The start-up that changed the staying concept forever.
OYO Rooms, commonly known as OYO Hotels & Houses, is an international hospitality brand based in India that operates leased and franchised hotels, homes, and living spaces. Ritesh Agarwal established Oravel Stays in 2012 to promote the listing and booking of low-cost hotels and in 2013, he renamed the company OYO which initially consisted primarily of low-cost hotels. It has over 43,000 hotels and 1 million rooms in 800 cities across 80 countries as of January 2020.
Deepa Malik, a Paralympian, was named as an independent director on OYO’s Board of Directors in October 2021. Former State Bank of India (SBI) Chairman Rajnish Kumar joined OYO as a strategic group advisor in December 2021.
The primary Goal
OYO is an international platform that provides full-stack technology that enhances earnings and simplifies operations for entrepreneurs and small enterprises with hotels and residences—providing inexpensive and dependable lodging that customers may book promptly. Over 157k stores use this technology worldwide to increase sales.
Establishing an online presence across several platforms, reaching more guests, maximizing their experience, ensuring smooth operations, and creating a brand beloved by tourists and city people are some of the goals they strive to achieve.
The most awaited IPO
Oyo Rooms filed a Draft Red Herring Prospectus (DRHP) for its $1.1 billion initial public offering (IPO) in September 2021. SEBI has yet to approve the company’s first public offering (IPO). COVID restrictions seriously harmed OYO’s business strategy. Oyo’s IPO was among the most anticipated if COVID had not happened.
However, travel demand is rapidly increasing. If OYO goes public in the first half of next year or early next year, its valuation will likely be significantly higher. As a result, the company’s IPO will likely take place in 2023 rather than in 2022.
If the IPO proceeds occur, they will utilize them to reduce the company’s debt and other corporate purposes. Soft Bank owns 46.62% of Oyo. Ritesh Agarwal, the company’s founder, and CEO, owns 8.21% of the stock.
Beginning with a single place, OYO has come a long way to launching its IPO. After the first funding, it became a cost-effective option for many. Entering the international markets, both spaces and associated homeowners both a business proposal.
They expanded with the current trends and requirements of the markets by launching an app and starting up places like workspaces and vacation homes.
OYO is an international platform that assigns entrepreneurs and small businesses that operate hotels and homes by providing them with full-stack technology products and services that increase revenue and ease operations while providing customers around the world with easy-to-book, affordable, and trusted accommodations.