
December 1, 2020
TechCrunch
India's Oyo has been one of the worst impacted startups with the coronavirus, but it has enough cash to steer through the pandemic and then look at funding further scale, a top executive says. In a townhall with employees last week, Oyo founder Ritesh Agarwal said the budget lodging firm "continued to hold on to [...]
Samreen Ahmad
November 24, 2020
@bsindia
Under Olive Residences, the Bengaluru-based company will be taking up existing residential buildings and hotels in partnership with owners for a performance-based management fee
Mihir Dalal
November 19, 2020
DealStreetAsia
The hotel aggregator's $10b valuation looks pricey.
Mihir Dalal
November 19, 2020
DealStreetAsia
The hotel aggregator's $10b valuation looks pricey.
Manish Singh
November 12, 2020
TechCrunch
A Y Combinator-backed startup that is helping major companies efficiently listen to how happy -- or unhappy -- their employees are and resolve their issues on time to retain talent just raised a new financing round from several high-profile executives. InFeedo, a four-year-old people analytics SaaS startup with headquarters in Gurgaon, said on Thursday it [...]
Press Trust of India
November 11, 2020
@bsindia
Read more about Travellers ready to step out; uptick in bookings for destinations: OYO on Business Standard. As India gradually unlocks, more and more people are now ready to step out to explore domestic destinations, and as per OYO's Diwali booking trends, Jaipur, Kerala, Goa, Visakhapatnam and Varanasi are among the top tourist spots.According to data
Press Trust of India
August 20, 2020
@bsindia
Amid a spurt in COVID-19 cases, the Bhubaneswar Municipal Corporation (BMC) has identified several OYO hotel rooms for paid isolation of asymptomatic patients.
Press Trust of India
August 4, 2020
@bsindia
The spokesperson said 12.5 per cent of the total 25 per cent salary cut will be restored from October and the remaining 12.5 per cent from December 2020
Aditi Shah and Anirban Sen | Reuters
April 29, 2020
@bsindia
The hospitality sector has been one of the worst affected by the coronavirus outbreak, with global and domestic travel coming to a near-halt
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References

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