Back in the game
OYO resumes its global expansion plans
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Sarah Douag
worked for a travel agency before she started writing for French media. From Cannes and Paris, she moved to lively Amsterdam, where she analyzes international hospitality trends and their backgrounds with razor-sharp precision.
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IPO announced and threatened
Gurgaon. Oyo, the Indian unicorn is making the headlines again but not necessarily for good reasons. The lodging platform announced it is now downsizing and letting go 10% of its workforce to increase efficiency. But the truth is, it is restructuring prior to filing for an IPO in early 2023, something the travel tech company has been postponing due to bad results, Covid and significant mistakes in China.
Kicked out of the ranking
Chicago. The ranking of the world's largest hotel chains by number of rooms shows virtually no change for the top ten, according to the American Hotels Magazine's latest edition. However, the editors have chosen to exclude the hitherto fast-expanding Indian upstart, Oyo, from the ranking.
Oyo in a deep crisis but goes public
Gurgaon. The pandemic was "a cyclone that wiped out our numbers by 66% in growth margin in a period of 30 days only," told Oyo CEO Ritesh Agrawal Bloomberg. The group is losing ground worldwide, but still wants to go public in the next few days hoping for a valuation 10 billion dollars.