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<ul><li>A survey by travel agency Agoda found wellness to be one of the top three motivations for Indians to travel in 2023. </li><li><keyword id="2808667" type="General" weightage="80" keywordseo="oyo" source="Orion">OYO</keyword> and EaseMyTrip shared that Gen Zs and millennials are pursuing spiritual pursuits, including trips to religious destinations. </li><li><keyword id="6357203" type="General" weightage="80" keywordseo="varanasi" source="Orion">Varanasi</keyword>, <keyword id="48458" type="General" weightage="20" keywordseo="Tirupati" source="Orion">Tirupati</keyword> and <keyword id="4903" type="General" weightage="20" keywordseo="Puri" source="Orion">Puri</keyword> were some of the favoured destinations as per data shared by four different travel organisations.</li></ul>The pandemic turned the world digital but also led to multifold physical and mental health issues. Consequently, digital detox and regeneration have become <a href="https://www.businessinsider.in/india/news/travel-trends-in-2023-digital-detox-regenerative-travel-and-inner-peace/articleshow/96281360.cms">increasingly</a> popular. In India, this has translated into an increased interest in spiritual and wellness tourism, including trips to religious destinations, according to travel agencies. And this interest has expanded to include GenZs and millennials. Travel agency Agoda conducted a survey and found wellness to be one of the top three motivations for Indians to travel in 2023. The survey was conducted with 10,000 travellers from across 12 countries, including India. As per Agoda, “Many (people) wish to embark on trips to recharge themselves, mentally and physically, with wellness contributing to the number two spot in the ‘reasons to travel’ ranking of Agoda’s Travel Trend survey. Countries with high inclination include India (20%), South Korea (24%), Singapore (25%) and Thailand (29%).” <cmsannotation type="cmsannotation" annotationid="Spiritual tourism no longer restricted to senior citizens" comment="subhead2" text="Spiritual tourism no longer restricted to senior citizens">Spiritual tourism no longer restricted to senior citizens</cmsannotation> For the longest time, religious destinations were considered to be low on the travel bucket list — especially for GenZs and millennials, but that appears to have changed. “With the need for spiritual connect taking priority, millennials and GenZs are setting new trends for the industry. With every passing day, spiritual and self-care travel are catching pace, and the demand is growing,” said OYO in its Cultural Travel 2022 Roundup Report. As per the travel agency EaseMyTrip, there has been a 60% increase from 2019 in people in general are opting for holy destinations or spiritual or wellness tour packages. And, women aged between 30-35 are leading the search. “We’ve observed a sharp surge of 60% in the number of tourists opting for spiritual and wellness retreat packages as compared with pre-Covid. These are closely linked with religious pilgrimages and the various festivals prevalent across the subcontinent,” said Rikant Pittie, co-founder, EaseMyTrip. “More than ever, travellers are looking within, and often they are seen clubbing this journey within - with a trip to wellness or a spiritual retreat. Tending towards slow and spiritual travel formats, travellers opt for wellness or therapeutic retreats that allow them to disconnect and rejuvenate from their busy schedules,” said a spokesperson for MakeMyTrip. <cmsannotation type="cmsannotation" annotationid="Top favourite destinations" comment="subhead2" text="Top favourite destinations">Top favourite destinations</cmsannotation> In light of the rising interest in spiritual destinations, certain places are definitely enjoying more interest than others. Varanasi, Tirupati and Puri were among the top destinations as per data shared by four travel organisations — Ixigo, EaseMyTrip, OYO and Kayak. “Cultural destinations like Varanasi saw more than 50% rise in bookings for travel last year on our train apps. Tirupati in Andhra Pradesh witnessed one of the highest comebacks and was the most-searched spiritual hub in 2022 recording a 200% increase in train search queries,” shared Rajnish Kumar, co-founder, Ixigo. The increased interest in these destinations is also boosted by pent-up demand for travel and the availability of better facilities like hotels and good connectivity to reach the destination, said OYO in a report that was released in December 2022. Rishikesh, famous among Indians and foreigners alike, is known for its ashrams and adventure sports like river rafting. At the same, it’s home to India’s premium hotels, like Ananda wellness resort and Taj Rishikesh. Similarly, popular religious destinations like Tirupati and Puri offer luxury accommodations — Marasa Sarovar in Tirupati or the Mayfair Heritage in Puri. Ixigo and OYO also listed Mathura, Mahabaleshwar and Madurai as emerging spiritual tourism destinations in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-is-going-to-be-a-huge-paid-market-spotify-india/articleshow/98442816.cms">India is going to be a huge paid market: Akshat Harbola, head of strategy, Spotify India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/wedding-bells-ring-in-16-rise-in-february-auto-sales-2-wheeler-sales-yet-to-hit-pre-pandemic-levels-fada/articleshow/98443213.cms">Wedding bells ring in 16% rise in February auto sales, 2 wheeler sales yet to hit pre-pandemic levels: FADA</a>

