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OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win
OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win
Sanchita DashMar 8, 2021, 10:30 IST
BI India
Zo Rooms have been in a legal tussle for over three years now.
The dispute was over the merger between OYO and Zo Hostels, where the latter said it was denied its 7% shareholding in Oravel Stays, the parent company of OYO.
The tribunal said that Zo Rooms’ parent
Zostel Hospitality was entitled to claim relief and costs in the case, but acknowledged that definitive agreements weren’t executed.After a three-year long battle, the legal verdict on OYO Hotels and Homes and Zo Hostels is out, but both companies continue to sing their own tunes. The dispute was over the merger between OYO and Zo Hostels, where the latter said it was denied its 7% shareholding in Oravel Stays Pvt. Ltd, the parent company of the Ritesh Agarwal-led
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Although the Oyo-Zo Rooms deal failed to fructify, the arbitrator said claimant Zo Rooms parent, Zostel Hospitality, was entitled to claim relief in the form of allotment of shares from the respondent, Oyo parent Oravel Stays. The order also said Zo Rooms was entitled to claim costs of its case.
“The claimant cannot be held responsible for the acts and omissions of the respondent and/or its shareholders, by virtue of which some of the obligations could not be fulfilled by the claimant. This tribunal has held that claimant no. 1 is entitled to claim/pray for the relief of allotment of shares from the respondent to claimant nos. 2 to 17,” read the order.
Outlook 2021: This year will see the resurgence of OYO, says CEO Rohit Kapoor
Rohit Kapoor, CEO for India and South Asia at OYO Hotels & Homes, speaks about how OYO played host to the most uninvited check-in of the year, coronavirus, and why focusing on tech and the customer will make 2021 the year of a resurgent OYO.
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A year before COVID-19,
OYO was India’s second most valuable internet startup and employed close to 25,000 people across the world.
However, the coronavirus pandemic, which battered the travel and hospitality business across the world, hit the Indian hospitality unicorn extremely hard. Amidst the layoffs, change in business model, and reshuffling of top management,
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OYO cashes in another cheque from Swedish billionaire Martin HP Söderström for its vacation homes business in Europe
OYO cashes in another cheque from Swedish billionaire Martin HP Söderström for its vacation homes business in Europe
Sanchita DashJan 14, 2021, 17:00 IST
File image of an OYO HotelOYO
OYO has raised an undisclosed amount of funding from Martin HP Söderström, the chairman of DIG Investments.
The Ritesh Agarwal-led OYO raised ₹54 crore or $7.4 million from Hindustan Media Ventures in a Series F round of funding.
With this investment, Söderström will also join the board of OYO Europe. Indian hospitality unicorn OYO has raised an undisclosed amount of funding from Martin HP Söderström, the chairman of DIG Investments. Söderström’s wife Charlotte is also the heir of the fashion brand H&M.
OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business
Sanchita DashJan 8, 2021, 16:19 IST
OYO
Ritesh Agarwal-led OYO has raised ₹54 crore or $7.4 million from Hindustan Media Ventures in a series F round of funding.
During the COVID-19 pandemic, Agarwal had said that the company continues to have $1 billion in the bank to continue operations.
However, the valuation of the startup has also reportedly crashed from $10 billion to $8 billion. Ritesh Agarwal-led OYO has raised ₹54 crore or $7.4 million from Hindustan Media Ventures in a series F round of funding, said reports citing regulatory filings. The hospitality unicorn, which has been severely hit by the coronavirus pandemic, is back in the funding circle.