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Travel tech platform <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> reported <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting," the OYO founder stated. He added that these are provisional numbers, but the audited financials will likely be close to these. Earlier this week, Fitch Ratings announced it has upgraded the rating of OYO parent firm Oravel Stays, citing the hospitality company's improved financial profile. Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement. It also upgraded the rating on the company's USD 660-million senior secured term loan facility due 2026 to 'B' from 'B-'. In FY24, OYO added about 5,000 hotels and 6,000 homes globally. It also reported a PAT (Profit after Tax) of Rs 99.6 crore (USD 12 million) and an adjusted EBITDA of Rs 888 crore (USD 107 million) for the whole fiscal year, up from Rs 274 crore (USD 33 million) in FY23. EBITDA -- Earnings Before Interest, Taxes, Depreciation, and Amortization -- is an alternate way of calculating profitability to net income. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

At ₹100 crore, OYO posts FY24 as maiden profitable fiscal: Founder

Hospitality and travel-tech firm <keyword id="2808667" type="General" weightage="100" keywordseo="oyo" source="Orion">OYO</keyword> on Monday said it will onboard and add 300 hill station hotels to its portfolio by August 2023 to cash in on the summer vacation rush. In north India, the new hotels will be in places such as Manali, <keyword id="193753" type="General" weightage="50" keywordseo="mussoorie" source="Orion">Mussoorie</keyword>, <keyword id="76016" type="General" weightage="50" keywordseo="nainital" source="Orion">Nainital</keyword>, Srinagar, Shimla, Dalhousie, and Haridwar while in the South, it will be Ooty, Munnar, and Kodaikanal, the company said in a statement. Gangtok, Darjeeling, and <keyword id="57704" type="General" weightage="50" keywordseo="shillong" source="Orion">Shillong</keyword> in the East; and <keyword id="6378734" type="General" weightage="50" keywordseo="lonavala" source="Orion">Lonavala</keyword> and Mahabaleshwar in the West will also see new OYO hotels, it added. The company is witnessing a surge in demand for hill stations and the trend will continue throughout the next three months, an OYO spokesperson said. "With our expansion across key hill stations in India, we aim to provide a wide range of options for travellers, while also contributing to the growth of domestic tourism," the spokesperson added. In addition to expansion across hill destinations, OYO is also aiming to add 1,800 new hotels to its portfolio in 2023 as part of its ongoing bid for premiumisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mumbai-flat-sizes-have-shrunk-20-in-past-five-years-but-other-metros-show-improvement/articleshow/100932947.cms">Mumbai flat sizes have shrunk 20% in past five years but other metros show improvement</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/kili-and-neema-paul-the-tanzanian-tiktok-siblings-winning-indian-hearts/slidelist/100932281.cms">Meet Kili and Neema Paul, the Tanzanian Tiktok siblings winning Indian hearts</a>

OYO to bring on board 300 hill station hotels by August

Why America's hospitals are on life support  

<keyword id="29913" type="COMPANY" weightage="20" keywordseo="hospitality">Hospitality</keyword> major <keyword id="7036155" type="COMPANY" weightage="20" keywordseo="OYO-Hotels-Homes">OYO Hotels &amp; Homes</keyword>' Singaporean subsidiary has received a term loan from <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>. A regulatory filing showed that <keyword id="4964826" type="COMPANY" weightage="20" keywordseo="OYO-hotels">OYO Hotels</keyword> (Singapore) Pte Ltd has secured a loan of $200 million from SB Investment Holdings (UK), an affiliate of <keyword id="3749718" type="COMPANY" weightage="20" keywordseo="softbank-vision-fund">SoftBank Vision Fund</keyword>, for enhancing liquidity through the pandemic and strengthening its balance sheet. The transaction was planned for 2020 and is being consummated now. <keyword id="2808667" type="COMPANY" weightage="20" keywordseo="OYO">OYO</keyword> has started recording steady signs of recovery across the globe led by its business in India, Europe and Southeast Asia while sustaining its gross margin to 100 per cent of pre-COVID levels. According to people in the know, a significant part of the funds will be diverted towards technology and data analytics. Recently, OYO's valuation reclaimed the $9 billion-mark after <keyword id="145884" type="DOMAIN" weightage="20" keywordseo="Hindustan-Media-Ventures-Ltd">Hindustan Media Ventures Ltd</keyword> invested Rs 54 crore or $7.31 million into the company. OYO Hotels &amp; Homes is present across 800 cities in 80 countries, including the US, Europe, UK, India, Middle East, Southeast Asia, and Japan. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/checkout-review-of-oppo-fitness-band-related-to-design-performance-price-and-battery-life/articleshow/81423414.cms">Oppo Band Style review – getting the basics right with a twist of flair</a> <a href="https://www.businessinsider.in/international/news/narendra-modi-joe-biden-yoshihide-suga-and-scott-morrison-are-set-to-meet-for-the-first-ever-quad-leaders-summit-on-march-12/articleshow/81424117.cms">The first-ever leaders summit of the QUAD may be another signal that it's ready for something more formal</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-share-allotment-status-of-mtar-technologies-ipo/articleshow/81424102.cms">MTAR Technologies IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-cfo-explains-how-the-role-of-a-finance-head-has-been-changed-by-the-pandemic/articleshow/81423884.cms">EXCLUSIVE: TCS CFO explains how the role of a finance head has been changed by the pandemic</a>