Gen Zs & Millennials aid spiritual & wellness-driven tourism recovery in India

<ul><li><keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> has recommended customers to use the ‘Pay At Hotel’ feature to pay at the time of check-in.</li><li>OYO also noted that 95% of Indian travelers prefer domestic trips over international locations.</li><li>Hill stations are the most popular destinations this monsoon, with Ooty, Lonavala and Munnar raking in maximum travel intent.</li></ul>Indian travelers have now switched to more frequent shorter domestic trips instead of planning elaborate yearly trips, as per a report by OYO. The budget hotel chain’s monsoon report also said that consumer demand to travel is seen throughout the year. “In 2022, we’re seeing a shift in traveller mindset to pre-lockdown times. We’re observing more and more consumer demand to travel throughout the year, for shorter trips. This monsoon, as per our findings, consumers are looking forward to traveling to scenic destinations and making the most of the rains, closer to nature,” Shreerang Godbole, SVP of product &amp; chief service officer, OYO said. Even in August, with its three long weekends, over 50% of the respondents noted that they would take trips that last anywhere between one and three daysdays. Meanwhile, 33% have been thinking of a week-long trip all thanks to flexible remote and hybrid work. The company slashed prices on stays for the long weekends between August 8 to August 21, with tariffs starting at ₹399. It recommended customers to use the ‘Pay At Hotel’ feature to book their stays now and pay at the check-in time at the hotel. “This year, Raksha Bandhan and Independence Day, could be clubbed together giving consumers the leeway to take that much needed trip with family, friends or even enjoy some quiet time travelling solo. This year has been all about travel aspirations and our campaign is an ode to the unexplored domestic destinations of India,” Godbole had noted. The company’s previous report also noted that 95% of Indians now prefer domestic trips over international ones. Its Monsoon Travel Report 2022 also found that 50% of its respondents are keen to take a monsoon trip beyond city-limits. The report also noted that hill stations like Ooty, Lonavala, Munnar, Shillong and Coorg are the most popular destinations this monsoon. Uttarakhand was another popular destination among travelers. Nearly 40% of the people choosing these destinations are looking for accommodation in scenic locations with hill or lake views. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/msme-credit-demand-jumps-60-from-pre-pandemic-levels-in-signs-of-rebound-in-economic-activity/articleshow/93457388.cms">MSME credit demand jumps 60% from pre-pandemic levels – a sign of rebound in economic activity</a> <a href="https://www.businessinsider.in/business/news/indias-lab-grown-diamonds-are-adding-more-shine-to-the-worlds-diamond-market/articleshow/93458389.cms">Indian diamantaires want to make lab-grown diamonds a woman’s best friend</a> <a href="https://www.businessinsider.in/retail/news/adani-wilmars-angshu-mallick-on-edible-oil-prices-rural-consumption-patterns-and-outlook-for-q2fy23/articleshow/93425126.cms">Adani Wilmar’s Angshu Mallick on edible oil prices, rural consumption patterns and outlook for Q2FY2</a>

