Friday, December 01, 2023
Outlook India
Outlook Business

Ritesh Agarwal

The program will focus on high-traffic metros such as Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, Goa, Chennai, and others

The new hotels will be strategically located near the stadiums, ensuring ease of access for cricket fans traveling from around the world to witness their favourite teams in action, OYO said in a statement

Gangtok, Darjeeling, and Shillong in the East; and Lonavala and Mahabaleshwar in the West will also see new OYO hotels, it added

H World Group (HWG), which held 0.78 per cent shareholding in Oravel Stays Ltd runs OYO, sold around one crore shares to a clutch of UAE-based family offices and institutional investors in a series of transactions

The company estimates that the addition of new markets will add over 5,000 listings to the online wedding planning platform. It presently has over 35,000 banquet/venue listings and other related ancillary services on the platform

The company attributed the growth to the travel resurgence in India over the last few years, that widened business opportunities for travel agencies.

At present, the company has 40 hotels in Rishikesh, Haridwar, Srinagar (Uttarakhand), Kedarnath, Joshimath, and Uttarkashi, which will be doubled to 80 hotels

The company's Founder & Group CEO Ritesh Agarwal shared the update with OYO employees addressing a town hall virtually on Thursday, sources told PTI.

The company reported an adjusted EBITDA of Rs 63 crore in the first half of FY2023 in its filing with Securities and Exchange Board of India (Sebi) in an update to its Draft Red Herring Prospectus (DRHP)

Ritesh recently got married to Geetansha Sood in Delhi