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Oyo is slashing footprint and headcount in virus-hit Japan

The company’s expansion proved overly aggressive and it was scaling back even before the coronavirus outbreak, slashing staff in China by about half and reducing its global workforce by about 5,000 people.

Oyo sends letter to staff stating it's making all employees shareholders

In April, Oyo announced pay cuts and 'leave with limited benefits' options for its staff in India.

From Oyo to Zomato, startups soften pay cuts by expanding Esops pool

Companies may grant 12-15% of their overall stockholding to ESOPs to help staff hit by cuts, furloughs.

Oyo appoints Steve Albrecht as non-executive director

Albrecht is a former president of the American Accounting Association and Association of Certified Fraud Examiners. As a professor, he taught full-time at the University of Illinois, Stanford and Brigham Young University.

From Oyo to Zomato, Covid-hit companies renegotiate for breathing space on rentals

Companies are toying with the idea of giving up a floor, consolidating offices, and shutting down regional divisions, among other measures, to reduce long-term fixed asset costs.

Startup funding deals in H1 2020 down 31% at 272

Venture capital investors feel that given the double whammy of Covid-19 and blocking of investments from China, things will get worse in the next two quarters.

Oyo announces ESOPs for all furloughed employees impacted by Covid-19

Oyo is also actively working with the company's investors to identify opportunities in their portfolio companies and help its employees with alternative career opportunities in those companies.

PolicyBazaar arm cuts over 1,500 jobs

Owing to the coronavirus impact, other unicorns and large startups like Oyo, Curefit, Swiggy, Ola, and Zomato too have had to cut their team sizes by 10-30%, while some have placed additional staff on furloughs.

Expecting a recovery starting in the next quarter, says Oyo's Rohit Kapoor

Kapoor said the company is currently offering about 50 hotels for healthcare professionals while a dozen are for quarantining asymptomatic people.

Oyo takes measures to mitigate COVID-19 impact, to offer quality hospitality experience

The steps also include training of on-ground teams and measures such as health screening for guests as well as staff, frequent proper sanitisation of the space, encourage in-room dining, among others, Oyo said.

Oyo announces pay cuts, leave with limited benefits options for India staff

Oyo did not specify how many employees will be put on leave with limited benefits for four months in India but sources familiar with the matter said 60% of the corporate staff at the company will be put on this plan.

Oyo Hotels & Homes appoints new independent member in its board

Alstead most recently served as chief operating officer at Starbucks Corporation and is the founder, president, and CEO of Ocean5 and Table 47 both located in Gig Harbor, Washington.

SoftBank Vision Fund posts record $17.7 billion loss on Oyo, WeWork and Uber

SoftBank lost $17.7 billion last fiscal year after writing down the value of investments.

COVID-19 impact: OYO cuts 25% of fixed pay of employees; some staff sent on leave

OYO on Wednesday informed employees that 25 per cent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19. The company, which has around 10,000 employees in the country, is a leading player in the hospitality industry that has been ravaged by the coronavirus pandemic.COVID-19 impact: OYO cuts 25% of fixed pay of employees; some staff sent on leave

Startups like Zomato, Oyo offer more Esops to staff to ease pay cut pain

In April, Zomato initiated a voluntary salary reduction programme, which also offers affected employees’ additional stock in lieu of the cash cut from their pay cheques.

Oyo founder, Ritesh Agarwal, to forgo pay for 2020

Startups have started laying off staff and, in some cases, asking employees to take pay cuts as they look for ways to weather the impact of the coronavirus outbreak.

Expecting a long lull due to Covid-19, Oyo gives pink slips to US staff

The job cuts have come amid the Covid-19 outbreak, which has caused more than 10,000 deaths in the US so far, crippled businesses and led to job losses.

How Oyo Rooms is coping with nation-wide lockdown

How is OYO Rooms coping with the lockdown? The company has offered quarantine facility to the Delhi govt. Amazing to see how well businesses have adapted to working from home, Aditya GhoshHow Oyo Rooms is coping with nation-wide lockdown

SoftBank doubles buyback plans while Jack Ma leaves board

That first buyback, announced in mid-March, initially failed to lift SoftBank’s stock amid concerns the conglomerate’s portfolio of startups is vulnerable to the economic shock from the coronavirus pandemic.

