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OYO Hotels & Homes

Jan 20, 2020, 06.04 AM IST

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OYO HOTELS & HOMES

Layoffs, rejig one-time exercise, will be over soon: Oyo CEO

The question that whether some staff members are being asked to go is correct. Over the last one and a half years, there has been an increase in revenue to about 3x, and we had 1-million-plus rooms globally by the end of 2019

Oyo to shut doors on 2,400 Indian staffers, may let go more in March

Layoffs will be in mid-management, business development, sales and opera...

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  • Many hotels have severed ties with Oyo citing alleged discrepancies in contracts and payments.

    The company runs about 800 hotels under a self-operated business model, where it makes investments and has leasing arrangements with property owners. It is likely to phase out contracts under the segment that is not Ebitda-positive by March 31. Plans are also afoot to shut down ancillary businesses that do not post an operating profit by July as per a mandate from SoftBank.

    Gupta is entrusted with the responsibility to strengthen and consolidate existing opportunities in the co-living, student housing, self-operated hotels, and rental homes businesses of the company in India and South Asia under the frontier businesses umbrella.

    ​​Divisions like sales, supply and operations will account for a chunk of the layoffs, sources said.

    As an independent member of the board, Betsy will play a supervisory role and provide guidance to the founder and the management on key business decisions, OYO Hotels & Homes said in a statement.

    The windfall for the fund executives comes on the back of RA Hospitality, a special purpose vehicle domiciled in the Cayman Islands, recently buying Oyo shares worth $1.3 billion from these two venture firms on behalf of Agarwal.

    Oyo's campaign has been conceptualised and conceived in-house under the charge of Mayur Hola, creative head, India, and SE Asia, for the company. The three films shot by Chrome Pictures show different use-case scenarios.

    The unprecedented move has raised eyebrows due to the massive debt financing raised by the entrepreneur by pledging his shares. Founder & CEO Ritesh Agarwal did not say how he would service the debt. When asked if he would opt to refinance the loan, he said that he is focused on building a good business, and if he does, the refinancing will happen.

    Aditya Ghosh, CEO, India & SA, Oyo Hotels and Homes tells Brand Equity’s Amit Bapna why this is the right time for the brand campaign and why new-age brands that challenge legacy businesses are bound to face flak. Excerpts...

    The startup began Kolkata operations in 2015 and has since then expanded its footprint to over 400 plus hotels and 7,000 rooms.

    Ghosh said he will focus on governance, profitability, communications, consumer experience, security and safety

    Atkins, who founded Baja Corp, an early-stage technology, energy and healthcare-focused investment firm in the early 90s, has sat on the boards of corporations like Schneider Electric, Volvo, Polycom and Nasdaq.

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