Consumers are taking more shorter trips through the year says OYO

<ul><li> Heavy downpour has caused water logging across Mumbai, leaving several commuters stranded.</li><li>According to Mumbai meteorological centre, very heavy rainfall is likely to continue for the next 24 hours with occasional gusty winds reaching 40-50 kmph.</li><li>The Met department has also issued an orange alert for Mumbai till July 14.</li><li>As Mumbaikars look for alternative accommodation options in the wee hours of the day, hospitality brand <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> has rolled out a discount in prices for commuters.</li></ul>Since the beginning of monsoon season in Mumbai, local trains, which are known to be the city’s lifeline, are <a href="https://www.news18.com/news/auto/indian-railways-live-update-mumbai-local-train-services-continue-to-remain-disrupted-due-to-heavy-rain-on-july-7-5505121.html">delayed</a>. Heavy showers in India’s financial capital lead to water-logging at a number of places including railway tracks, slowing down the movement of trains, and even buses and cabs on the road. Many commuters get stuck while attempting to travel back home during peak hours, or seek refuge at a friend or relative’s house near their workplace. "Having lived in Mumbai for a decade, I have been through the stress of travelling back home during heavy downpour and waterlogging. Over the past week, we’ve seen heavy rains lash the city almost every day, leading to disrupted traffic movement and waterlogging across major parts of the city,” said Shreerang Godbole, SVP - product and chief service officer of OYO. As Mumbaikars look for alternative accommodation options in the wee hours of the day, hospitality brand OYO has rolled out a discount in prices for commuters. Stranded Mumbaikars can book an OYO near them at a 60% discount with the coupon code ‘MumbaiRain’. “We rolled out this offer to ease the challenges faced by Mumbaikars during the peak monsoon season in Mumbai,” said Godbole. The India Meteorological Department has issued an <keyword id="7914599" type="General" weightage="20" keywordseo="orange-alert-in-mumbai" source="Orion">orange alert in Mumbai</keyword> till July 14.

OYO rolls out a discount for Mumbai’s stranded commuters as the city stays on orange alert till July 14