Virus hit Oyo puts Son's $2 billion guarantee at risk

Oyo risks turning into another problem startup for SoftBank and Son, still reeling from WeWork's meltdown.

What COVID-19 crisis means for India’s startup funding ecosystem in 2020

The COVID-19 crisis has brought a change in startup investment patterns. Venture capital firms are shifting their focus from tech-centric startups to the ones operating in sectors such as FMCG, online grocery delivery, home entertainment etc.

Oyo’s Ritesh Agarwal says failures of WeWork changed everything

It is not as if the signs of trouble for the hotel chain have only started now. Trouble had been brewing at Oyo even before the Coronavirus outbreak created a furore across the globe.

SoftBank-backed Oyo to offload more loss-making hotels amid pandemic: Sources

The hospitality sector has been one of the worst affected by the coronavirus outbreak, with global and domestic travel coming to a near-halt.

Private Equity funds recorded investments worth $45 billion in 2019: Report

India’s share of the APAC deal market increased to nearly 25 percent in 2019 and investment value was about 70 percent higher than 2018. This year saw investment activity in companies such as Lenskart, Zilingo, Grofers and FirstCry.

COVID-19: Oyo puts staff across the globe on furloughs

The firm is furloughing employees in countries excluding India, but not cutting jobs.

Oyo in talks with Delhi govt to offer quarantine rooms

The Delhi government had last week asked hotels in Aero City, near the city’s international airport, to manage and accommodate incoming travellers who were asymptomatic of Covid-19 but required to be isolated as a precautionary measure.

Oyo suspends payments to hotels; Partners say clause not in contract

Oyo stated in the letter that since hotel revenues have dwindled and are unlikely to improve in the next few months it is constrained to exercise its 'force majeure’ rights in suspending payments of the monthly benchmark revenue or any other amounts payable to them

Covid-19: Oyo chief to forgo remaining annual salary

The company's entire executive leadership team has taken a voluntary pay cut starting at 25 per cent, with many opting for an additional uncapped amount, and some going up to 50 per cent to enable building the runway for the company.

SoftBank to write down WeWork by $6.6 bln, compounding portfolio misery

SoftBank is embroiled in a legal dispute with directors at WeWork after backing out of a $3 billion tender offer agreed when it bailed out the office-sharing firm following a flopped IPO attempt last year.

From Oyo to WeWork, Son's growth at any cost strategy cost him $17 billion

SoftBank said it expects to record an investment loss of 1.8 tn yen at Vision Fund for the year ended March 31.

Sequoia closes $1.35-billion India venture & growth fund

This takes Sequoia Capital’s total assets under management for India to an estimated $5.4 billion, spread across the seven funds it has raised till date, and through which it invests in India and across Southeast Asia.

Oyo loss widens to $335 million

Oyo, which is laying off staff across the globe including India as it struggles to rein in costs, said losses in its home market went up to $83 million in FY19 from $50 million in FY18.

Hyderabad hotel files insolvency plea against Oyo

As per the term of the agreement signed between Conclave and Oyo, the corporate debtor, Oravel, would pay the corporate creditor, Conclave, an assured benchmark revenue, which is minimum business guarantee of Rs 12,96,000 every month irrespective of bookings, Conclave Infratech claimed in its application.

Oyo's parent company gets $807 million from SVF, RA Hospitality

The development follows a statement by the SoftBank-backed company in October, according to which Agarwal will invest $700 million into the company he founded in 2012, with the rest coming in from its largest investor SoftBank and other unnamed investors.

Pay cuts, layoffs: Startup morale under lockdown

Over the past 4 weeks, at least two dozen top companies have fired employees and contract staff.

Flood of pink slips coming, warn startups

Much of the layoffs will stem from distress sales and company closures.

