Tag: OYO

Exclusive: SoftBank partners with India’s Oyo in Latam in move for more oversight

By Carolina Mandl, Aditi Shah and Anirban Sen SAO PAULO/NEW DELHI/BENGALURU: SoftBank Group is taking a direct role in managing its virus-hit hospitality startup Oyo’s operations in Latin America through a joint venture which will control all hotels in the region, the head of Oyo Brazil told Reuters in an interview on Friday. SoftBank, the […]

OYO suspends payment of monthly revenue to hotels; invokes force majeure

NEW DELHI: Hospitality firm OYO said it is suspending payment of monthly benchmark revenue to its hotel partners as it is finding impossible to discharge its obligations under the master service agreement due to Covid-19 pandemic. In light of this pandemic and various restrictions issued by the governmental authorities, your hotel’s revenue has been significantly […]

Delhi High Court restrains hoteliers associations from boycotting OYO

NEW DELHI: The Delhi High Court has restrained various hoteliers welfare associations from issuing any notices or boycotting and banning hospitality company OYO. The court, in an interim order, said it appeared that the act of hotelier associations was pushing other hoteliers and service providers to act in breach of contract between them and Oravel […]

Airbnb invests $200 million in OYO for Indian mart

NEW DELHI: SoftBank-backed OYO has raised funding from the US-based online accommodation platform Airbnb, a move that will provide the Indian hospitality chain more ammunition to stren-gthen its presence in the Indian and global markets. The investment details were, however, not disclosed. According to sources, Airbnb is pumping in between $100-200 million (about Rs 690-Rs […]

OYO appoints Rohit Kapoor as CEO of new real estate business

NEW DELHI: Hospitality firm OYO on Tuesday said it has appointed Max Healthcare Executive Director Rohit Kapoor as the chief executive officer (CEO) of its new real estate businesses, effective 6 December. Kapoor will be entrusted with the responsibility to drive new real estate business opportunities which will include exploring new domains and categories and […]

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