Oyo Rooms (stylised as OYO), also known as Oyo Homes & Hotels, is an Indian hotel chain. It is the world's third-largest and fastest-growing hospitality chain of leased and franchised hotels, homes and living spaces. Founded in 2013 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. Over a span of six years, the startup expanded globally with thousands of hotels, vacation homes and millions of rooms in hundreds of cities in India, Malaysia, UAE, Nepal, China, Brazil, Mexico, UK, Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, the United States and more. The company's investors include SoftBank Group, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb and China Lodging Group.
In 2012, Ritesh Agarwal launched Oravel Stays to enable listing and booking of budget accommodations. After undertaking months of research and staying in various bed and breakfast homes, guest houses, and small hotels across India, he pivoted Oravel to OYO in 2013.
OYO partners with hotels to give similar guest experience across cities. Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $100,000 as part of the Thiel Fellowship from Peter Thiel. OYO currently has over 17,000 employees globally, of which approximately 8000 are in India and South Asia. OYO Hotels & Homes now identifies as a full-fledged hotel chain that leases and franchises assets. The company claims to invest in capex, GMs to oversee operations and customer experience as well as generating around a million job opportunities in India and South Asia alone. OYO has also set up 26 training institutes for hospitality enthusiasts across India.
The company is currently valued at $10 billion as per the last round of funding.
September 2018 – raised $1 billion, of which the RoC filing for the amount of $100 million raised from Star Virtue Investment Ltd. was made on 13 February 2019.
October 2019 – Series F funding of $1.5 billion led by SoftBank Group, Lightspeed Venture Partners and Sequoia India.
Founder & CEO, Ritesh Agarwal, through RA Hospitality Holdings (Cayman) in 2019 signed a $2 billion primary and secondary management investment round, supported by global institutional banks and his financial partners, subject to regulatory and shareholder approvals. Lightspeed Venture Partners, and Sequoia India, OYO's early supporters, are selling part of their holdings in order to help the founder increase his stake and thereby commitment while remaining invested significantly in the company's long-term mission.
In March 2018, OYO acquired Chennai-based service apartment operator Novascotia Boutique Homes marking its first major buyout as well as establishing its presence in the service apartment and corporate executive stay.
In 2018, the company acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues and vendors marking its entry into the fragmented $40 billion wedding industry.
In April 2019, OYO announced a strategic global distribution partnership with bedbank Hotelbeds. The company also announced two joint-venture with Softbank and Yahoo!Japan.
In 2019, OYO and Airbnb announced a strategic partnership with Airbnb investing in OYO and the company will list their properties on Airbnb platform. OYO in March 2019, announced a 1400 cr investment in its India and South Asia businesses over 2019 as a part of its efforts to increase infrastructure, strengthen technology and internal capability.
In May 2019, OYO announced the acquisition of Amsterdam-based @Leisure Group, Europe's largest vacation rental company.
In August 2019, Oyo made its first major investment in the United States by purchasing the Hooters Casino Hotel, near the Las Vegas Strip, in partnership with US-based real estate company Highgate, for...
Read moreI recently had the misfortune of staying at Hotel park palace, and I must say it was an utterly terrible experience. I feel compelled to share my ordeal to warn others who might be considering this establishment.
First and foremost, the hotel was infested with cockroaches and mice. These pests were not confined to the common areas but were also present in the rooms, including mine. It was distressing and completely unacceptable to encounter such unhygienic conditions throughout the premises.
To exacerbate matters, there was no room service available. I was astounded to discover that the hotel failed to provide basic amenities such as food. Even worse, they had the audacity to charge exorbitant prices for water, an essential and often complimentary item in reputable establishments. This lack of services and the blatant money-grabbing tactics left me feeling frustrated and deceived.
The overall hygiene of the hotel was deplorable. The stench permeating the air was unbearable, making it difficult to spend any significant time in the hotel. The uncleanliness and lack of proper maintenance contributed to an atmosphere that was both unpleasant and unsanitary.
Furthermore, the TV in my room was non-functional. After a long day, I had hoped to relax and unwind, only to be met with a malfunctioning device. It was just one more disappointing aspect of my stay at this dismal hotel.
I strongly advise anyone considering a stay at Hotel park palace to think twice. The numerous issues I encountered, including the presence of pests, the absence of room service and available food, the unjustifiable charges for water, the unhygienic conditions, and the non-functional TV, collectively made this one of the worst hotel experiences of my life.
I hope my review serves as a cautionary tale for others and prompts the management of Hotel park palace to address the myriad of problems plaguing their establishment. It is crucial that they take immediate action to rectify these issues and prioritize the comfort and well-being of their guests.
Rating: ⭐ (one star out of five)
Please note that this review is based on my personal experience and reflects my honest opinion. Others may have had different experiences at Hotel...
Read moreOne star, because there is no option for zero star... If you ever come to this horrible place called Madhvi in Masjid Bunder, please don't ever think of booking a room at 'Hotel Park Palace' or any other. The so-called service of hotel that they are providing is of no worth and will just waste your time, money and energy. They say it's a family hotel but don't go on their claims. The hotel is surrounded by litter and dump. It is in a unhygienic place. The rooms that they offer are in a consistently unfinished state, the toilet have something or the other broken, the TV won't work and the hotel will run out of water just before you think to get ready. You complaint to the service boy, but he is arrogant enough that he will keep your complaint unheard. If you are the one who gets the complimentary breakfast, please keep a fast because the food they get if not at all eatable. You might think that the staff at FabHotel company, who are sponsoring these hotels would help, but to your surprise they won't. They all have learnt just a line "SORRY FOR THE INCONVENIENCE" but they don't have and can't give any solution to your problems. So you are on your own. It's better to book a hotel from a site you can trust on. If you still want to have this horrible experience that I had, please refer to my photos that I have uploaded. If still, do it at your own...
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