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The German lender is providing a three-year bullet loan of about $150 million
A Bengaluru resident took to X to share that he had checked into an Oyo Hotel to beat the scorching heat in the city. 'Looks like Bangalore weather decided to level up from chill to grill. Can't survive without AC anymore. Checked into @oyorooms as a refugee,' he wrote in his post.
The once-high-flying company is preparing to file a fresh initial public offering document as soon as this week, two people familiar with the matter told Bloomberg.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter rose to 560 million rupees from 70 million rupees in the first quarter.
The board of Oyo, formally known as Oravel Stays Ltd., talked through a change in the offering’s timing during multiple meetings last week and earlier this week after consulting with its bankers and investors.
Oyo cut losses to Rs4,000 crore in FY21 from about Rs11,100 crore the previous year as it reinvented itself from an online, budget hotel chain to a technology-driven, highly scalable hospitality consultant. But there are problems, too
The NCLT plea had been filed by a Gurgaon hotelier, who had accused the company of defaulting on payments and violating an agreement. The NCLAT ruling has now halted a ruling by the Ahmedabad bench of the NCLT initiating corporate insolvency proceedings against the subsidiary, OHHPL.
Oyo's business in Latin America, known as Oyo Latam, on Wednesday said it was moving to a digital-only model, and that the changes would require laying off nearly its entire staff.
Ritesh Agarwal said Oyo's focus is on getting revenue for per available room to 60-80 percent of pre-COVID-19 pandemic levels across all markets, and India, China, Japan, and Southeast Asia are making progress in reaching that range
A Chandigarh-based hotelier has in an FIR against OYO that the company's top management abruptly wriggled out of a business agreement illegally and with criminal intent.
The hotel is now seeking relief and is requesting for a compensation of Rs 75 lakh from Oyo Hotels & Homes
Oyo has re-started operations in 20 states and union territories after lockdown restrictions were lifted
"OYO Hotels are offering free stays to our amazing medical professionals and first responders fighting this virus on the frontlines. These kinds of impactful acts of benevolence are what help keep this Nation and our world #TogetherApart," 38-year-old Ivanka, the first daughter, tweeted.
Employees ranging from executives to managers are being fired, with around 60 from the company's Delhi and Gurugram offices being the first to be laid off
