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<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A 13-year-old Ritesh Agarwal sold mobile SIM cards at his <a href="https://www.thegeniusworks.com/2020/05/the-rise-of-oyo-the-worlds-fastest-growing-hospitality-brand-from-india-offering-tasteful-spaces-whenever-you-need-them-at-unbeatable-prices/#:~:text=At%20the%20age%20of%2013,college%2C%20but%20soon%20dropped%20out.&amp;text=In%202018%2D19%20OYO%20raised,billion%20through%20Agarwal's%20own%20investments.">small town of Odisha</a>, Titilagarh. Six years later, in 2013, Ritesh Agarwal came up with a digital solution to integrate unbranded hotels, homes, and living spaces, which many called AirBnB with a twist. Today, the $10 billion startup, OYO, is a household name in India and one of the world’s largest hotel chains. And, the 27-year old Agarwal is one of the youngest billionaires in the world. Agarwal, the early bird, is reaping the benefits of embracing technology early, and wants to share his convictions about the power of technology at <a href="http://trendsfestival.in/" data-type="tilCustomLink">Business Insider Global Trends Festival 2020</a>. The pandemic is testing OYO’s mettle and Agarwal’s survival instincts In the last seven years, OYO has grown in leaps and bounds. It has over a million rooms in India, with their lease and franchise model. It has also expanded to China, US and Europe. The next phase was an aggressive growth strategy including takeovers and acquisitions including Leisure group, a rental company in Europe and Las Vegas Hooters property in the US. However, like anyone in the hospitality business will tell you, the COVID-19 pandemic has forced a reset. The backing from Softbank will be useful but recovering from the nearly-fatal blow of the pandemic will need more than just money. Does Agarwal have another secret key to success? Don’t miss the <a href="http://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/dont-miss-ajay-piramal-chairman-piramal-group-a-master-deal-maker-with-business-in-30-countries-at-the-global-trends-festival-2020/articleshow/78054719.cms" data-type="tilCustomLink">Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/benefits-and-extra-attractions-for-the-attendees-of-the-business-insider-global-trends-festival/articleshow/78037583.cms" data-type="tilCustomLink">Benefits and extra attractions for the attendees of the Business Insider Global Trends Festival</a>

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 8 paise to close at 81.22 (provisional) against the US dollar on Thursday on broad dollar weakness after <keyword id="9106308" type="General" weightage="20" keywordseo="Federal-Reserve-Chairman-Jerome-Powell" source="Orion">Federal Reserve Chairman Jerome Powell</keyword> said the pace of interest rate hikes may slow. Forex traders said <keyword id="441091" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="Orion">foreign fund inflows</keyword> and a rally in domestic equities boosted investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback. The local unit finally settled at 81.22, registering a rise of 8 paise over its previous close. On Wednesday, the rupee closed at 81.30 against the US dollar, on month-end exporter dollar selling and MSCI rebalancing related inflows. "The Indian rupee started the new month on a front foot following stronger Asian currencies and risk-on sentiments. "It has gained in three out of the last four days as the dollar index slipped to a three-month low after Fed Chair Jerome Powell confirmed the pace of interest rates set to slow along with China easing the COVID restrictions," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that in the near-term, spot USDINR has support at 80.72, the 100 days simple moving average and resistance at 81.91, the recent swing high formed on November 21. The bias remains bearish for the pair as long as it trades below 82.10. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.41 per cent to 105.51. Global oil benchmark Brent crude futures declined 0.10 per cent to USD 86.88 per barrel. On the domestic equity market front, the 30-share BSE Sensex advanced 184.54 points or 0.29 per cent to end at 63,284.19, while the broader NSE Nifty gained 54.15 points or 0.29 per cent to 18,812.50. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 9,010.41 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byju-oyo-ola-serum-swiggy-among-top-10-valuable-unlisted-companies-in-india/slidelist/95910460.cms">Serum Institute of India, BYJU’S, Ola, OYO among top 10 valuable unlisted companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/top-10-companies-based-on-highest-revenue-in-india-as-per-hurun-report/slidelist/95910204.cms">Top 10 companies in India with the highest revenue in 2022, according to Hurun</a>