OYO's Singapore arm secures $200 million loan from SoftBank

Rohit Kapoor of OYO hotels and homes on India’s favourite travel hotspots and trends to be expected in 2021

<ul><li>In our latest interview series, we speak to a few CMOs to understand how they are helping out their organisations find the right ways to connect with consumers.</li><li>Mayur Hola, Head of Global Brand, OYO tells us how the brand has been using its marketing tools to help out people.</li></ul>India crossed the three-lakh mark of fatalities on May 24 as it reported 4,454 new deaths in a single day due to <a href="https://www.businessinsider.in/india/news/india-becomes-third-country-to-surpass-three-lakh-mark-of-covid-19-deaths-with-4454-new-fatalities-in-a-single-day/articleshow/82900228.cms">Covid-19</a>. India is the third country to cross three-lakh deaths after US and Brazil. This second wave of COVID-19 has impacted our livelihoods and businesses like never before. All employees are struggling to focus at work. At such dire times, many companies are trying to launch wellness programmes at work to ensure a positive work environment or doing their bit by amplifying the SoS requests and/or donating to NGOs. And this battle is far from over. Understanding the gravity of the situation, India’s hotel unicorn OYO has extended its support to help out its employees and customers. OYO’s employees who have lost their lives due to COVID-19, will be given 8 months payment and the company will support the education of their children for five years. It has also moved to a 4-day working week for the month of May. “2021 is grim. What's going on is just a whole other challenge to deal with. Almost every single person of our team is impacted either personally or with someone amongst their family or friends getting infected,” said Mayur Hola, Head of Global Brand, OYO. “There's organisation-wide tracking and a Covid war room setup to help people with whatever they need; Oxygen cylinders, OCs, hospitalisation, meals, medicines etc. What we've done in addition to that is set up a team level tracker to check on folks every day. It's just a more personal way to do this we find. And if anyone or their family is impacted then it's just normal for us to check on them daily and see if they need anything. Both as someone who works with a team and as just a human being, you have to make time to check on people today. It's not a formality, it is a necessity.” In the interim, OYO has also shifted its marketing strategy and has recast its business model. It has turned a few of its properties to function as quarantine and isolation facilities for COVID-19 positive patients. On how the second wave has impacted OYO’s larger business goals, Hola said, “Ritesh gave us a very simple goal for the next little bit. We will help whoever we can and prevent as many lives from being lost as possible for us to do. I think it's a great goal to focus the organisation towards. And we've got hundreds of people coming together to do exactly that.” The company had conducted a guest survey to identify upcoming industry trends. As per the survey, 87% of the OYO customers said that they will prefer hotels with immunised staff when they plan to travel again. “Vaccination visibility when self-reported timely and accurately will become a confidence builder for travel recovery,” tweeted Founder and Group CEO Ritesh Agarwal. So, during the second wave, OYO’s two major focus areas have become: OYO care and VaccinAid; the latter is a feature on its app that shows self-reported vaccination status of hotel staff across the country. Telling us more about OYO’s focus areas for this quarter, Hola said, “It really helps when you've got a direction as clear as we have to help people in general and OYOpreneurs and their families in particular. Today, the brand we all are focusing on is OYO Care. Our quarantine and isolation stays project is a big focus area for us. Both on the retail and corporate (b2b) side. And the VaccinAid feature that transparently declares properties which have vaccinated staff and encourages our guests to vaccinate themselves is another focus area for the mid to long term. It is not business as usual, but it is perhaps more rewarding than usual to be able to help even one person today.” During the nation-wide lockdown 1.0, the grinding halt on travel and tourism also impacted home-grown hospitality brand OYO by bringing its revenue down to zero levels. However, with cities unlocking and global restrictions easing gradually in the second half of the year, OYO reached ~45% of pre-COVID occupancy levels in December. As many other CMOs, 2020’s uncertain time taught Hola how to draw boundaries between work life and personal life. He told us that 2021 has been a little easier in terms of adjusting to the sudden waves of changes as felt more prepared for the uncertain challenges that come in his way. “The first wave was like learning to surf. We fell off the surfboard a lot. It was a lot of getting used to. But now working from home is something you've learnt to deal with and you just get on with it. Schedule wise, I find that it's more sorted. Work days are intense as usual but everyone has fallen into a pattern and there's a lot more respect for post work hours and weekends. More than anything, 2020 taught us what to expect and as such we're a lot more prepared (work wise) to deal with the second wave,” said Hola. On social media front, OYO has been focusing on connecting with COVID survivors and reminding people to get vaccinated. Business-oriented communication has taken a backseat for now. <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> <div type="javascript" title="Instagram" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Its print ad won hearts on the internet for using the advertising space wisely. It published a ‘handy Spo2 chart’ on the first page of Hindustan Times for people who are tracking their loved ones oxygen levels on a daily basis. The copy read, “We can keep saying that we care but unless it helps you, it’s a waste. So we decided to give you our ad space to take care of yourself and your loved ones.” <div type="twitter" handle="RohanKochhar" handlename="Rohan Kochhar" image="http://pbs.twimg.com/profile_images/1357300572601286656/FuosOMJ1_normal.jpg" favoritecount="142" retweetcount="23" status="This advertisement by OYO Care today is marketing at it’s brilliant best!Well done @oyorooms https://t.co/EGWoowmJbB" createdat="1621589586000" id="1395674000873836547"></div> This print ad is a great example of how brands can use advertising, which is the biggest and strongest weapon they hold, to provide value to its audience and bring about change. “Right now, our only focus is to help and we're using whatever tools and channels we have to do so,” said Hola. Many marketers have chosen silence to help their audience deal with the horrifying situation that our country is facing or they have chosen to continue selling products as usual. There are a few handful brands that have taken a kind, empathetic approach in their advertising campaigns. On what should brands do in today’s scenario, Hola said, “If you can help, please help. Even if you're selling goods or services that are helpful, that's fine. But whatever you do, don't moment market this crisis. There's a special place in communication and marketing hell reserved for that.” <keyword id="4964826" type="COMPANY" weightage="20" keywordseo="OYO-hotels">OYO Hotels</keyword> and Homes currently has over 1,00,000 small hotels and homeowners across 800 cities in 80 countries on its platform <div type="Article" hostid="261" msid="82099226" title="OYO’s ‘Hockey’ print campaign is winning the internet; there’s a lot more in store, says its head of global brand Mayur Hola" mstype="2" mssubtype="0"></div>

Don't moment-market this crisis; there's a special place in communication and marketing hell reserved for that: Mayur Hola of OYO

