Late last year, SAS said it would leave the Star Alliance group of airlines – but it didn’t say exactly when or how.
CEO of Oyo: ‘We Don't Need Access to Capital’
21.03.2024 - 15:03 / skift.com / Justin Dawes / Ritesh Agarwal
Despite reports of a public offering in limbo and more potential private investment, the CEO of Oyo said Wednesday the company has no need to raise more money right now.
“My view is that, at this point of time, we don’t need access to capital from either the public markets or the private markets,” said Ritesh Agarwal, CEO of Oyo, at the Skift India Summit. “Currently, our focus is just delivering good earnings results, and so on.”
Oyo — primarily a budget hotel operator and aggregator — has been profitable for the past couple of quarters and is generating cash flow, he said.
“Our continued job is that we generate more cash, deliver, make sure that shareholders have great returns,” Agarwal said. “Whenever the board feels that the markets are right for them to consider public offering, we will be ready to go out.”
Oyo first filed for an IPO in 2021 and then reduced the size of the offering a year ago. In January, Bloomberg reported that Oyo was in discussions with the Malaysian sovereign wealth fund for funding. And in February, Oyo denied a report by the Economic Times that it wanted to back out of the public offering.
Agarwal said the company is focused on strengthening its finances and increasing bookings. Oyo paid $200 million toward its debt recently, he said.
Oyo has raised hundreds of millions of dollars in equity and debt over the years. Much of that has gone toward rapidly expanding different sectors of the business and building operations software products that it provides to hotel owners.
Most recently, Oyo accepted a $24 million loan from JP Morgan to spur growth of its accelerator program, which is meant to support first-generation hoteliers.
Oyo last year entered the premium resorts and hotels category with the launch of a brand called Palette. And in January, the company said it plans to add 400 properties in popular religious destinations by the end of the year.
Oyo also has a growing short-term rental business in Europe that includes 80,000 homes in several countries, according to Agarwal.
Agarwal still wants Oyo to continue growing, but he said that comes after ensuring they can deliver in three top areas: customer satisfaction, the business relationship with owners, and satisfactory margins.
“To the extent these three are there, we want to grow as quickly as we can,” Agarwal said. “If these three are not there, we’re happy to take a pause and take our time before we start growing again.”
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
thepointsguy.com
05.04.2024 / 14:57
Quick points: How to access Capital One Lounges without a physical credit card
The Capital One Venture X Rewards Credit Card has many travel-related benefits, including up to $300 per cardmember year in statement credits toward travel booked through the Capital One Travel portal and the ability to transfer miles to one of the program's many airline and hotel transfer partners.
forbes.com
04.04.2024 / 17:07
12 Stunning Wildlife Winning Photos From London’s Natural History Museum Exhibition
The Wildlife Photographer Of The Year (WPY) exhibition at the Natural History Museum in London is a show of work of the world's 105 best nature photographers awarded for their artistic composition, technical innovation and truthful interpretation of wildlife on our planet.
skift.com
04.04.2024 / 14:35
Brand USA Names New CEO
Good morning from Skift. It’s Thursday, April 4. Here’s what you need to know about the business of travel today.
forbes.com
03.04.2024 / 18:41
10 Of The Best New London Restaurants For Spring 2024
Here are ten of the newest dining experiences that contribute to London’s well-deserved reputation as a global culinary destination, from hotels with big-name chefs to some must-visit independents.
traveldailynews.com
03.04.2024 / 12:21
Real estate rendezvous: Navigating through Indonesia and Singapore
Whether you’re a first-time buyer, a seasoned investor, or just someone curious about what these markets have to offer, buckle up as we take a closer look at the real estate scene in Indonesia and Singapore.
traveldailynews.com
03.04.2024 / 12:15
Jet2.com and Jet2holidays take off to Tivat and Nice for the first time from London Stansted Airport
Jet2.com and Jet2holidays are offering a huge programme for Summer 24, with 45 sun and city destinations on sale from London Stansted Airport. This offers local customers and independent travel agents with unrivalled choice and flexibility when it comes to booking or enjoying a much-needed getaway to their favourite summer destinations.
traveldailynews.com
03.04.2024 / 12:15
ITA Airways launches new flight to Rome from London City Airport
The airline will soon add an extra daily service in April 2024, bringing the total number of weekly frequencies to 31 in the peak of the summer season. This rotation will also be operated with an Airbus A220-100.
traveldailynews.com
03.04.2024 / 12:13
New London Gatwick taxiway to help reduce delays and cut aircraft emissions
The taxiway enables arriving aircraft to leave the runway more efficiently, increasing resilience, reducing delays and limiting carbon and noise emissions.
euronews.com
02.04.2024 / 22:47
Only accessible by boat: Italy’s Aeolian islands are truly off the beaten track
With new airports and improved transport links popping up Europe-wide to make travelling ever easier, it’s rare to find destinations truly off the beaten track.
skift.com
31.03.2024 / 12:43
What Ras Al Khaimah Needs to Cash in on 'Wynn Effect'
Demand for hotel stays will be greater than supply in Ras Al Khaimah, according to Tatiana Veller, managing director of Stirling Hospitality Advisors, a subsidiary of state-owned RAK Hospitality Holding.
travelandleisure.com
28.03.2024 / 17:37
Fly to London for Only $299 on This New Route From the U.S.
It will soon be easier and cheaper to fly from Las Vegas to London. Norse Atlantic Airways is launching a new route from London’s Gatwick Airport to Las Vegas’ Harry Reid International Airport, the airline shared with Travel + Leisure on Thursday. The service will begin on Sept. 12, and operate three times per week. In a nod to the luck that visitors aim to have when visiting Las Vegas, the flight will operate with Norse’s lucky number seven as flight ‘Z0777’. The 9-hour and 50-minute direct route will depart Las Vegas at 4:45pm, and arrive in London Gatwick at 10:35am the following day, local time. The flight will operate on a Boeing 787 Dreamliner aircraft. “We are excited to introduce this new route from London Gatwick to Las Vegas, a unique city that offers unparalleled diversity, boasting an abundance of entertainment, dining, and recreational options to suit every taste,” Norse Atlantic Airways CEO and Founder Bjorn Tore Larsen said in a statement.