Rupee gains 8 paise to close at 81.22 against US dollar

<ul><li>India’s hotel industry is headed for a slow recovery from the coronavirus pandemic, it is also poised to be a major contributor to <keyword id="977682" type="PERSON" weightage="20" keywordseo="online-travel">online travel</keyword>’s doubling growth over the next five years. </li><li>A Goldman Sachs report pegs hotels to be the fastest growing segment within the sector with a CAGR (compounded annual growth rate) of 20%.</li><li>Even with the hopeful outlook, hoteliers will have to be patient as the recovery is expected to be slow in the near-term.</li></ul>The battered Indian hospitality industry can make room for growth over the next five years, if they survive the low phase during the pandemic and the key to survival is a robust digital strategy. India’s millions of hotel rooms will have to opt for a digital transformation. Even though the situation looks bleak, Goldman Sachs believes that ‘all hope is not lost’ for hotels in the online space. The report dated July 2020 says that the online travel industry in India is expected to double in the next five years. <div type="image" title="travel." msid="77670730" hostid="261"></div> And hotels will be the fastest-growing segment within the sector with a CAGR (compounded annual growth rate) of 20%. “We estimate hotels alone will contribute c.47% of the online travel revenue pool in India by FY25 (36% in FY20), making it the key battleground within the space,” said the report. Adapting technology and joining branded hotel chains will be key to survival India’s current online penetration is one of the lowest in the world at just 22%, according to the report. Out of the 2 million rooms accounted for hotel rooms in India, only over 140,000 are affiliated with hotel chains. Long-term growth will be driven by budget hotels falling under the unorganized category, who are deeper in the Indian market and can be brought online, believe analysts at Goldman Sachs. “These last few months have proved that branded hotels are and will continue to be the safest environment even in the worst pandemic. Along with safety, hotel brands that figure out how to offer meaningful experiences will lead the way,” said Ankur Gupta, Managing Partner &amp; Head of India Real Estate, Brookfield Asset Management in a report by JLL. All hope is not lost While hotel chains like <keyword id="74790" type="PERSON" weightage="20" keywordseo="Lemon-Tree">Lemon Tree</keyword>, Indian Hotels Company, which is a subsidiary of Tata Group, EIH which runs Oberoi and Trident, and hospitality unicorn <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> are all set to benefit from it, the biggest beneficiary could be <keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> which currently accounts for 50% of the online hotel aggregator market. For the first three months of the year, MakeMyTrip had reported a 15.9% fall in adjusted revenue to $137.2 million. The NASDAQ-listed company also posted an adjusted operating loss of $10.3 million. MakeMyTrip, which is set to announce its earnings results today, had said during the last earnings call that the current quarter might see its losses ballooning to over $20 billion, but over the next few quarters they will bring down the loss to the $10 million range before targeting breakeven. Recovery will be slow The Hotels Association of India recently requested the <a href="http://bwhotelier.businessworld.in/article/Indian-Hotel-Sector-will-collapse-if-not-supported-by-the-Govt-and-RBI-HAI/28-07-2020-302439/">government</a> to step in to help the sector citing losses to the tune of ₹90,000 crore this year. With hotels being shut for over three months and now opening gradually across the country, the listed hoteliers have all gone to report massive losses for the first quarter of the financial year. Patanjali Keswani, Chairman &amp; Managing Director, Lemon Tree let out a word of caution even said that while he is hopeful for a gradual recovery in the second half of the year, he is still shoring up cash for the next one year, "assuming the worst-case scenario." MakeMyTrip has liquidity of nearly $168 million as of 31st March which will help them survive for two years. But despite the weak beginning to the financial year, the Unlock India phases and the gradual opening of hotels, most recently in <a href="https://www.businessinsider.in/india/news/delhi-allows-re-opening-of-hotels-and-weekly-markets-gyms-to-remain-closed/articleshow/77634741.cms">Delhi</a>, has revived the hopes and the optimism reflects in share price of the listed hoteliers this month. . <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotel Chain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock action in Aug so far </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chalet Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+17.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EIH </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+35.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Hotels Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.8% </td></tr></tbody></table> Revenge travel will help the battered industry recover <a href="https://www.businessinsider.in/business/news/revenge-travel-is-the-only-way-indian-hotels-can-make-money-but-it-will-take-over-two-years-to-even-match-pre-covid-levels/articleshow/77586911.cms">Revenge travel </a>will help the hotel industry recover. The term gained popularity in <a href="https://www.scmp.com/business/companies/article/3080361/chinas-airlines-are-poised-bout-revenge-travelling-bookings">China</a>, after people having been stuck in a lockdown, started travelling within the country, to be able to just to get out of their homes. A <a href="https://www.mckinsey.com/industries/travel-logistics-and-transport-infrastructure/our-insights/the-way-back-what-the-world-can-learn-from-chinas-travel-restart-after-covid-19">Mckinsey</a> report says that the end of lockdown would mean the first thing people would want to do is eat out, and the second thing is travel. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ola-is-staring-at-an-internal-crisis-with-seven-cxo-level-exits-in-eight-months/articleshow/77670080.cms">Ola is staring at an internal crisis with seven CXO level exits in eight months</a> <a href="https://www.businessinsider.in/tech/apps/news/google-eyes-indias-sharechat-as-microsoft-goes-after-tiktok-in-the-us-heres-why-it-makes-sense/articleshow/77667345.cms">Google eyes India’s ShareChat as Microsoft goes after TikTok in the US — here’s why it makes sense</a> <a href="https://www.businessinsider.in/tech/apps/news/tiktok-instagram-and-youtube-data-leak-exposes-data-of-235-million-users/articleshow/77668688.cms">TikTok, Instagram and YouTube data leak exposes data of 235 million users</a>

Here's why MakeMyTrip, OYO, Lemon Tree and likes may reap the most out of the long-term recovery in hotels

