On Thursday Oyo hotels and rooms filed a draft prospectus for Rs 8,430 crore (1.1 billion dollars) initial public offering (IPO). Soft bank group backed Indian hospitality startup OYO hotels and rooms is eyeing to raise around 1 billion dollars. The IPO will consist of 83 percent of fresh issue and 17 percent offer for sale.
Oyo was established by Ritesh Agarwal in 2013 after dropping out of the college. Now in the age of 27 Agarwal can be a billionaire if OYO has a successful listing. In the year 2019 Agarwal invested 2 billion dollars to triple his stake in the lodging startup and take his ownership to nearly a third. Ritesh Agarwal, his holding company RA Hospital Holdings and SoftBank Vision Fund the three largest shareholders are the promoters
According to the prospectus. Soft Bank held 46 per cent while Agarwal and his holding company had a combined 33 per cent stake in the firm. Oyo core growth markets comprises of India, Indonesia, Malaysia and Europe representing market of 54 million short stay storefront.
OYO is a very demanding hospitality app. This app has been downloaded 100 million times. It is the most popular travel app in the world alongside Airbnb and Booking.com It includes more than 9 million users in its programme. Two third of it's work force including it's technology team are based in India. Despite from covid 19 Oyo's adjusting gross margin improved from 10 percent to 33 percent.
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