<ul><li>With COVID-19 impacting the hospitality industry, bringing revenues down to almost zero, to now the steady recovery of the industry, there’s a lot that has happened through the course of the year. </li><li>Hospitality was one of the worst affected industries worldwide, however, with cities unlocking and global restrictions easing gradually, India topped the charts for OYO as the most booked country.</li><li>As OYO launches its annual Travelopedia, Rohit Kapoor, CEO, <keyword id="7036155" type="COMPANY" weightage="20" keywordseo="OYO-Hotels-Homes">OYO Hotels &amp; Homes</keyword>, India &amp; South Asia tells us about India's favourite tourist hotspots, COVID-19 impact on OYO, <keyword id="10519936" type="UNKNOWN" weightage="20" keywordseo="travel-sentiment">travel sentiment</keyword> this year and some trends he expects to see in 2021. </li></ul>2020 has been a unique year that pushed every brand and industry to transform itself. While it started on a good note for the hospitality industry, with January 2020 (pre-covid) being the most travelled month, April 2020 witnessed most cancellations across the country owing to the government’s precautionary lockdown. Hospitality was one of the worst affected industries worldwide. The grinding halt on travel and tourism impacted home-grown hospitality brand OYO by bringing its revenue down to zero levels during the lockdown. However, with cities unlocking and global restrictions easing gradually, India topped the charts for OYO as the most booked country while Delhi clocked in the most bookings across the world in 2020. Consumer confidence was at its highest during December 2020 as OYO saw the highest number of bookings since India unlocked. Today, Ritesh Agarwal’s OYO has reached ~45% of pre-COVID occupancy levels and its used room nights have grown steadily 40% m-o-m since bottoming out in May. Some of the brands are performing much better with <keyword id="4100346" type="COMPANY" weightage="20" keywordseo="Oyo-Townhouse">OYO Townhouse</keyword> operating at 85% of pre-COVID occupancy levels. An OYO Hotel in Shahjahanpur and another in Chennai witnessed an average occupancy of 100% since lockdown. Over 8.5 million new user bookings were made on the OYO app and website in 2020. We caught up with Rohit Kapoor, CEO, OYO - India &amp; South Asia to discuss some of the key trends that came out in its third annual report - OYO Travelopedia 2020. <div type="Video" msid="80040904" hostid="261" title="Rohit Kapoor of OYO hotels and homes on India’s favourite travel hotspots and trends to be expected in 2021" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=80040904"></div> Lockdown’s impact A month down into the nation-wide lockdown, OYO realised that the macro factors cannot be controlled. As the hospitality industry came to a complete halt till the end of June, OYO decided to focus on improving its consumers and stakeholders’ pain points. It also wanted to use its space smartly by giving back to the society. It offered a helping hand to various hospitals and their doctors across the country. “After a few consumers started showing interest in travel, we launched an extensive campaign across the country to get in touch with our partners and stay in very close touch with our consumers. We tried to identify what consumers were thinking, some problems they were facing and what we could do to solve them. We worked with 24+ state ministries, 50+ government and private hospitals and hosted about a 250,000+ hospital staff and asymptomatic patients during the lockdown. 200+ sailors were safely quarantined at OYOs across India. 1,50,000 litres of disinfectant and 70,000 litres of sanitisers were used since April to welcome our guests,” shared Kapoor. OYO also on-boarded Sonu Sood as its brand ambassador, who emerged as a knight in shining armour and has been applauded for his humanitarian work to send thousands of stranded migrants back home during the lockdown. It launched a nation-wide campaign with Sood to woo its consumers. <div type="Youtube" id="ijSg92O1d30" title="OYO Sanitised Before Your Eyes" thumbUrl="https://i.ytimg.com/vi/ijSg92O1d30/mqdefault.jpg"></div> When Vande Bharat started, approximately 73,000 repatriated Indians completed their institutional quarantine at OYOs across India. Amongst these, most bookings were made by guests travelling from the Middle East, primarily UAE, Saudi Arabia, Oman, Kuwait and Qatar. Insights from OYO’s Travelopedia According to Kapoor’s predictions based on travelopedia’s insights, leisure travel is making a steady comeback - with tourist hotspots of Visakhapatnam, Kochi, Tirupati, Goa, Mussoorie recovering faster than other destinations. The data also revealed that Delhi, Bangalore and Hyderabad ranked as the most popular cities among business travellers while Jaipur, Goa, Kochi were travellers’ favourite domestic leisure hotspots. <div type="image" title="Oyo travelopedia" msid="80040415" hostid="261"></div> Speaking on one of the most important trends this year for OYO, Kapoor said, “One of the most humbling things we found out that has stayed with me is that a guest has stayed with us 128 times this year, something that tells us that we are on the right path and that our customers have immense faith in us even in tough times. While 2021 will be a new learning in itself, we’re hopeful that the changes we have brought in 2020 will set new precedents in the travel and hospitality sector and we are completely motivated to work towards providing safe stays to all our customers.” We're at that time of the year when people normally are in the mood to travel. Across India, without any surprise, the tourist hotspot of Goa emerged as the most booked beach destination, followed by Kochi, Vizag and Pondicherry. To target these beach-lovers, OYO also launched a campaign earlier this month titled ‘Chalo Beach Chalein.’ <div type="Youtube" id="6W_9U2C7G30" title="OYO | Chal Beach Chalein" thumbUrl="https://i.ytimg.com/vi/6W_9U2C7G30/mqdefault.jpg"></div> Interestingly, OYO has also seen a resurgence in religious tourism. Puri emerged as India’s top pilgrimage destination, followed by Vrindavan, Tirupati, Shirdi, and Varanasi. In December 2020, over 17 lakh people checked-in over the weekends. December 12, 2020 saw the most number of bookings (so far). The next estimated date is December 31, 2020 (bookings still coming in) Telling us how December turned out for OYO, Kapoor said, “This month, people are traveling to places they wouldn’t have thought of visiting earlier. For example, many of our users have shown interest in Mukteshwar, Ramgad or Bhimtal. Plus, one big change for everyone is that during this part of the year, people travel to international locations -- that’s not happening this year. That demand is getting funnelled to domestic markets and that is a trend I foresee continuing for at least 12 more months.” Kapoor has been traveling himself to locations he wouldn’t have been to otherwise. He has been to Jaipur and Udaipur with his family, then he went to Ramgad and worked from there for 15 days. He has also been on a road trip to Lucknow, Allahabad and Kolkata. From his many road trips to different parts of our country and from OYO’s in-depth research study, Kapoor noticed how people aren’t staying with their relatives anymore. They preferred living in a hotel, which is a cultural shift in our country. Walking us through Travelpedian further, Kapoor said, “If you look at the patterns emerge, the first unlock started with the big cities and we wondered what is it that these big cities offered: one type of cohort was those who wanted to just leave their homes and work from somewhere else. Secondly, people were worried about going and staying in someone else’s home, which is pretty common in India. I was in Allahabad in September and was trying to book an OYO, it was fully sold out. It was because of an exam which was going on and it was booked by parents whose kids were appearing for that exam. Third thing we saw is seasonality disappearing because work from home is allowed. The classic pattern of people travelling during peak seasons and vacations is phasing out. People are going away for staycations, working for 8-10 hours and using the rest of time for leisure. Lastly, they are also up for impromptu plans because they want to be reasonably sure that they are ready to travel.” OYO’s goals for 2021 The focus areas in 2021 would be more or less the same at OYO. Kapoor said that one thing that COVID-19 has taught us is that the future is unpredictable and the team is prepared for uncertain 2-3 quarters. “We have learnt the power of building product-led solutions for partners and that we will continue to invest in that. We want to open OYO-products and solutions to a much wider set of customers. We have all kinds of customers today but I think we have the opportunity to present OYO as the best option for anybody who is seeking good-quality experience. OYO has been recognised as the best start-up to work with and my focus would be to continue being the best place to work with for our target not just in India, but globally as well.”