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> announced the appointment of <keyword id="8358499" type="UNKNOWN" weightage="20" keywordseo="betsy-atkins">Betsy Atkins</keyword> on its board as an independent director. </li><li>Atkins as the CEO of <keyword id="8358498" type="UNKNOWN" weightage="20" keywordseo="baja-corporation">Baja corporation</keyword> which invested in companies like <keyword id="6363100" type="ORGANIZATION" weightage="20" keywordseo="yahoo">Yahoo</keyword> and <keyword id="6357395" type="UNKNOWN" weightage="20" keywordseo="eBay">eBay</keyword>. </li><li>Her expertise lies in scaling companies leading them to successful IPO and acquisitions. </li></ul>OYO announced the appointment of Betsy Atkins as independent director into its board. Atkins is the CEO of Baja corporation, where she has built three early stage funds, and invested in companies like Yahoo and eBay. Interestingly, Atkins’ expertise lies in scaling companies and leading them to successful IPOs and acquisitions. Her entry could all but confirm the many rumours that OYO might soon be heading for an IPO. “She is an expert at scaling companies through the hyper-growth stage and leading them to successful access to the public markets and acquisitions, which makes her a great addition to OYO, as the company moves towards its next phase of growth,” said Oyo in a press release. Having established itself in the Indian and Chinese markets, OYO is now investing heavily in the US market. Atkins joins Oyo’s board which has eminent people like Mark Schwartz, Vice Chairman of Goldman Sachs and Chairman of Goldman Sachs Asia Pacific; Munish Varma of SoftBank Vision Fund; Bejul Somaia ofLightspeed India Partners Advisors; and Mohit Bhatnagar of Sequoia Capital India Advisor on the board of OYO. ‘’OYO, with its unique asset-light business model and strong data capabilities, is creating something entirely new for the more than 3 billion middle-income travellers and city dwellers who need accommodations that meet their standards and also their budgets,” Atkins said.

Yahoo and eBay investor Betsy Atkins joining OYO’s board is a sign of the company’s IPO plans

<ul><li>The Competition Commission of India is probing into MMT and <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s deal for an adverse effect on competition in the market. </li><li>There is a thin line indeed between businesses which want to share benefits and those who want to control the market. </li><li>With the Indian digital penetration, is it time to bring in a new era of competitive businesses in India?</li></ul><keyword id="54613" type="COMPANY" weightage="20" keywordseo="makemytrip">MakeMyTrip</keyword> and Oyo’s commercial agreement has brought a new problem at their doors – the Competition Commission of India. The <keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword> is now probing into their deal for a possible adverse effect on the market. The alleged dominance that they would enjoy is now under scanner. And prima facie, MakeMyTrip is identified as ‘dominant’ in the online travel market while OYO holds the same position in the hotels market. And the joint effect of their partnership could alter the way the market operates. “OYO has been prima facie found to be a significant player in the ‘market for franchising services for budget hotels in India’,” said the report. Both Oyo and MMT had begun their partnership in February 2018. In 2019 they renewed their partnership for five years. In an earlier conversation with Business Insider India, Deep Kalra, founder and chairman of MakeMyTrip, had said, “Oyo for us would be more a partner, because they are now on the supply side and the fastest growing hotel chain in the world. Like all other hotel chains, they also go direct, they aren’t selling other services. We have always seen competition in the market otherwise.” If CCI finds discrepancies, it could turn a precedent for several deals forged recently. Reliance Jio acquired music streaming app Saavn, which strengthened the latter’s position in the Indian market against competition like Gaana, Spotify and even the Airtel-backed Wink. As per an exclusive partnership, OnePlus phones come pre-installed with the Amazon app. There is a thin line indeed between businesses which want to share benefits and those who want to control the market. “There is a clear need of legal audit of all such agreements. Such partnerships should always and periodically be evaluated on the touchstone of AAEC. Unless the CCI establishes AAEC, it can’t bring a case against a party under section 3(4) of the Act,” said KK Sharma, Chairman, KK Sharma Law Offices &amp; ex-Director General and Head of Antitrust and Merger Divisions, CCI. We have a vertical relationship with MMT, says Oyo The Federation of Hotel and Restaurant Associations of India lodged a complaint against MMT and its acquired unit GoIbibo and Oyo Hotels and Homes. The complaint was against MMT-Go and Oyo’s alleged dominance in the market, predatory pricing. It also alleges that their commercial agreement has led to the presumable exclusion of other competitors on MMT’s platform. “Whether the commercial agreement between OYO and MMT entails preferential treatment to OYO and consequent exclusion of Treebo, Fab hotel and any other hotel chain and if so, the effect of the same on competition merits investigation,” the CCI order said. Oyo argued that it is not an online aggregator but a hotel chain which is listed on MMT and has a vertical relationship with the latter. “We will continue to cooperate with Hon’ble CCI’s investigation process as we review the complete order. We will actively engage with the Hon’ble Commission in this process,” said an OYO spokesperson.’ The CCI further said that any restrictive agreement which may lead to refusal to deal with some players or exclusive arrangement with some players, may have potential adverse effect on competition. “The problem is not merely because of there being an exclusive partnership. It is because of conduct much beyond this,” said Sharma. He further explained that the Commission has asked DG to examine violation of Section 3(4) of the Act. It means CCI has to establish that such conduct exists and if it does, if it can have an adverse effect on the competition. “Only after the above are established, can it be said that there is a violation of the provisions of the Act; and further only after the above are done, can the onus of proof move to the person against whom allegations are made,” said Sharma.

