OYO tips

Indian low-cost carrier IndiGo became the first Indian airline to transport 100 million passengers in a year. Celebrating its 17th anniversary this year, IndiGo has become one of the world’s largest airlines by passenger traffic.

India-based hotel aggregator and operator Oyo plans to increase its U.S. footprint by adding over 250 hotels in 2024. This would represent a 150% uptick compared to the previous year’s addition of 100 hotels.

Ritesh Agarwal launched Oyo with the ambition of becoming the world’s largest hotel chain. After experiencing some pandemic-era struggles, Oyo has seen the hotel business rebound strongly. Its vacation rental subsidiary in Europe has also done well.

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. 

As Ayodhya undergoes a massive transformation with a projected $10 billion redevelopment, including a new airport, upgraded railway station, township, and improved road connectivity, the town could attract over 50 million tourists annually, according to a report by brokerage firm Jeffries.

Embracing the fervor of the Cricket World Cup in India, MakeMyTrip is diving headfirst into the event that’s expected to attract a massive audience. In its latest campaign, the online travel company is enlisting cricket superfans to ensure the quality and hospitality standards of its homestays and villas.

Last week, Australia’s High Commissioner to India, Philip Green said India became the first country to return to and surpass pre-pandemic levels of travel to Australia. 

India-headquartered online travel agency Yatra Online plans to launch its initial public offering (IPO) on September 15. The company, which is listed on the Nasdaq since 2016, had filed a draft red herring prospectus on March 25 last year with the Indian regulatory body Securities and Exchange Board of India (SEBI) with a goal of raising up to INR 7.5 billion.

Ankit Gupta, the India CEO of hospitality technology platform Oyo, and Mandar Vaidya, the head of Oyo’s European operations, will both be moving on from the company.

Oyo, in preparation for its upcoming IPO in 2023, is doing a major reorg of its organizational structure and cost base. It has announced it is letting go of 600 employees out of a total of about 3700, mostly in its product and tech teams. From the company:

Good morning from Skift. It’s Tuesday, November 29. Here’s what you need to know about the business of travel today.

The initial public offering of India-based budget hotel operator and aggregator Oyo may be further pushed back from its intended deadline of a launch within the first quarter this year.

Keen to pursue its long-anticipated initial public offering (IPO), hospitality tech company Oyo has said it would be refiling its draft red herring prospectus with the Indian stock market regulator Securities Exchange Board of India (SEBI) by mid-February.

The old boys network in online travel — yes, let’s call it what it is — has reunited again to accomplish a formidable goal that has frustrated numerous startups in the past. The aim is to disrupt online cruise booking.

Shayan Zaeem, co-founder and president of Revolving Games, is just one of thousands of remote workers around the globe. He has landed up in Dubai, which is ramping up efforts to pitch itself as a destination for more people like him.

Oyo, which advertises itself online as “India’s Best Online Hotel Booking Site for Sanitized Stays,” said it is performing well in the U.S. — after de-emphasizing its U.S. presence during the height of the pandemic.

When hotels previously signed up with Oyo, they’d have to make significant renovations to comply with the budget hotel company’s brand standards, but Oyo is now easing those requirements.

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Oyo disclosed on Friday that it is reducing the size of its proposed initial public offering to between $400-$600 million, a steep reduction from its plan to value the offering at $1.1 billion, a source close to the company told Skift. Oyo pre-filed its draft red herring prospectus on Friday with the Indian stock market.

Budget hotel chain operator Oyo has announced its intention to expand its UK presence with plans to increase its number of hotels to over 200 by the end of this year.

The Indian Association of Tour Operators has requested the government to restore duty credit via the Service Export Incentive Scheme or introduce an alternative in the new foreign trade policy, as the country’s inbound tourism remains sluggish. The association also urged a rollback of the 5-20 percent tax — insisting that it be brought back to 5 percent or lower — which is collected at source on overseas tour packages announced in the Union Budget, effective July 2023. The hike in tax would hit the Indian outbound tour operators hard, as travelers could bypass them and book outside the country, causing losses for both the government and operators. In a letter to the government, association President Rajiv Mehra highlighted how the pandemic severely affected the tourism industry, with only 30-40 percent of inbound tourism to India having returned since international flights and tourist visas were revived. He also highlighted the challenges of competing with other countries due to high goods and services tax rates, the withdrawal of marketing and promotion activities in foreign countries, and the lack of alternative benefits, indicative of the stress the sector is reeling under.