OYO has launched a new B2B product to cater to corporate travel and event planning needs across India. Founder and CEO Ritesh Agarwal announced the news on social media platform X.
OYO B2B arm organises events for Tech Mahindra, Jio
On the platform, Ritesh mentioned, “At OYO, we understand the need for seamless corporate travel and event planning. Whether it’s organising summits, off sites, or business events, our 500+ company-serviced accommodations across India offer special corporate rates—complete with comfortable stays, tailored meal plans, conference setups, and event support.”
Continue Exploring: Zomato ventures into kitchen appliances, secures 8% stake in Byondnxt
Further, Agarwal mentioned that the B2B arm has organised various events and stays for clients from different industries, including Tech Mahindra, JIO Platforms, Cult fit Healthcare, Sun TV Network, V Mart Retail, Devyani International, Aditya Birla Health Insurance Company, India Infoline, and Reliance Group Support Services Private.
Meanwhile, Oravel Travel Solutions aims to simplify corporate travel by providing dedicated support teams for check-ins, conference planning, and event logistics. They offer access to over 500 OYO-serviced properties across India with corporate pricing, customised meal plans, and integrated event management services.
OYO to expands through $525 million G6 Hospitality acquisition
This comes as OYO works to expand globally. In September, the company bought G6 Hospitality, owner of Motel 6 and Studio 6 brands, for $525 million. They also strengthened their leadership team: Sonal Sinha became COO of international business, Rachit Srivastava was promoted to COO of vacation homes in Europe, and Global COO Abhinav Sinha will move to an advisory role in January 2025.
Continue Exploring: Varun Beverages achieves 24% revenue growth, 22% PAT surge in Q3CY24
Additionally, OYO-owned Innov8 is expanding into managed office spaces, planning to add 4 million sq ft across India in three years with a INR 50 Cr investment. The hospitality tech company had its first profitable year in FY24, with a profit of INR 229.5 Cr, compared to a net loss of INR 1,286.5 Cr in FY23. In August, the company raised INR 1,457 Cr, led by Singapore-based Patient Capital.
For now, OYO is in talks to secure an extra $200 million at a valuation of $4.5-5 billion. It’s also looking to refund $450 million of its outstanding debt. The startup aims to refile its IPO papers after refunding its $660 million Term Loan B.