MakeMyTrip and Oyo are in trouble with the CCI, opening up a gray area for business partnerships in India

<ul class="summary-list"><li><keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> is resigning from <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword>'s board of directors effective June 25.</li><li>Ma has been a director at SoftBank for 13 years.</li><li>News of his departure came just as SoftBank posted a $13 billion loss, while Softbank's flagship vision fund suffered a $17.7 billion loss. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Alibaba founder and China's richest man Jack Ma has left SoftBank's board of directors. The news comes just as the company announced it has suffered a record financial loss of $13 billion.Ma served on SoftBank's board for the past 13 years, and will officially resign on June 25 per a document from SoftBank.No official reason has been given for Ma's resignation, but the billionaire also <a href="https://www.businessinsider.com/alibaba-founder-jack-ma-steps-down-from-460-billion-empire-2019-9">stepped down as chairman of Alibaba</a>, the Chinese tech giant he founded, in September last year. SoftBank was not immediately available for comment when contacted by Business Insider.News of Ma's departure came just as SoftBank posted an annual operating loss of $13 billion. Meanwhile, Softbank's vision fund <a href="https://www.bloomberg.com/news/articles/2020-05-18/softbank-vision-fund-books-17-7-billion-loss-on-wework-uber">posted a record $17.7 billion loss</a> on Monday on the back of investments including <keyword id="2918346" type="PERSON" weightage="60" keywordseo="WeWork">WeWork</keyword>, <keyword id="1042120" type="PERSON" weightage="60" keywordseo="Uber">Uber</keyword>, and <keyword id="2808667" type="PERSON" weightage="60" keywordseo="OYO">Oyo</keyword>.Bloomberg reports Uber is responsible for roughly $5.2 billion of the SoftBank Vision Fund's losses over the last fiscal year, while WeWork totalled $4.6 billion and the rest of its portfolio made up $7.5 billion.SoftBank's $100 billion Vision Fund, spearheaded by CEO Masayoshi Son, has had a rough year for its portfolio. WeWork's valuation has tumbled 90% from its peak following its botched IPO, and members of WeWork's board are now <a href="https://www.businessinsider.com/wework-group-sues-softbank-for-failing-to-complete-stock-purchase-2020-4">suing SoftBank for backing out of an agreement to buy $3 billion of WeWork shares</a> as part of its bailout for the company.With the onset of the coronavirus, many of SoftBank's investments are in fresh peril — <a href="https://www.businessinsider.com/uber-announces-layoffs-3700-job-cuts-14-percent-employees-coronavirus-2020-5">Uber cut 14% of its worksforce earlier this month</a>, and <a href="https://www.businessinsider.com/uber-layoffs-another-round-of-thousands-cut-on-monday-source-2020-5">Business Insider's Julie Bort reports</a> it expects to cut thousands more jobs on Monday as the pandemic recession bites.Read the original article on <a href="https://www.businessinsider.com/jack-ma-steps-down-softbank-17-billion-loss-2020-5">Business Insider</a>

Jack Ma is stepping down from the board just as Softbank announced a record $13 billion loss

