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OYO, a hotel and homestay aggregator, has added over 1250 corporates to its online travel company since March 2022, signalling a comeback of corporate business travel in India, which had been stagnating for the past two years.
After the government announced a full lockdown in early 2020, all major and medium-sized firms, MNCs, and start-ups began working from home. More limitations on rail, flight, and road travel were imposed the following year. As a result, most offices remained closed throughout 2021, with senior and junior managers continuing to work from home. Start-ups and MNCs, on the other hand, resumed office operations after March 2022.
The Federation of Hotel and Restaurant Associations of India (FHRAI) has again requested the Sebi to postpone Oyo's initial public offering (IPO), noting the company's enormous losses in previous years.
According to the FHRAI, Oyo lost Rs 3,943.84 crore in 2020-21 (FY21), which translates to a loss of roughly Rs 76,077 every minute. Oyo has been losing money since its beginning in 2013, according to the organisation, and its overall turnover has dropped by 69 percent from Rs 13,413 crore in 2020 to Rs 4,157 crore in 2021. The SoftBank-backed company's IPO, according to FHRAI, will simply deplete public money while rewarding its founders and senior personnel.
OYO, a SoftBank-backed travel technology platform, announced that it received over 310,000 bookings for the last holiday weekend (Navratri, Durga Puja and Ashtami). This is the company's largest booking in 2022, topping weekend reservations for high travel days like Republic Day, Holi, and Valentine's Day. In fact, overall gross bookings for this weekend surpassed those for New Year's weekend, which is traditionally the busiest period for the travel sector.