<ul><li>Nearly 1.8 - 2 lakh guests spent their long weekend at OYOs across India </li><li>OYO’s <keyword id="9896751" type="UNKNOWN" weightage="20" keywordseo="booking-trends">booking trends</keyword> reveal that Jaipur, Goa, and Kochi topped as India’s most <keyword id="10055480" type="UNKNOWN" weightage="20" keywordseo="popular-leisure-destinations">popular leisure destinations</keyword> among travellers this long weekend.</li></ul>With state borders opening up and relaxation of restrictions across the country, travelers are back into action. As per OYO’s recent consumer survey, 57% of respondents said that their next trip would be for leisure, while 61% had already decided the destination for their coming vacation. OYO’s booking trends for the long weekend, between 02nd and 04th October, clearly reflects India’s travel aspirations and confidence to hit the roads once again. As a result, <keyword id="7036155" type="COMPANY" weightage="20" keywordseo="OYO-Hotels-Homes">OYO Hotels &amp; Homes</keyword>, saw a 72% surge in bookings for leisure destinations between 02nd October and 04th October. Over the weekend, nearly 1.8 - 2 lakh guests spent their long weekend at OYOs across India. OYO’s booking trends reveal that Jaipur, Goa, and Kochi topped as India’s most popular leisure destinations among travellers this long weekend. Interestingly, most of this demand came from Delhi, making it the city with the highest aspirations to travel again. Through OYO’s consumer survey, safety emerged as the consumer’s top priority, further to which 56% would opt to travel via a private vehicle to nearby locations with their family or friends. The survey also highlights that travellers are most likely to plan their vacations between 1 - 3 days. Very close to the survey findings, OYO has observed that Delhiites took inter-state road trips to tourist hotspots, with Jaipur and Agra topping charts. Majority travellers from Pune, Bangalore, Mumbai preferred to spend their long weekend along the exotic and relaxing beaches of Goa. Down South, Kochi was the most popular leisure destination, with most people coming into the city from Bangalore, Kozhikode, and Thiruvananthapuram. As for leisure destinations like Lucknow, Jaipur and Vishakhapatnam, most demand stemmed from Bhubaneshwar and Vijaywada respectively. Here are the top leisure destinations across India and the four zones across the country: <table style="border-width: initial; border-style: none;"></colgroup></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;">Region </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;">Most popular leisure destinations for the 02nd October long weekend </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;">India </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;">Jaipur Goa Kochi Vishakhapatnam Agra </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;">North India </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;">Jaipur Agra Mussoorie </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;">South India </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;">Kochi Vishakhapatnam Pondicherry </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;">North East India </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;">Digha </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;">West India </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;">Goa </td></tr></tbody></table> To ensure their health and safety, during their stay over the long weekend, OYO’s consumer survey shows that the majority of travellers are looking for value for money and cleanliness while booking their accommodation. Standing true to this insight, a whopping 91% of guests chose OYO hotels and homes with the ‘Sanitised Stays’ safety tag. Commenting on the boost in bookings and comeback of leisure travel, Rohit Kapoor, CEO, India &amp; South Asia, OYO said, “Travel is coming back, faster than we expected. All around the world, people are now looking forward to travelling and especially, exploring exciting local hidden gems. With safety being the traveller’s first priority, air travel has taken a backseat for more private and safer options like in-city staycations and roadtrips to nearby domestic vacation spots. We’re extremely happy to share that we saw a 72% surge in bookings this long weekend. These green shoots for leisure travel are a positive sign of rising consumer confidence. It shows that people are ready to move beyond the challenges brought about by the pandemic and embrace solutions to resume life in the new normal, with precautions and by diligently following the necessary government guidelines.” He adds, “At OYO, we are listening to our consumers, ensuring that we address their concerns, their worries and their requirements to make travel decisions simpler, more convenient. To do so, our senior leaders personally spoke with 2000+ consumers and through these conversations, we understood that leisure travel will eventually come back soon, and therefore, we strengthened our preparedness to welcome guests safely with Sanitsied Stays. We also introduced Travel Assistance on our app to help with COVID-19 testing and state-wise guidelines, and thereby, becoming a part of our guests’ journey right from the very beginning.” While there’s a surge in demand for leisure travel across the country, consumers are increasingly looking for trusted clean &amp; sanitised stays, with 80% users searching for sanitised stays, while 46% users seeking regulation related information while planning their next travel.

Indians are travelling again! OYO saw a 72% surge in bookings for destinations like Jaipur, Goa and Kochi during the long weekend