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> founder Ritesh Agarwal as well as <keyword id="45473" type="COMPANY" weightage="20" keywordseo="Mahindra-Holidays">Mahindra Holidays</keyword> chairman Arun Kumar Nanda believe people are not going to fly anytime soon. </li><li>The aviation industry is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. </li><li>The fear of the crashing aviation sector is real. Billionaire Warren Buffett’s company Berkshire Hathaway recently sold all of its stocks in US-based airlines.</li></ul>“Goa may be the new Thailand,” said OYO founder Ritesh Agarwal when asked about his post-COVID-19 strategy. The CEO of Mahindra Holidays, too, believes people aren’t going to fly anytime soon. So both companies are banking local destinations more than foreign travel. The reasons for billionaire <a href="https://www.bbc.com/news/world-us-canada-52518186">Warren Buffett</a>’s company Berkshire Hathaway dumping all of its airline stocks ⁠— Delta Airlines, American Airlines, Southwest Airlines and United Airlines ⁠— are similar. Buffett had gone on to say he was “wrong to invest in the <keyword id="34989" type="PERSON" weightage="20" keywordseo="airlines-industry">airlines industry</keyword>.” And now, the chief of <keyword id="42740" type="COMPANY" weightage="20" keywordseo="Emirates">Emirates</keyword> Airlines just confirmed the industry’s worst fears. “We expect it will take 18 months at least, before travel demand returns to a semblance of normality,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said this week after the group, which operates one of the world’s largest airlines, posted 28% fall in profit as global travel came to a standstill in March. The coronavirus pandemic has left the Indian airlines sector stranded on the runway. All domestic and international flights have been suspended ever since the lockdown. “It will take 2-3 years for air travel to return to 2019 levels and a few more years to return to long-term growth trends according to <keyword id="6357957" type="ORGANIZATION" weightage="20" keywordseo="boeing">Boeing</keyword>,” said a Centrum Broking report last week. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2389060" data-url="https://flo.uri.sh/visualisation/2389060/embed"></div>]]></cdata></div> <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2389156" data-url="https://flo.uri.sh/visualisation/2389156/embed"></div>]]></cdata></div> In China, where the coronavirus pandemic began earlier, and is now abating, the economy is slowly recovering. Even <a href="https://www.china-briefing.com/news/chinas-tourism-industry-sees-signs-revival-labor-day-holiday/">domestic tourism</a> in China is still less than 60% of what it was last year. “ Foreign travel may take longer to recover. In their recent earnings call, Arun Kumar Nanda, chairman of Club Mahindra, said that shorter distances should do better than remote and that is why Mahindra is continuing with its expansion plans as well. “Domestic tourism is going to increase,” he said during the call. The aviation industry is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter. As and when operations resume, overall operational capacity will hover at 50-60% for the rest of the fiscal. Consequently, mergers and acquisitions of airlines, and relook at expansion plans of private and upcoming greenfield airports would be possibilities," <a href="https://www.livemint.com/news/india/covid-19-impact-indian-aviation-may-incur-rs-25-000-crore-losses-says-crisil-11588838896045.html">said Jagannarayan Padmanabhan</a>, director and practice leader, transport &amp; logistics, Crisil Infrastructure Advisory. <a href="https://www.thehindu.com/opinion/op-ed/will-the-aviation-industry-recover-from-the-pandemic/article31359708.ece">Globally</a>, the industry’s revenues could be cut by $252 billion in 2020. See Also: <a href="https://www.businessinsider.in/finance/news/bajaj-finance-shares-surge-as-sanjiv-bajaj-cheers-msme-nbfc-stimulus/articleshow/75729879.cms">Bajaj Finance shares surge as Nirmala Sitharaman’s cash injection for both NBFCs and small businesses will benefit Sanjiv Bajaj’s company</a> <a href="https://www.businessinsider.in/business/news/kotak-mahindra-bank-q4-profit-down-4-pc-to-rs-1952-cr/articleshow/75712873.cms">Uday Kotak says Kotak Mahindra Bank 'needs to be clear on lending' as profits dip by 4% fall in the fourth quarter</a>

OYO and Mahindra Holidays’ new strategy is based on the premise that airlines are doomed for a while⁠— both Emirates and Boeing agree

<ul><li>According to a Reuters report, the group said it sees a $16.5 billion loss for its $100 billion Vision Fund. </li><li>Meanwhile, the group as a whole will see a $12.5 billion loss. </li><li>The biggest blow to <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> has come from the failure of one of its biggest bets – <keyword id="2918346" type="PERSON" weightage="20" keywordseo="WeWork">WeWork</keyword>.</li></ul>Japanese investment conglomerate <keyword id="2572690" type="PERSON" weightage="20" keywordseo="SoftBank-Group">SoftBank Group</keyword> is headed for a massive loss. According to <a href="https://www.reuters.com/article/us-softbank-group-results/softbank-sees-16-5-billion-full-year-vision-fund-loss-idUSKCN21V0TT">a Reuters report</a>, the group said it sees a $16.5 billion loss for its $100 billion Vision Fund. The record loss for FY 20 is because of ‘the deteriorating performance of its tech bets’. Meanwhile, the group as a whole will see a $12.5 billion loss. The biggest blow to SoftBank has come from the failure of one of its favourite bet – WeWork. WeWork, the US-based realty company went under last year as a cloud of dirt exploded from under the carpet at a time when the company was looking to file for an IPO. As its financials were questioned, the <a href="https://www.businessinsider.in/stock-market/news/we-were-kings-of-the-world-weworks-adam-neumann-fostered-a-culture-of-superiority-at-the-troubled-coworking-startup/articleshow/74227820.cms">value of WeWork dropped from $47 billion to $8 billion.</a> Recently, SoftBank also withdrew its $3 billion tender offer to WeWork. But that isn’t the only investment that is worrying SoftBank Chairman <keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword>. His star investment in India – <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>, has also gone on sour. The Indian hospitality unicorn OYO has been under the scanner after hoteliers complained of non-payment of dues and other issues. OYO is hailed as SoftBank’s hot investment in India and was growing at breakneck speed kicking up dirt along the way. After multiple troubles, critics have been comparing <a href="https://www.dallasnews.com/business/local-companies/2020/02/18/oyo-is-a-wework-in-the-making-softbank-faces-questions-about-indian-hotel-startups-future/">OYO to WeWork.</a> There have been several reports that it was Son who pressurised OYO on the fast growth phase, but soon after the WeWork debacle asked it to focus on profitability instead.