Over 8.5 million new user bookings were made on the OYO app and website in 2020: Rohit Kapoor

<ul><li><keyword id="14912257" type="General" weightage="20" keywordseo="flipkart-hotels" source="Orion">Flipkart Hotels</keyword> aims to provide customers options to book hotel rooms across 3 lakh domestic and international hotels. </li><li>Apart from offering flexible travel and booking policies, <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> aims to offer easy EMI options as well. </li><li>Launched on Cleartrip’s API, Flipkart Hotels will benefit from Cleartrip’s deep understanding of travel customers and sectors, the company said. </li></ul> Ecommerce major Flipkart announced the launch of a new hotel-booking feature, Flipkart Hotels, on its platform today. Launched on the back of Cleartrip’s API, Flipkart Hotels will provide customers the opportunity to book hotel rooms across 3 lakh domestic and international hotels. “Available on the Flipkart app, this new offering provides a hassle-free booking experience, and timely communication through popular messaging apps. The platform further enables users to avail third party offers on Flipkart platform,” the company said in a press release. Flipkart Hotels says that it will benefit from Cleartrip’s deep understanding of travel customers and sectors. It had acquired the travel bookings company in 2021. However, the ecommerce platform had launched a service to aid flight bookings on its app in 2020, during the pandemic. “Flipkart Flight is on a steady path of growth in the travel industry since we entered this space. With Flipkart Hotels, we are strengthening our commitment to provide a better experience and superior service to our customers across metros and beyond tiers,” said Adarsh Menon, senior vice president, Flipkart. Apart from offering flexible travel and booking policies, Flipkart aims to offer easy EMI options as well. “With our banking partner’s financial offerings, the customers will unlock great value in this segment and enhance Flipkart’s capabilities as a preferred one-stop shop for the travel booking needs of Indian customers,” said Menon. The online hotel bookings market in India has players like Oyo, Airbnb, Trivago, Booking.com and Treebo. Flipkart intends to bank on the growth seen in the hotels and hospitality sector, after the pandemic. It said that new travel trends like exploring lesser-known destinations, workations, long stays, and vacation rentals are becoming mainstream. “These developments are giving a boost to the travel industry. Given the 70% growth in the last quarter compared to a CAGR of 60% over the last two years, the next festive quarter is expected to be even better for the overall travel industry,” Flipkart said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/sign-up-now-evaluating-the-road-to-sustainability/articleshow/94024967.cms">SIGN UP NOW: EValuating the road to sustainability</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/boat-noise-boult-mivi-ptron-companies-dominate-the-tws-segment-with-over-70-of-the-market-share/articleshow/94024965.cms">Indian companies dominate the TWS segment with over 70% of the market share, but domestic manufacturing remains at 16% at best</a>

After Flipkart Flights, the ecommerce player ventures into hotel bookings business

