OYO Enters Corporate Travel Space With B2B Venture

OYO Founder Ritesh Agarwal To Raise Stake In The Company

SUMMARY

OYO has launched a new B2B venture targeting corporate travel and event planning in India, offering specialised services across its network of over 500 company-serviced accommodations.

This expansion includes personalised offerings such as tailored meal plans, conference setups, and event support, with notable clients like Tech Mahindra and Reliance Group already utilising these services.

The launch is part of OYO's broader strategy to diversify and strengthen its global presence, which includes recent acquisitions and leadership changes, alongside achieving its first profitable year in FY24.

Hospitality major OYO has rolled out a new B2B product, designed to meet corporate travel and event planning needs across India.

OYO’s founder and CEO Ritesh Agarwal made the announcement on social media platform X.

“At OYO, we understand the need for seamless corporate travel and event planning. Whether it’s organising summits, off sites, or business events, our 500+ company-serviced accommodations across India offer special corporate rates—complete with comfortable stays, tailored meal plans, conference setups, and event support,” he said.

Agarwal further added that the B2B arm has executed various events and stays across industries for clients, including Tech Mahindra, JIO Platforms, Cult fit Healthcare, Sun TV Network, V Mart Retail, Devyani International, Aditya Birla Health Insurance Company, India Infoline, and Reliance Group Support Services Private.

Oravel Travel Solutions aims to streamline corporate travel management by offering dedicated support teams that handle check-ins, conference arrangements, and event logistics. It provides access to OYO’s network of over 500 company-serviced properties across India, with features including corporate pricing, customised meal plans, and integrated event management services.

This development comes amid OYO’s push to expand its global footprint. Last month, the company acquired US-based G6 Hospitality, which owns Motel 6 and Studio 6 brands, for $525 Mn.

The startup also strengthened its leadership team this month, with Sonal Sinha appointed as COO of international business and Rachit Srivastava elevated to COO of vacation homes in Europe. Global COO Abhinav Sinha will move to an advisory role from January 2025.

OYO-owned Innov8 has also expanded into managed office spaces, planning to add 4 Mn sq ft across India in three years with an investment of INR 50 Cr.

The hospitality tech company reported its first profitable year in FY24 with a profit of INR 229.5 Cr, compared to a net loss of INR 1,286.5 Cr in FY23. The company raised INR 1,457 Cr in August, led by Singapore-based Patient Capital.

OYO is currently in talks to raise an additional $200 Mn at a valuation between $4.5-5 Bn, while also looking to refinance $450 Mn of its outstanding debt. The startup plans to refile its IPO papers after completing the refinancing of its $660 Mn Term Loan B.