View: The rise & hard fall of SoftBank

Son was the only bid in town for most young start-up founders. But with snowballing setbacks, that bid is gone.

Oyo to sack 5,000 worldwide as business catches a cold

The Covid-19 outbreak, which has ravaged the world's second-largest economy, has hit the hotel room aggregator's operations in China, Oyo group CEO Ritesh Agarwal told Bloomberg in an interview on Wednesday.

TikTok's parent, ByteDance, launches global hiring spree with 10,000 new jobs

Like rival Tencent Holdings Ltd, ByteDance’s social media channels have seen usage spike after the Covid-19 pandemic confined millions of people to their homes.

SoftBank forecasts record losses as startup bets backfire

Son’s conglomerate has taken one blow after another since the implosion of WeWork’s initial public offering last year and SoftBank’s subsequent bailout.

SoftBank founder Masayoshi Son has now pledged 60% of shares as collateral

The development comes at a time when SoftBank is struggling to raise new capital for the second edition of the $100 billion Vision Fund amid a bunch of its portfolio startups struggling to survive since the WeWork debacle last year.

Oyo-backer Lightspeed eyes third $300 million India fund

The new fund comes soon after the firm has been able to complete record exits from unicorns like Oyo and Byju's in the previous year, delivering cash returns of over $900 million between the two deals.

Covid-19: Oyo sends letter to vendor partners, warns of disruption in payment cycles

The letter written by Ankit Agarwal, head of Oyo's procurement and supply chain states that the hospitality industry is critically dependant on people movement and interaction and the above actions have impacted the industry significantly.

Oyo reports $335 million loss on revenue of $951 million

Losses climbed to $335 million, or 35% of revenue, from $53 million, or 25% of revenue, as the startup expanded into China and other new markets. India’s regulations require companies like Oyo to disclose their financials, but with lags that can reach about a year.

ShareChat bets big on vernacular audiences with micro-influencers, user generated content

ShareChat claims to have executed campaigns for over 25 top companies in the last few months and has been getting repeat campaigns.

CCI approves FabHotels' request in FHRAI-Go-MMT-Oyo matter

As per the CCI order, on December 3, Casa2 Stays the parent company of FabHotels had filed an application seeking inspection of all documents in the matter including submissions made by the parties, which was disallowed by the commission through an order dated December 12 as no sufficient cause was demonstrated in the said application.

Paytm teams up with hotels to offer accommodation for healthcare professionals fighting Covid-19

Over the last few weeks, the company has launched several initiatives to fight the spread of Coronavirus. It has committed Rs 500 crore to Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-CARES).

Oyo's layoffs have hotel partners worried

Hoteliers are unable to contact company representatives who were doing business with them.

Masa Son unveils a $41 billion asset sale to silence his critics

Son is trying to salvage his reputation as one of the world’s foremost tech investors, a name based largely on a prescient early bet on Alibaba, which grew to dominate e-commerce in the world’s No. 2 economy. But he’s struggled since to match that success, after sinking money into a string of struggling startups from Uber Technologies Inc. to WeWork and Oyo Hotels.

Oyo notifies employees about layoffs via emails

Layoffs in Delhi and Jaipur were communicated to the staff on Monday, while in Gurgaon employees were notified on Tuesday.

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 operations roles, & tech teams.

CCI probe against Oyo, MakeMyTrip after allegations of unfair practices by Treebo

In a 13-page order, the Competition Commission of India (CCI) said that a case against MMT and Oyo for entering into a vertical arrangement having an appreciable adverse effect on competition in the market is also “prima facie” made out.

Zo Rooms challenges Oyo rejig in Delhi high court

The original dispute was between Zo Rooms and Oravel Stays. But the recent transfer of parts of businesses by Oravel Stays to Oyo Hotels & Homes and Oravel Stays Singapore might result in Zo losing out on the value of businesses moving to other entities.

SoftBank plans $4.8 billion buyback after Elliott’s call

Elliott wants SoftBank to set up a special committee to review processes at the Vision Fund, the world’s largest single investment pool for tech startups.