<ul><li>Technology solutions like in-work systems enable <keyword id="18966" type="General" weightage="80" keywordseo="hotel" source="Orion">hotel</keyword> guests to use more self-service alternatives, significantly reducing staff responsibilities while enhancing customer satisfaction.</li><li>Leveraging tech tools has helped hotels direct employees towards urgent and high-priority activities that require personalised engagement and support.</li><li>Few hoteliers will forget 2020 in a hurry. With hotels forced shut, almost 40% employees lost their jobs while an equivalent number suffered salary cuts and furloughs, according to consulting firm HVS Anarock.</li></ul>Faced with a manpower glut, stringent social distancing norms, evolved guest expectations and massive drop in occupancy, hotel companies turned to technology to overcome these challenges. Samir MC, managing director of Fortune Park Hotels, a member of ITC Hotels Group, recalled how solutions like in-work systems, which enabled guests to use more self-service alternatives, significantly reduced staff responsibilities and enhanced customer satisfaction. "Mobile check-in and self-ordering technology in restaurants make it simpler to check into hotels without requiring one-on-one interaction from hotel staff. Moreover, frequent or foreseeable activities can be handled automatically, through the use of technology," he added. <cmsannotation type="cmsannotation" annotationid="Flagging off the digital journey" comment="subhead" text="Flagging off the digital journey">Flagging off the digital journey</cmsannotation> Besides digitalizing most of its communication and offerings to drive business, ITC Hotels undertook steps like QR code-enabled communication in rooms, digital menus and contactless payment options as it adapted to the new normal. In fact, QR codes for all collaterals, digital menus in restaurants, digital invoices, WhatsApp bot for guest interaction, and even a press reader for newspapers became par for the course. Hotel Manager <keyword id="127335" type="General" weightage="50" keywordseo="prashant-chadha" source="Orion">Prashant Chadha</keyword> recalled how The Westin Mumbai Powai Lake’s operations continue to remain tech-driven from the perspective of guest navigation, housekeeping and F&amp;B services. "Our keyless check-ins and QR codes at restaurants ensured the need for lesser staffing. However, going completely remote and tech-driven is not the objective; rather the focus is being tech-savvy in our operations while considerate of our guests’ needs," he added. <cmsannotation type="cmsannotation" annotationid="Customers sound the tech call" comment="subhead" text="Customers sound the tech call">Customers sound the tech call</cmsannotation> Stressing on creating a ‘digital advantage’ during the company's 2021 earnings call, IHG Hotels &amp; Resorts' CEO Keith Barr said, "This is vital to enabling a seamless technology experience across the guest journey, from driving direct bookings and creating integrated digital experiences for our guests to delivering revenue-enhancing solutions for our owners." In 2021, the company partnered with Josh.ai to pilot a voice-controlled smart room at California’s Kimpton Rowan hotel. Since occupancies were in single digits in early 2021, hotel companies concentrated on the events business, which had switched to the hybrid model. IHG partnered with <keyword id="15041118" type="General" weightage="50" keywordseo="weframe" source="Orion">WeFrame</keyword> for its ‘Meet with Confidence’ global programme, while Hyatt collaborated with Swapcard platform to debut ‘Together By Hyatt’ in April 2021. Raoof Dhanani, managing director at Sayaji Hotels, explains that most hotels also started using Artificial Intelligence (AI)-driven chatbots with inbuilt booking engines to increase direct bookings and capture guest data at the same time. "It also sends automated emails, location, availability, quote and property images and videos to the guests as per their requirement," he noted. Having tasted the fruits of technology, <keyword id="183920" type="General" weightage="50" keywordseo="marriott-international" source="Orion">Marriott