<ul><li>Following the successful response to its recent brand films #AisiReachGaye and ‘Kalki Kal Dekhenge,’ OYO recently launched a new advertisement with Chitrangada Singh and Kunal Kapoor.</li><li>In the ad, Kapoor loses a bet to Chitrangada and plays golf while wearing a ghagra.</li><li>This unique set of ads from OYO has generated a lot of chatter on social media and has sparked a meme fest.</li><li>We speak to Mayur Hola - Head of Global Brand, OYO and Kavikrut, Chief Growth Officer, OYO about the latest campaign, its target audience and timing.</li></ul>At a time when hospitality brands are observing a silent period, OYO rolled out a multi-film 360-degree campaign with Gul Panag, Kalki Koechlin, Chitrangada Singh and Kunal Kapoor. It was during the peak of COVID that OYO aired its first advertisement during the India VS South Africa ODI match. While it was a risky bet for the brand, especially before its upcoming IPO, to talk about travel without really propagating travelling, OYO’s new campaign has still won many hearts and has also organically trended on Twitter thrice for all of its ads. Last year in December, OYO saw its <a href="https://twitter.com/riteshagar/status/1479737071719759875">busiest month</a> as over a million people booked rooms with the brand for the New Year’s long weekend. We asked OYO whether this campaign was planned for December and delayed due to the sudden surge in cases, Kavikrut, Chief Growth Officer, OYO said no, it felt like the right time now. Explaining why OYO chose January to roll their campaign out, he said, “December was one of the highest travel peaks for India and yet, that's not when you saw this campaign. You're seeing this campaign at a time when you're stuck at home, and you're thinking about being out there either for travel, leisure or for business. You're thinking about where else I could be? And it's at that point of time, we want there to be a recall and memory of OYO in their minds and for what could it be? That's when you zoom back into the features and say, it could be anywhere which is nearby, Assi Reach Gaye ad is about that; you don't need to reach anywhere, you could just stay here. We felt like this is a good time to just put them out there. People will love the films irrespective of the time we are in.” As the whole country relives 2020 and people are stuck at home yet again, they have the space and time to watch new content and absorb it. Mayur Hola - Head of Global Brand, OYO added that any consideration campaign needs to start a little bit ahead of when you want the customer to act, particularly when you decide that the consideration you seek is from a newer audience. “So our intent to do it now is to be a little ahead of the game and not just advertise when things open up and people have already made plans. And a lot of audiences today react spontaneously. Consideration takes a little more time, hence, the need for the campaign that we planned. I don't think anything else plays a role at all in our choice of timing. This is simply consideration and perception that we would focus on and are giving it the time it needs to bed in,” explained Hola. OYO’s first advertisement of 2022, ‘Assi reach gaye’ featured Gul Panag and an adorable kid who stole all the attention. The film showcases how a kid, who hasn’t had a chance to travel due to the pandemic, would react on a long road trip. It takes you through many stages of his journey, starting with the child enjoying the views of the scenic hills, turning to boredom and finally to restlessness after spending hours in the car. Hereon, the film captures the many quirks of a now impatient 4-year-old child, who incessantly nudges his mom from the backseat and asks, “Assi reach gaye?” With over 4000 tweets, this ad trended on number 2 on Twitter. <div type="Youtube" id="ZK7WgxuO6X8" title="Assi Reach Gaye | OYO Rooms Official" thumbUrl="https://i.ytimg.com/vi/ZK7WgxuO6X8/mqdefault.jpg"></div> It is for the first time that the relatively young hospitality brand OYO is targeting Indian families with a huge media splash. Hola mentioned that OYO has seen some very unique use cases, which inspired its latest campaign to some extent, and realised that while the brand has a young perception in the market, it is used by audiences across age groups. Sharing a few examples, he said, “We live in small homes across the country and people sometimes just don't have the space to fight. So on the surface, you have a couple checking into a room but really they're going in there to squabble because they can’t scream at each other at home. I know that feeling. We have unique use cases of people taking a pitstop, studying, spending the night after a party, which is a big one for us; people just found it safer to check into a room nearby wherever they've been partying and not take a long ride by cab back home. So, we're trying to talk about the various audiences who own us already, and reach out to even further audiences, in terms of families and so on. In one way, it is reflective of usage already and in another way, we want to add more to that pool.” Following the successful response to its brand films ‘Assi Reach Gaye’ and ‘<a href="https://youtu.be/ZWt_6msbML0">Kalki Kal Dekhenge,</a>’ OYO released a third ad film last week featuring Chitrangada Singh and Kunal Kapoor. With this film, OYO highlights its app’s ‘search the view’ feature which enables people to discover stays with a view they would like. In the ad, Kunal loses a bet to Chitrangada and plays golf while wearing a ghagra. Within a few hours, this film also trended on Twitter on number three with more than 5,500 tweets. The idea behind these ads, Hola said, is to put OYO’s app at the heart of everything. It promotes different features that the app offers. It will be seen in multiple channels across GEC, News, Infotainment and the Kids genre. It will also promote the first film across its owned PR channels.