Lodha Ventures invests Rs 45 crore in service apartment startup

While business models differ across startups, a slew of real estate companies are offering solutions for student housing to residential living as buying trends are rapidly moving to asset-light “sharing economy” from ownership.

SoftBank falls most in 7 years on concerns over coronavirus, investment in startups

SoftBank's investments include a number of startups that are restructuring or scaling back: WeWork is recovering from its failed IPO last year, Oyo Hotels is cutting 5,000 jobs after its business in China crumbled. Uber is reducing operations and costs in search of profitability.

Housing.com enters co-living listing biz; partners OYO, Zolo

"We are entering into co-living segment which is a big growth area.We have launched an exclusive section for co-living on our Housing.com, Housing.com CEO Dhruv Agarwala told reporters.

What's in store for OYO in 2020? CEO Rohit Kapoor and board member Aditya Ghosh decode

OYO's revenues surge 4.5x to $951 million but its net loss balloons to $335 million. So, what’s in store in 2020? We check in with the top management: Board Member, , CEO-India & South Asia on Startup Central with Nayantara Rai.What's in store for OYO in 2020? CEO Rohit Kapoor and board member Aditya Ghosh decode

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

Oyo is asking about 20% of its 12,000 employees to go, but this will end very soon, according to Oyo's CEO.

Oyo may cut more jobs to shore up its bottom line

Executives say scale of layoffs ‘far larger’ than expected but Oyo denies any such plan.

Oyo appoints former McKinsey executive as COO

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.

SoftBank-backed Oyo lays off thousands across India, China

SoftBank-backed Oyo plans to shed another 1,200 in India over the next three to four months, sources said.

Flipkart, Zomato, other startups' top brass reach office first to allay staff fears

Most startups have allowed employees to continue working from home, for roles that may not require them to commute to offices, although the government has greenlighted office travel.

SoftBank Fund’s Rajeev Misra ran smear campaign against Nikesh Arora, others: Report

Misra, who oversees the $100-billion technology-focused fund that has backed companies like Uber, WeWork, Oyo and Paytm, is said to have orchestrated efforts that included planting negative news stories and directing a concerted shareholder campaign to oust Nikesh Arora.

What's inside Oyo's 'Raho Mast' campaign?

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.

Fabindia invites former Indigo president Aditya Ghosh to its board

Ghosh also serves as a member on the board of Oyo Hotels and Homes, where he was CEO prior to moving in December 2019 to the role at the board of the Gurgaon hospitality company.

Oyo to end unprofitable contracts as SoftBank sets pre-IPO deadline

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.

Indian startups eye virtual wedding space amid coronavirus curbs

As weddings go online amid lockdown, startups and even bigger firms are exploring virtual wedding space.

From Unicorn India Ventures to GrowX Ventures, Micro VCs fight for relevance as bigger funds dig in

​​​A number of micro VC fund managers admit that the emergence of marquee VC-backed programmes over the last two years have made the startup landscape trickier to navigate, which has therefore seen them adopt niche investment strategies, and also to scout for opportunities outside the metros.

OYO China fires 25 employees for unethical practices; issues warning to 110 more

Forms an integrity committee to ensure compliance across levels, and further build on corporate governance in the company

Guess how much Sequoia executives made from Oyo

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.

CarDekho lays off 200 employees, up to 22.5% pay cut for rest

When contacted by ET, a spokesperson for CarDekho confirmed the layoffs and pay cuts, without answering specific queries or providing details.

Oyo likely to lay off 2,000 people by January end

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

Betsy Atkins joins Oyo board as Independent Director

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.

Why did Oyo founder take a risky $2 billion bet?

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.

OYO appoints Betsy Atkins as independent director

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.

SoftBank-backed Brandless shutters less than 2 years after investment

The closure marks an embarrassing failure for SoftBank, which is struggling with other investments made by its $100 billion tech fund, including Oyo, Uber Technologies Inc., and most notably, WeWork.

Co-living firms partner with realty companies for customised spaces

With estimated rental yields as high as 9%, startups plan to pay either a fixed monthly payout or strike a revenue-share deal.

