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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Like in India, hotel owners across the world are figuring out—the hard way—that OYO’s business model is all bait and switch.
Editor's note: If this was a story of a gruesome murder, we would have called our protagonist the copycat killer. Except, it is a story of OYO and its shenanigans, perfected to the T in India and now exported to the rest of the world. Follow closely. After months of harangued existence, Zodiac 21 Inc. had finally run out of patience. So, late in December last year, the company sued OYO Hotels Inc. in Louisiana, US. The details of the case are as follows. In June, OYO approached Zodiac 21 with the offer to convert to an OYO property. The company said it would provide capital for improving the property, and offer revenue management service. As part of its proposal, OYO pitched that Zodiac will become part of an international brand of hotels, that OYO will provide technology which will improve the hotel’s revenue, but more importantly once OYO takes over the hotel, it will provide Zodiac with a guaranteed income. This was around the time that OYO was running amok, signing up hotels all over the US. Speaking at a conference …
The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
The listed hospitality group sees a drop in revenue and profit in the first quarter. Separately, China steps up engagement with Saudi Arabia and the UAE.
The war in West Asia offers a preview of how India’s next conflict could unfold—fast, multi-domain, drone-saturated and under a nuclear shadow. New Delhi must learn quickly.
