OYO

About 50 hoteliers protested at OYO’s head office in Patna

Hoteliers say that OYO has not been clearing dues since Jan 2019

This is the third of such protests in a month

Ritesh Agarwal, founder and CEO, said OYO is focused on execution

He said that the team remains fixated on growth

OYO said it has seen a 3.8x YoY growth in revenue in Aug 2019

OYO is India’s largest budget hotel platform and now runs fully-managed hotels as well 

Currently the company’s valuation is estimated to be between $10 Bn and $15 Bn after its latest round 

The company operates in 800 cities across India, China, the UAE, Malaysia, US, Europe, Indonesia and other countries

Hotel partners claim that they have not been paid for 4-5 months

OYO had postponed payment to September 30

Hotel owners also allege that the OYO had been misleading them

OYO and SoftBank Group in Japan has acquired an 80% stake in MDI

OYO will list a section of 37,000 rooms under MDI management on its platform

OYO has existing inventory of more than 2,000 rooms in Japan

The company said it has seen a 3.8x YoY growth in revenue in August 2019

OYO said EBITDA has also improved by 50% on a Y-o-Y basis

Media reports have surfaced that OYO continued to list hotel properties which have asked to not be listed with a "sold out" banner

The flaw was pointed out to OYO by a security researcher in August

The company has confirmed the details of privacy breach in an email to the security researcher

The customer data included booking ID, number of people in the room, phone numbers and location

MakeMyTrip, OYO, Paytm, Swiggy, Zomato and Uber have come together to check online fraud

These companies also shared a database of about 4,000 SIM card numbers with RBI, SBI and telecom companies

The companies have also met senior officials of SBI, Airtel and other stakeholders

OYO LIFE will be managing over 500 beds for the student community

OYO LIFE is competing against players such as Stanza Living, Placio, Oxforcaps etc

OYO was speculated to be in talks to acquire student accomodation of Lovely Professional University

Oravel Stays has set up two new joint ventures with its largest investor, SoftBank

It has also set up a new OYO Financial and Technology Services

Ritesh Agarwal is also director in five other LLPs under OYO’s name

Agarwal said that the company’s distributed leadership has allowed faster decision making

The founder added that OYO has not had to let go of even a single senior leader till date

Agarwal said he would soon be announcing plans to make more meaningful contributions to society

The round may be led by SoftBank

Fresh funds will be used towards massive diversification

Ritesh Agarwal is buying back $1.5 Bn worth shares from existing investors