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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

July 16, 2021
OYO Hotels and Homes Ltd. raises debt funding worth $660,000,000 from global institutional investors including Fidelity Investments.
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

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Further reading

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Airbnb Eyes OYO, Indian Hotel Startup

Web

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News

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Business Desk
July 21, 2021
News18
Oyo has become one of the first Indian start-ups to raise $660 million from its global institutional investors via the TLB funding route.
Business Desk
July 21, 2021
News18
Oyo has become one of the first Indian start-ups to raise $660 million from its global institutional investors via the TLB funding route.
FinSMEs
July 19, 2021
FinSMEs
About | Advertise | Contact | Disclaimer | News | The Daily Deal Newsletter FinSMEs.com by FinSMEs is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
July 16, 2021
Moneycontrol
In an interaction with Moneycontrol, group chief financial officer Abhishek Gupta talks about the structure of debt financing which is new to the Indian market, company's IPO plans and market recovery expectations among other things.
July 16, 2021
mint
OYO said the deal was 'upsized and increased by 10 per cent to USD 660 million, the company's fundamentals yielded strong interest from investors despite the virus surge'
Zee News
July 16, 2021
Zee News
OYO on Friday (July 16) announced that it has raised a TLB (Term Loan B) funding of $660 million from global institutional investors.
Press Trust of India
July 16, 2021
@bsindia
Hospitality firm OYO on Friday said it has raised TLB funding of $660 million from global institutional investors and the capital will be used for paring debt and other business investments
Neha Alawadhi
July 7, 2021
@bsindia
NCLAT has closed proceedings for insolvency of Oyos subsidiary Oyo Hotels and Homes Private Limited and allowed Oyos plea for setting aside the Insolvency and Bankruptcy Code case against OHHPL.
July 7, 2021
mint
The NCLAT today passed an order concluding the ongoing insolvency case against OYO's subsidiary OYO Hotels and Homes Private Limited, OYO said.The appellate tribunal's order disallowed the intervention of external parties, including Federation of Hotel & Restaurant Associations of India, it adds
June 9, 2021
Moneycontrol
The association will help small and medium hotels and homeowners across India to adopt technology to revive their pandemic-hit businesses. It also plans to promote new formats of tourism.
Neha Alawadhi
June 6, 2021
@bsindia
Rakesh K Yadav says he got Rs 16 lakh as part of settlement
Neha Alawadhi
May 22, 2021
@bsindia
The company said $600 million in a TLB structure will service its existing loans, which are on higher interest rates.
Neha Alawadhi
May 20, 2021
@bsindia
Moodys CFRs are opinions of a corporate familys ability to honor all of its financial obligations
Neha Alawadhi
May 20, 2021
@bsindia
Moodys CFRs are opinions of a corporate familys ability to honor all of its financial obligations
Bloomberg
May 20, 2021
@bsindia
Funds sought by hotel startup to bolster balance sheet, service older loans
Staff Writer
May 19, 2021
mint
Adding that the battle against COVID-19 is far from over, Ritesh Agarwal said he hopes the initiatives will help ease out the difficulties for the families
May 17, 2021
mint
The tribunal has also allowed the FHRAI to make its oral submissions on June 2, 2021
Zee News
May 12, 2021
Zee News
OYO has announced a four-day week and a 'no reasons asked infinite paid leaves for its employees, but with a catch.
Saumya Tewari
April 17, 2021
mint
The ad reminds that Team India is currently playing Olympic champions Argentina in Argentina.The hockey ad is a part of series which will unfold through the seven weeks of the IPL
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
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References

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