NEW DELHI: Oravel Stays Limited, operator of hospitality brand Oyo Rooms which has a network of budget hotels, reported a 54% year-on-year decline in revenue for fiscal 2020-21 to ₹89 crore. The company reported a net loss of ₹241 crore during the fiscal, lower than ₹326 crore in FY20.
Why is OYO so successful?
OYO Funding Ritesh’s idea made a great impact on investors and has attracted so many of them over the years. After receiving a grant of $100,000 under the Thiel Fellowship, OYO in 2014 raised Rs 4 Crore from LightSpeed Venture Partners (LSVP) and DSG Consumer Partners at a pre-money valuation.
What went wrong with OYO?
OYO also claims to have an annual retention as high as 99.5% across the chain in India & South Asia. Recently, a national level shooter was found dead in an OYO hotel reportedly due to electrocution. On the other hand, an employee in a Gurugram-based OYO hotel was also accused of raping a guest.
How Ritesh Agarwal started OYO?
Agarwal first attempted to combine technology with hospitality in his late-teens, when he launched Oravel Stays, an online portal for guest houses and vacation rentals. While the platform folded, Agarwal maintained the relationships he had formed with hoteliers.
What is the salary of Ritesh Agarwal?
According to the Draft Redding Herring Prospectus Oyo filed on Friday, the salary of the firm’s founder Ritesh Agarwal rose eightfold to Rs 1.62 crore in financial year 2020-21 from Rs 21.5 lakh the previous year.
Is there any age limit for Oyo rooms?
The primary guest must be at least 18 years of age to be able to check into the hotel. The usual standard check-in time is 12 noon. OYO tries to ensure that you can check-in any time after that till your reservation is valid. It is mandatory for all guests to present valid photo identification at the time of check-in.
Who is Ritesh Agarwal net worth?
His net worth in 2020 was estimated to be approximately $1.1 billion (₹7253 crore) according to Hurun Rich List 2020. As of February 2020, he is the second youngest self-made billionaire in the world after Kylie Jenner. He is listed in the Forbes 30 under 30 list for Asia.
What made Ritesh Agarwal successful?
The OYO success story: Ritesh Agarwal world’s youngest self made billionaire after Kylie Jenner. OYO rooms has been one of the most successful start-ups in India being the country’s largest budget hotel chain. Ritesh Agarwal gained enough success by understanding business needs and building something that people want.
What is Ritesh Agarwal business?
Ritesh Agarwal. Founder & CEO, OYO Rooms. New Delhi, India. Consumer Technology. He is the founder and CEO of disruptive hospitality business and app – Oyo Rooms – a network of 2,200 hotels operating in 154 cities across India – with monthly revenues of $3.5m and 1,500 employees.
Will Oyo shut down?
-backed budget hospitality chain permanently closed over 4,000 beds across locations in the previous 2-3 quarters and converted over 1,700 beds to Oyo Rooms, they said. A senior Oyo executive told ET on condition of anonymity that the company was realigning its businesses and had shut down loss-making properties.
Why are hotels leaving Oyo?
As per him, 500-700 hotels have already quit Oyo’s platform, and are now taking bookings independently. The main reasons for which hotels are ditching Oyo Rooms are: non-payment of previous dues, violation of contract terms, stopping minimum income guarantee, threatening legal action and more.
Does Ritesh Agarwal know coding?
The truth is that the early days of Oravel and Oyo were built on a foundation of lies and Ritesh seems to have faked almost everything that stands as his founding pillars, from his education to funding rounds. He knows no coding and has faked almost every credential prior to his funding rounds.
Is Oyo a failure?
Perpetual losses: Oyo may have become a popular platform to book hotel stays; however, the company has a history of net losses every year since its incorporation. The issues between the two companies date back to 2015 after merger talks between Zo Rooms and Oyo failed.
Is Oyo an Indian company?
OYO Rooms (stylised as OYO), also known as OYO Hotels & Homes, is an Indian multinational OTA, homes and living spaces. Founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels.
Can I take a girl to OYO rooms?
No, there is no law that prohibits unmarried couples from staying together or checking-into a hotel.
Can police raid in OYO rooms?
Experts say that under Indian law the police can arrest people for “indecent behaviour” in public spaces, but hotel rooms are private areas. “There is no law that forbids an unmarried couple from checking into a hotel together,” argues an article in the Mint website.
Is OYO safe for hookups?
Yes! Oyo rooms are couple friendly and by regular audits, Oyo captains assure that the couple’s safety and privacy stay in safe hands. All you have to take with is the proper or valid id proof of both because without that hotel manager won’t be able to show check-in on the Oyo platform.
Who is youngest billionaire in India?
A school dropout is today’s India’s youngest billionaire. Nikhil Kamath is the youngest member of Forbes India’s 100 richest 2020 list. He is one of the best traders and a philanthropist who actively supported Bengaluru during the Covid-19 pandemic through a mass feeding programme.
At what age Ritesh Agarwal became billionaire?
At the age of 24, his wealth was estimated at $1.1 Bn (INR 7,800 Cr) in the Hurun Global Rich List 2020. Ritesh Agarwal is the second youngest billionaire after model and entrepreneur Kylie Jenner, who amassed $1.1 Bn at the age of 22. Being a college dropout, Agarwal is also the richest self-made Indian aged under 40.
Who funded Ritesh Agarwal?
startup Agrowave said on Friday it has raised $2 million funding from Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.
Is Ritesh Agarwal vegetarian?
Agarwal, a vegetarian, is fond of south Indian cuisine and had suggested Dakshin, a restaurant in Sheraton, New Delhi, for the lunch. Agarwal’s love for south Indian food is quite striking. He has idlis and dosas for breakfast almost every day.