SoftBank expects a $16.5 billion loss for its Vision Fund as its investments see dismal performance

<a href="http://www.businessinsider.in/searchresult.cms?query=hotels">Hotels</a> that tied up with aggregators seem to be displeased by the latter. Trouble began when the <keyword id="3187949" type="UNKNOWN" weightage="20" keywordseo="Hotel-Aggregators">hotel aggregators</keyword> started undercutting and promising more than the <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">hotels</keyword> could provide. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=hotel+aggregators">hotel aggregators</a> were at their peak as they were getting lot of customers in 2015 and had tied with as many as 1000 hotels. 
 
However, the experience, over the time, turned sour for the aggregators. 
 
ET reported an incident in which Sunil J Trivedi of Riverview Hotel in Ahmedabad said aggregators do not put everything on the site, which misleads the customer. 
 
"Undercutting is totally not tolerable in this industry as it is harmful for our business and goodwill. This clearly impacted the customers coming to us as sometimes we got day-use kind of bookings, which we never take," said Trivedi. 
 
Likewise, there are many instances in which hotels are snapping ties with the aggregators now. 
 
As per reports, over 200 hotels have apparently ended ties with leading aggregators Oyo <a href="http://www.businessinsider.in/searchresult.cms?query=oyo+rooms">Rooms</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=zo+rooms">Zo</a> in the last five-six months. 
Another problem that hotels are facing is of payments. 
 
A Mumbai-based hotelier Karl Kerawalla took to <a href="http://www.businessinsider.in/searchresult.cms?query=twitter">Twitter</a> to complain about a non-payment issue. 
 
Hotels say due to a plethora of issues their loyal customers are turning away, which could lead to a major problem in the long run. 
 
Manav Thadani, chairman, HVS Asia Pacific told ET, "While there has been a lot of hype about the aggregator model, how many will survive depends on the management and having solid processes in place rather than deep discounting to win the game."

Hotels are snapping ties with aggregators after experience goes sour

<ul><li><keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, Chairman and Managing Director, Reliance Industries Limited (RIL), stated at the <keyword id="883323" type="General" weightage="50" keywordseo="reliance-family" source="Orion">Reliance Family</keyword> Day Event that the next big cycle of growth in Reliance will not be Resource-driven but Innovation Driven. </li><li><keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> also added that Jio's 5G deployment will be complete in 2023. </li><li>Providing unique digital products and solutions to both domestic and international markets is the next big opportunity for India, according to Mukesh Ambani. </li></ul>Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL) said on Thursday that Reliance has begun implementing two important tasks of empowering young leadership and young talent. Speaking at the Reliance Family Day event, Ambani said, "First, we are empowering Reliance with new Leadership Capital especially with Young Leadership. Second, we are enriching Reliance with new Talent Capital again, with Young Talent." "I would like our leaders to accelerate this process throughout the organisation. All of us must realise that the next big cycle of growth in Reliance will not be Resource-driven but Innovation Driven", Ambani said. "Acutely aware of this opportunity and responsibility, Reliance has embarked on a journey of comprehensive self-transformation. The end of 2022 is when Reliance will have crossed the half-way mark of its Golden Decade. In five years from now, Reliance will complete its fifty years", Ambani said. "Under Akash's Chairmanship, Jio is rolling out the world's best 5G network across India at a pace, which is faster than anywhere in the world. Jio's 5G deployment will be complete in 2023", Ambani said. But Jio Platforms should now get ready for India's next big opportunity - to provide unique digital products and solutions to both domestic and international markets, he added. "Under Isha, our Retail business has grown rapidly. It has emerged as one with the widest and deepest reach in India, across all product baskets. Most significantly, <keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> has created over two lakh new jobs last year, becoming one of India's leading employers", Ambani said. "With Anant joining this upcoming Next-Gen business, we are making rapid progress in getting our Giga Factories in Jamnagar ready. From being India's largest and most valuable corporate, Reliance is now well on its way to also becoming India's 'Greenest' corporate", Ambani said. "2023 will also be a Year of Renewal and Revitalisation for Reliance Foundation. Under Nita's inspiring leadership, Reliance Foundation is working on even more ambitious new initiatives in education, healthcare, sports, women's empowerment and ecological conservation", Ambani added. "Today we have come together to celebrate Reliance Family Day to pay homage to our Founding Chairman <keyword id="5181595" type="General" weightage="50" keywordseo="shri-dhirubhai-ambani" source="Orion">Shri Dhirubhai Ambani</keyword> and to revel in the spirit of togetherness and oneness as one large Reliance Family...Dhirubhai's Family", Ambani said. "Years will roll. Decades will pass. Reliance will continue to grow bigger and bigger, Like the proverbial Banyan Tree", Ambani said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/most-booked-destinations-in-2022-as-per-oyo/articleshow/96588574.cms">Hyderabad, Texas, Bandung and London among most-booked destinations in 2022, as per OYO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-american-it-professional-convicted-of-making-illicit-profits-worth-7-3-mn/articleshow/96586256.cms">Indian-American IT professional convicted of making illicit profits worth $7.3 mn</a>