Low cost does not mean low quality: Oyo's Aditya Ghosh

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...

Activist Paul Singer builds close to $3 billion stake in SoftBank

Singer’s Elliott Management Corp also wants SoftBank to set up a special committee to review the investment process at its venture capital arm, the Vision Fund, which it thinks has dragged on the share price despite making up a small portion of assets under management

Ola fires 1,400, says revenues plunge 95% in two months

Ola — backed by global marquee investors including SoftBank, Tiger Global, Tencent, and Steadview Capital—employs about 4,000 people in its Indian operations. It was valued at around $6 billion during its last funding round in September.

ET Now Exclusive: Ritesh Agarwal on OYO roadmap, role of Aditya Ghosh

Oyo Hotels & Homes has elevated its India and South Asia Head Aditya Ghosh to its board, and has named Rohit Kapoor, who was leading its new real estate businesses, as his successor, the SoftBank-backed company announced on Monday. Watch the excerpts from exclusive interview with ET NOW.ET Now Exclusive: Ritesh Agarwal on OYO roadmap, role of Aditya Ghosh

Aditya Ghosh on Oyo Board, Rohit Kapoor named new CEO

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

SoftBank has spent $2.3 billion to buy own shares since March

The Tokyo-based company, led by founder Masayoshi Son, has said it expects to book a record 1.35 trillion yen operating loss for the year ended March 31 when it reports financial results Monday.

Oyo sets sights on wedding business

Some of Oyo's offline stores will sell wedding products while others will be experiential in nature to help customers simulate wedding scenarios.

Zomato to lay off 13% of its staff as Covid-19 severely impacts food ordering business

Zomato has said it will let go of 520 people and undertake up to a 50% pay cut for remainder of the organisation.

Job offers continue to be revoked at B-schools

Several companies that include some of the big recruiters in hospitality and automobile sectors have also deferred the date of joining by longer than usual.

Oyo executives accused of faking NOCs from Treebo-listed hotels

Firm's employees in dock over “invalid” no-objection certificates to Booking.com.

Indian startups get creative as coronavirus crisis fuels funding crunch

BookMyShow is promoting free-to-watch Instagram Live performances in an effort to keep its users engaged, while restaurant aggregator and food delivery firm Zomato is targeting a push into alcohol delivery.

Accor in advanced talks to invest up to $40 million in Treebo

The potential investment is expected to give Treebo a post-money valuation of $205-240 million and is likely to be part of a future larger round

Electrocution case: Oyo says it is cooperating with police authorities

Oyo's statement follows multiple reports on the death of Priyanshu Kumar, a resident of Dehradun and a national level shooter, and who had travelled to Delhi to participate in a competition.

Is it lockdown for startups?

With Covid-19 and automation, GoI’s one-time employment darlings could become prodigal liabilities.

FIR against OYO founder, officials over dues, co. refutes charge

A cheating case has been registered against OYO Hotels & Homes founder Ritesh Agarwal and six others based on a complaint by a hotelier who has alleged that the firm did not pay rent for rooms for the past five months, police said on Monday.FIR against OYO founder, officials over dues, co. refutes charge

Cheating case against Oyo founder Ritesh Agarwal, 6 others

Besides Ritesh Agarwal, police have booked Rohit Srivastava, head of OYO South, heads of business development Madhvendra Kumar and Gourab De, OYO Finance Officers Prateek Agarwal, Manjeet Singh and Mrimony Chakraborty.

Covid-19 can be a difficult time for start-ups: Aditya Ghosh's leadership tips can come in handy

The Oyo Homes board member feels that being able to communicate honestly with people around can help.

Oyo Life starts co-living operations in Kolkata

The company hopes to revolutionise the housing and long term rental offerings with its hassle-free, and technology-driven rental housing product in Kolkata.

OYO Life to add 100,000 beds by FY20 end

The co-living arm of OYO group currently operates 40,000 beds across nine cities.

OYO Workspaces forays into Hyderabad

OYO Workspaces aims to expand its presence to over 50 centres across India by the end of 2019.

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