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Hub AI
Oyo Rooms AI simulator
(@Oyo Rooms_simulator)
Hub AI
Oyo Rooms AI simulator
(@Oyo Rooms_simulator)
Oyo Rooms
OYO Rooms (stylised as OYO), formerly known as OYO Hotels & Homes, is an Indian multinational hospitality chain owned by PRISM which operates leased and franchised hotels, homes, and living spaces. It is headquartered in Gurgaon, Haryana. Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries.
In 2012, Ritesh Agarwal launched Oravel Stays as a budget accommodation listing and booking website, later renamed to OYO in 2013. Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $100,000 as part of the Thiel Fellowship, a two-year program from PayPal co-founder Peter Thiel.
In November 2015, Oyo signed a term sheet to acquire Zostel's Zo Rooms in an all-stock deal which would give Zostel's founders and investors a combined 7% stake in Oyo. In February 2016, Oyo's biggest stakeholder SoftBank announced in its earnings report that the acquisition was completed. However, in October 2017, Oyo stated that the deal was called-off and the "non-binding term sheet" for the deal had expired in September 2016. Zostel claimed that the term sheet was binding and it had transferred its business to Oyo which in turn failed to transfer the 7% stake. In 2018, Zostel approached the Supreme Court of India, which appointed former Chief Justice of India, A. M. Ahmadi as the sole arbitrator to resolve the dispute. In March 2021, Ahmadi ruled that the term sheet was binding and Zostel was entitled to execute the definitive agreements in the contract. In October 2021, Zostel wrote to the Securities and Exchange Board of India, seeking a stay on Oyo's IPO and claiming that Oyo's "capital structure is not final." In February 2022, the Delhi High Court rejected Zostel's appeal for a 7% stake in Oyo.
In March 2016, OYO acquired the team of Qlik Pass, founded by Rahul Gupta and Rishi Swami, to set up and lead its data science department.
In March 2018, OYO acquired Chennai-based service apartment operator, Novascotia Boutique Homes, to establish its presence in the service apartment and corporate executive stay segment. It acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues and vendors.
In 2019, OYO and Airbnb announced a strategic partnership where OYO would list their properties in the Airbnb platform. In March 2019, OYO announced a ₹1,400 crore investment in its India and South Asia businesses. In April 2019, OYO announced a strategic global distribution partnership with Hotelbeds. The company also announced two joint-ventures with SoftBank and Yahoo! Japan in 2019. In May 2019, OYO announced the acquisition of Amsterdam-based @Leisure Group, a European vacation rental company, for $415 million. In July 2019, OYO announced the acquisition of Innov8, a co-working space in New Delhi. The same year OYO bought a Danish vacation home rental company, DanCenter.
In August 2019, OYO made its first major investment in the United States by purchasing the Hooters Casino Hotel, near the Las Vegas Strip, in partnership with US-based real estate company Highgate, for $135 million. In September 2019, Oyo announced the acquisition of the Copenhagen-based data science firm Danamica for $10 million.
In June 2021, OYO Rooms collaborated with Yatra, Airbnb, and EaseMyTrip to form the Confederation of Hospitality, Technology and Tourism Industry (CHATT), an industry body for the tourism sector of India.
Oyo Rooms
OYO Rooms (stylised as OYO), formerly known as OYO Hotels & Homes, is an Indian multinational hospitality chain owned by PRISM which operates leased and franchised hotels, homes, and living spaces. It is headquartered in Gurgaon, Haryana. Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries.
In 2012, Ritesh Agarwal launched Oravel Stays as a budget accommodation listing and booking website, later renamed to OYO in 2013. Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $100,000 as part of the Thiel Fellowship, a two-year program from PayPal co-founder Peter Thiel.
In November 2015, Oyo signed a term sheet to acquire Zostel's Zo Rooms in an all-stock deal which would give Zostel's founders and investors a combined 7% stake in Oyo. In February 2016, Oyo's biggest stakeholder SoftBank announced in its earnings report that the acquisition was completed. However, in October 2017, Oyo stated that the deal was called-off and the "non-binding term sheet" for the deal had expired in September 2016. Zostel claimed that the term sheet was binding and it had transferred its business to Oyo which in turn failed to transfer the 7% stake. In 2018, Zostel approached the Supreme Court of India, which appointed former Chief Justice of India, A. M. Ahmadi as the sole arbitrator to resolve the dispute. In March 2021, Ahmadi ruled that the term sheet was binding and Zostel was entitled to execute the definitive agreements in the contract. In October 2021, Zostel wrote to the Securities and Exchange Board of India, seeking a stay on Oyo's IPO and claiming that Oyo's "capital structure is not final." In February 2022, the Delhi High Court rejected Zostel's appeal for a 7% stake in Oyo.
In March 2016, OYO acquired the team of Qlik Pass, founded by Rahul Gupta and Rishi Swami, to set up and lead its data science department.
In March 2018, OYO acquired Chennai-based service apartment operator, Novascotia Boutique Homes, to establish its presence in the service apartment and corporate executive stay segment. It acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues and vendors.
In 2019, OYO and Airbnb announced a strategic partnership where OYO would list their properties in the Airbnb platform. In March 2019, OYO announced a ₹1,400 crore investment in its India and South Asia businesses. In April 2019, OYO announced a strategic global distribution partnership with Hotelbeds. The company also announced two joint-ventures with SoftBank and Yahoo! Japan in 2019. In May 2019, OYO announced the acquisition of Amsterdam-based @Leisure Group, a European vacation rental company, for $415 million. In July 2019, OYO announced the acquisition of Innov8, a co-working space in New Delhi. The same year OYO bought a Danish vacation home rental company, DanCenter.
In August 2019, OYO made its first major investment in the United States by purchasing the Hooters Casino Hotel, near the Las Vegas Strip, in partnership with US-based real estate company Highgate, for $135 million. In September 2019, Oyo announced the acquisition of the Copenhagen-based data science firm Danamica for $10 million.
In June 2021, OYO Rooms collaborated with Yatra, Airbnb, and EaseMyTrip to form the Confederation of Hospitality, Technology and Tourism Industry (CHATT), an industry body for the tourism sector of India.