Years will roll, decades will pass and RIL will grow like a banyan tree: Mukesh Ambani

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

The domestic hospitality industry is gearing up to make the most of full-fledged <keyword id="8206" type="General" weightage="20" keywordseo="christmas" source="Orion">Christmas</keyword> and <keyword id="6389817" type="General" weightage="100" keywordseo="new-year" source="Orion">New Year</keyword> celebrations this time around after two years of washout by the pandemic, with rooms at many hotels and resorts already sold out. As people seek to make up for the winter holidays lost to COVID-19, destinations like Karjat, Lonavala, Vizag, Dharamshala, <keyword id="42774" type="General" weightage="80" keywordseo="udaipur" source="Orion">Udaipur</keyword>, <keyword id="6363190" type="General" weightage="80" keywordseo="manali" source="Orion">Manali</keyword> and Gir are witnessing good demand, apart from traditional popular places like <keyword id="826" type="General" weightage="80" keywordseo="goa" source="Orion">Goa</keyword>, Kerala and Shimla. "The year-end festive season looks very positive and this year appears to be one of the best years so far for the hospitality sector," Apeejay Surrendra Park Hotels Ltd Managing Director, Vijay Dewan told PTI in an e-mailed response. He further said, "All our hotels are gearing up for sold out spaces along with high occupancy in rooms. This year we have lined up some great events during Christmas and New Year's which the guests missed out during the last 2 years due to the pandemic." Mahindra Holidays &amp; Resorts India Ltd (MHRIL) Managing Director and CEO Kavinder Singh, "If you really look at it this year, this Christmas and New Year will be the first proper Christmas-New Year after 2020...if I were to look at December occupancy, in some of our resorts we have no space for even a single room available in December because people have all booked up." Even in 2021, he said the Christmas and New Year celebrations were marred after the outbreak of the Omicron variant of the COVID-19, which continued beyond January. Now, Singh said, people are going to Coorg, Gir, Shimla, Manali beyond the usual destinations like Goa, while some are even travelling abroad to places like Singapore and Dubai. There is a very high level of occupancy in the southern side, he said, adding in the western region locations like Alibaugh and Lonavala are already full. "It's a very, very big momentum now in December and January, aided by the holiday season, and years of not being able to spend time in this period of the year with your loved ones, and that is really aiding the momentum in December and January," Singh said. On the kind of demand coming from travellers, Hotel Association of India Vice President K B Kachru said, "We are finding dates getting sold out months in advance and lots of enthusiasm for innovative and creative offers that showcase the locale that the hotel is in, including its culture and cuisine given our unique and authentic culinary specialties across the country through our culinary ambassadors." Kachru, who is also Chairman Emeritus and Principal Advisor, South Asia, Radisson Hotel Group, further said there is an uptick in demand for the upcoming wedding season as well. "Our hotels across key leisure destinations, including Karjat, Lonavala, Vizag, Goa, Dharamshala, and Udaipur are geared up for welcoming guests," he added. InterGlobe Hotels Head - Asset Management, Manoj Agarwal said, "We expect a healthy and robust room demand during the festive season for our leisure destinations. The ongoing travel patterns and trends have had a positive impact on the hospitality industry, and we are quite optimistic with our portfolio performance already surpassing our pre-COVID numbers." Similarly, an OYO spokesperson said, "Based on advanced bookings for the upcoming holiday season between December 25-31, we are witnessing a 44 per cent rise in booking demand, led by leisure cities such as Goa, Hyderabad, Puri, Manali and Kolkata. Business travel is also showing strong signs of revival."

Hotel, resorts sold out as demand soars for first full Christmas-New Year party after two years