OYO is now targeting families through its communications to ring in its next phase of growth

As hospitality major <keyword id="2808667" type="General" weightage="20" keywordseo="OYO" source="Orion">OYO</keyword> firms up plans for its initial public offering (<keyword id="6354763" type="General" weightage="20" keywordseo="IPO" source="Orion">IPO</keyword>), financial services company <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> says that while the company saw one of the strongest first quarters in many years, there are some challenges that it needs to address to maintain growth momentum. According to the report the two major factors that have helped OYO improve unit economics as it turned EBITDA (adjusted) positive in the first quarter of FY23 is the broad-based improvement in travel trends and business restructuring by the company. Even though OYO faces stiff competition from traditional hotel companies, short-term vacation rental companies, other online travel agencies (including <keyword id="3658983" type="General" weightage="50" keywordseo="super-apps" source="Orion">Super Apps</keyword> hosting peer OTAs) and competition from search engines in attracting, engaging and retaining customers on platform, the Covid-induced downturn gave OYO an opportunity to rethink the scale, size and cost of operations and shifted its focus on refining the hotel footprints by increasing profits per hotel according to Jefferies. Its revenue shows steady momentum across all segments in Q1FY23. "OYO's ability to provide customers with access to a broad range of high-quality storefronts at a compelling price point, coupled with brand strength and attractive loyalty and referral programs, provide organic and repeat demand for storefront bookings, resulted in increased Gross Booking Value (GBV) for the company," quotes the report. The Gross Booking Value (GBV) per hotel per month modestly recovered in FY22 and has seen a sharp jump in 1QFY23 after bottoming out in FY21. The report also highlighted that the number and variety of storefronts is a measure of width and reach of the platform and is a key value proposition to the customers. Therefore, growth in patron base and storefront footprint globally will be critical for the organisation. It will also have to keep the focus on growing the gross bookings value (GBV) per storefront -- organically, including from various loyalty programs to incentivize bookings from new customers and drive growth. The report also referred to OYOs asset-light, technology-driven business model that has enabled it to scale business globally and provided it with a competitive advantage in the short-stay accommodation space, besides accelerated development and adoption of technology/products to reduce operating costs and reposition its offerings. OYO's adjusted Gross Margin improved from 9.7 per cent in FY20 to 33.2 per cent in FY21 and 40-41 per cent in FY22/1QFY23. In FY22, Adjusted EBITDA losses narrowed to Rs 4.7 billion from Rs 17.5 billion losses in FY21, and the company turned profitable on EBITDA (Adjusted) in 1QFY23. In addition, the company's Contribution profit improved from 5.1 per cent in FY20 to 22-23 per cent in FY22 and 1QFY23. OYO's employee expenses decreased by 63 per cent YoY in FY21 (grew 7 per cent YoY in FY22) driven by rationalisation of employees, centralisation of key functions in strategy, better revenue management, moving corporate support teams from a country level to a regional level, rationalisation of non-core businesses and increased automation led operational efficiency. However, the report also pointed out that OYO is presently focused in India, Indonesia, Malaysia and <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword> since they are more mature in terms of the scale of storefront footprints and unit economics. These markets together account for 90 per cent of its storefronts globally. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nhai-invit-raises-1430-crore-through-follow-on-issuance/articleshow/94823990.cms">NHAI InvIT raises ₹1,430 crore through follow-on issuance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-opens-at-82-30-trades-in-narrow-range-against-us-dollar-in-opening-trade/articleshow/94827668.cms">Rupee opens at 82.30, trades in narrow range against US dollar in opening trade</a>

This is how OYO became profitable at operating level in Q1FY23, reveals Jefferies

<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.”

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