International</keyword> went a step further and launched the Marriott Design Lab at its Bethesda headquarters this January. Rather than work in isolation to accelerate the development and deployment of new technologies, it collaborated with companies like Carrier and LG to optimise HVAC efficiency in modular hotel designs, adding more vendors to this list. <cmsannotation type="cmsannotation" annotationid="Out with the old" comment="subhead" text="Out with the old">Out with the old</cmsannotation> After a long journey, contemporary hotel guests often want to grab a shower and a meal rather than engage with hotel staff. A Skift study titled 'Hospitality in 2025: Automated, Intelligent and More Personal' found that 73% travellers want to use their mobile device to manage their hotel experience, including checking in and out, paying, ordering food, and more. Aware that fulfilling these needs, or at least meeting it halfway, is key to winning guest attention and thereby their loyalty, hoteliers are increasingly mindful of their tech investments. A first mover, Marriott, for instance, rolled out IoT services as early as 2018, signing up to Amazon's Alexa for Hospitality room assistant technology to allow voice control functionality to be installed in guestrooms. Integrating IoT technology gives guests the power to customise their room settings, including lighting, temperature and curtains. Moreover, since employees can remotely monitor the performance of in-room devices, it means lesser staff on the floor. Additionally, hotels can conserve energy costs by turning off heating or air conditioning when the room is unoccupied. <cmsannotation type="cmsannotation" annotationid="An eye on the cost" comment="subhead" text="An eye on the cost">An eye on the cost</cmsannotation> By leveraging technology, hotels can direct a lean workforce towards urgent and priority tasks that require personalised engagement and support, thus easing their workload. Moreover, it can simplify their HR procedures, reduce expenses and also boost revenue generation by cross-selling services. Imagine visiting the hotel's spa and getting a discount on a healthy breakfast the next day! Chadha believes that the more efficient the processes, the less time is wasted, which reduces costs and increases productivity and revenue. "As compared to 2019, our operating costs have gone down, with a significant rise in efficiency. This has happened by streamlining tasks and improving our overall quality and reliability," he states. However, these tech deployments come with a caveat – don’t lose the human touch. <keyword id="1417520" type="General" weightage="50" keywordseo="rohit-pandey" source="Orion">Rohit Pandey</keyword>, Hotel Manager of Leela Bhartiya City Bengaluru notes that while technology and automation help bring better efficiency, the service industry cannot operate without the human touch or interaction and personalisation. "Whilst designing the standard operating procedures for the hotel and planning on technology; we smartly adapt systems to smoothen guest journeys. All human touch points remain intact or are enhanced with technology’s adaptation," he emphasised. The hospitality industry traditionally underinvested in technology, spending less than 5% of their net room revenue. However, digitalisation is now on every hotelier's mind. Using it mindfully will help them create a frictionless guest experience and bring down operating costs while navigating the labour shortage, making it a win-win situation for all. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-investment-corporation-stock-almost-doubled-investors-money-in-just-six-months/articleshow/94336887.cms">This Tata group stock doubled investors money in just six months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/snack-maker-annapurna-swadishts-sme-ipo-is-subscribed-by-190-times/articleshow/94332255.cms">Snack maker Annapurna Swadisht’s SME IPO is subscribed by 190 times</a>

You Searched For "hotel and hospitality firm oyo" and got 9 results

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