<ul><li>While the Union Budget hasn’t traditionally doled out reforms for the hospitality sector, after a year of losses due to the COVID-19 pandemic, the <keyword id="2173225" type="PERSON" weightage="20" keywordseo="travel-and-tourism">travel and tourism</keyword> industry will look at <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> to help the sector until demand revives.</li><li>Reforms is the one big word that every entrepreneur, every operator in this country is expecting specifically, from a travel and <keyword id="20048" type="CITY" weightage="20" keywordseo="tourism">tourism</keyword> fraternity perspective, said Ritesh Agarwal of OYO.</li><li>According to the Hotels Association of India (HAI), about 70% of the direct jobs in the hotel sector are at risk while 40% of all hotels in India are on the brink of permanent closure.</li></ul>India’s travel and tourism industry believes that <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword> can’t not bring in relief for the battered sector. “It is the most impacted and has the capability to recover quickly as it has small businesses in this segment. Hence, it's crucial for the small businesses to get all types of motivation and help. We have already started seeing a lot of support coming in from various support programs, and we hope for more,” said Ritesh Agarwal, Founder &amp; Group CEO, OYO Hotels &amp; Homes at the recently held Resurgence TiEcon Delhi – NCR event. While the Union Budget hasn’t traditionally doled out reforms for the hospitality sector, after a year of losses due to the COVID-19 pandemic, as people stayed home and flights continue to stay banned in several countries, including India, the travel and tourism industry will look at Nirmala Sitharaman to help the sector until demand revives. According to the Hotels Association of India (HAI), about 70% of the direct jobs in the hotel sector are at risk while 40% of all hotels in India are on the brink of permanent closure. And they have come with their own laundry list of expectations of budgetary provisions, better regulations, and policy decisions. <cmsannotation type="cmsannotation" annotationid="Infrastructure status" comment="subhead" text="Infrastructure status">Infrastructure status</cmsannotation> Giving infrastructure status to hotels is a top demand from the industry which will give them access to better credit. “Doing so will allow businesses to avail electricity, water, and land at industrial rates along with improved lending rates,” said Bhanu Chopra, Founder and Chairman, RateGain. The HAI has also recommended hotels of above ₹25 crore capex (excluding land) should be declared as infrastructure. <cmsannotation type="cmsannotation" annotationid="Increase Leave Travel Allowance" comment="subhead" text="Increase Leave Travel Allowance">Increase Leave Travel Allowance</cmsannotation> “One could expect a tweak with Leave Travel Allowance (LTA), which is a tax break on travel expenses that can be claimed twice in a block of four years. You might see certain relaxations there, which allows more domestic travel or it could be that instead of twice in four years, you increase that number. The additional increase is only if you actually travel,” said Hemal Zobalia, Deloitte Haskins &amp; Sells LLP told Business Insider in an interview. HAI in its list of recommendations to the government has also said that there should be a modification of rule. “Government may modify the rules and allow citizens to avail LTA benefits for hotel stays too for a period of two years. LTA exemption to be available annually,” said the HAI spokesperson. <cmsannotation type="cmsannotation" annotationid="Income Tax and GST relief" comment="subhead" text="Income Tax and GST relief">Income Tax and GST relief</cmsannotation> The industry is also rooting for income tax reductions which will increase the cash flow of businesses. Currently, the income tax rate is 30% plus surcharge of 7% or 12% (based on income) as well as 4% education cess. “Several taxpayer-friendly amendments like GST relief in case of bad debts and relaxation in the ineligible list of input tax credit are much needed by the industry during the ongoing Covid times,” said Tushar Aggarwal, Founder Partner, Tattvam Advisors. <cmsannotation type="cmsannotation" annotationid="A Natural &amp; Cultural Heritage Restoration Fund of ₹2,000 crore" comment="subhead" text="A Natural &amp; Cultural Heritage Restoration Fund of ₹2,000 crore">A Natural &amp; Cultural Heritage Restoration Fund of ₹2,000 crore</cmsannotation> To boost domestic tourism, Federation of Associations in Indian Tourism and Hospitality (FAITH) has suggested setting up a Natural &amp; Cultural Heritage Restoration Fund with a corpus of ₹2,000 crore. This, the association believes will encourage “sustainable and responsible development around each vertical of adventure tourism &amp; cultural tourism.” SEE ALSO: <a href="https://www.businessinsider.in/budget/news/airlines-want-budget-2021-to-lower-jet-fuel-price-and-parking-charges/articleshow/80561951.cms">Airlines want budget 2021 to lower jet fuel price and parking charges</a> <a href="https://www.businessinsider.in/budget/news/india-needs-to-add-massive-amount-of-solar-and-wind-power-capacity-this-year-to-meet-its-first-target/articleshow/80496138.cms">India needs to add massive amount of solar and wind power capacity this year to meet its first target</a>

You Searched For "chairman of oyo" and got 13 results

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

BI India Bureau

Rupee gains 8 paise to close at 81.22 against US dollar

PTI

Here's why MakeMyTrip, OYO, Lemon Tree and likes may reap the most out of the long-term recovery in hotels

Sanchita Dash

Yahoo and eBay investor Betsy Atkins joining OYO’s board is a sign of the company’s IPO plans

Sanchita Dash

MakeMyTrip and Oyo are in trouble with the CCI, opening up a gray area for business partnerships in India

Sanchita Dash

Jack Ma is stepping down from the board just as Softbank announced a record $13 billion loss

Isobel Asher Hamilton

OYO and Mahindra Holidays’ new strategy is based on the premise that airlines are doomed for a while⁠— both Emirates and Boeing agree

Sanchita Dash

SoftBank expects a $16.5 billion loss for its Vision Fund as its investments see dismal performance

Sanchita Dash

Hotels are snapping ties with aggregators after experience goes sour

BI India Bureau

Years will roll, decades will pass and RIL will grow like a banyan tree: Mukesh Ambani

IANS

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

Bhakti Makwana

Hotel, resorts sold out as demand soars for first full Christmas-New Year party after two years

PTI

India’s travel and tourism sector is hoping that the Budget won’t leave them behind

Sanchita Dash

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