The pandemic has hit the hospitality sector as consumers restricted travel while intermittent lockdowns impacted operations.
Oyo Hotels & Homes has received Rs 634.49 crore in capital infusion from its parent entity Oravel Stays, the company’s regulator filings sourced from business intelligence platform Tofler showed.
Responding to FE’s query, a company spokesperson said, “This is a business as usual transaction, where the parent entity, Oravel Stays, is in the process of funding the operational and business requirements of OYO’s India operations, and global shared services, including servicing a large part of our global operations, through its subsidiary, OYO Hotels and Homes. The filing is regarding that.”
The pandemic has hit the hospitality sector as consumers restricted travel while intermittent lockdowns impacted operations. In an interview to FE in August, Rohit Kapoor, CEO, India & South Asia, had said the company has managed to reach 30% of the pre-Covid occupancy levels in the country with bookings led by millennials and small businesses. “We expect budget hotels to return sooner, as compared to luxury hotels,” Kapoor had said.