OYO will focus on its five major markets, not intending to expand into new markets

OYO will focus on its five major markets, not intending to expand into new markets

New Delhi. Oyo Hotels and Homes in the hospitality sector plans to focus on its five major markets: India, Southeast Asia, Northern Europe, China and Europe. The company's CEO (CEO) said on Friday that the company has no intention of expanding to new markets at the moment due to the Kovid-19 crisis. The company's gross margin declined sharply due to the Kovid-19 crisis. Currently, the company's gross margin has reached 85 percent of the pre-Kovid-19 crisis. Oyo founder and group CEO Ritesh Aggarwal was speaking at the FICCI Global Young Entrepreneur Summit.

He said, "The epidemic crisis made our situation clear. We are currently operating in about 80 countries. Three sectors are major markets for us where we are either at the top of the market or are leading the market. India, South East Asia and Northern Europe are such markets. At the same time, we have become a major rival company in China and America. These are the five major markets where the company will focus primarily. "We want to expand in markets where we are already leading or at the top." Whereas in markets like the US and China, we will focus on improving our service and products to increase market share. We are working in a much wider area and do not intend to expand further.


Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Mumbai. The IPO of the restaurant chain Burger King will hit the capital market on December 2 and the price range for bidding shares under the company's initial public offering (IPO) is Rs 59-60 per share. The company said in a virtual conference to raise investment that the US subsidiary of US-based Burger King will raise Rs 810 crore under the proposed IPO. It will issue new shares worth Rs 450 crore.

The company said that its promoter unit QSR Asia will sell up to 60 million shares, valued at around Rs 360 crore. The company raised Rs 58.08 crore through rights issue and Rs 91.92 crore through preferential allocation as part of pre-IPO planning.

Burger King India CEO and board member Rajeev Verma told PTI that the issue of new shares had come down from Rs 600 crore to Rs 450 crore. The company said that the funds raised through the IPO would be used primarily to expand company-owned stores across the country and to repay debt.