THE ECONOMIC TIMESOravel Stays, the parent company of hospitality startup Oyo, on Sunday said it has changed its name to Prism.
The company said the new name is meant to highlight its broader global portfolio. Oravel Stays now serves more than 100 million customers in more than 35 countries.
Besides Oyo, Oravel Stays’ portfolio spans hotel brands such as Motel 6, Townhouse, Sunday and Palette, as well as vacation homes under Belvilla, DanCenter, CheckMyGuest and Studio Prestige brand names.
The company also operates in the extended stay, coworking and celebration space segments.
“The transition to Prism marks the establishment of a future-ready corporate architecture designed to align our expanding portfolio with our long-term vision,” said founder and group chief executive Ritesh Agarwal.
The company is preparing to file a draft red herring prospectus (DRHP) with the markets regulator in November for its proposed initial public offering (IPO). It’ll be its third attempt at a public listing, and the company is said to be eyeing a valuation of $6-7 billion.
ET had reported on May 27 that Oravel Stays had invited pitches from merchant bankers for its IPO.
It first filed a DRHP with the Securities and Exchange Board of India (Sebi) in 2021, where it was targeting an IPO size of Rs 8,430 crore. The company, however, withdrew the proposal in 2022. A second attempt via Sebi’s confidential filing route in 2023 was also pulled back in 2024.
Oyo recorded a net profit of Rs 229 crore in FY24. It had posted a loss of Rs 1,286 crore in the previous financial year. However, its operational revenue saw a 1.4% decline to Rs 5,389 crore from Rs 5,464 crore a year ago. It is estimated to have posted a net profit of Rs 620 crore in FY25, ET had reported earlier. Oyo has yet to file its financials for FY25.
Last year in August, Oyo raised Rs 1,457 crore from a consortium of investors. The funding was at a valuation of about $2.5 billion compared with its peak value of $9 billion. In December, it raised $825 million in debt from Deutsche Bank to finance its acquisition of US motel chain Motel 6 for $525 million.
The company said the new name is meant to highlight its broader global portfolio. Oravel Stays now serves more than 100 million customers in more than 35 countries.
Besides Oyo, Oravel Stays’ portfolio spans hotel brands such as Motel 6, Townhouse, Sunday and Palette, as well as vacation homes under Belvilla, DanCenter, CheckMyGuest and Studio Prestige brand names.
The company also operates in the extended stay, coworking and celebration space segments.
“The transition to Prism marks the establishment of a future-ready corporate architecture designed to align our expanding portfolio with our long-term vision,” said founder and group chief executive Ritesh Agarwal.
The company is preparing to file a draft red herring prospectus (DRHP) with the markets regulator in November for its proposed initial public offering (IPO). It’ll be its third attempt at a public listing, and the company is said to be eyeing a valuation of $6-7 billion.
ET had reported on May 27 that Oravel Stays had invited pitches from merchant bankers for its IPO.
It first filed a DRHP with the Securities and Exchange Board of India (Sebi) in 2021, where it was targeting an IPO size of Rs 8,430 crore. The company, however, withdrew the proposal in 2022. A second attempt via Sebi’s confidential filing route in 2023 was also pulled back in 2024.
Oyo recorded a net profit of Rs 229 crore in FY24. It had posted a loss of Rs 1,286 crore in the previous financial year. However, its operational revenue saw a 1.4% decline to Rs 5,389 crore from Rs 5,464 crore a year ago. It is estimated to have posted a net profit of Rs 620 crore in FY25, ET had reported earlier. Oyo has yet to file its financials for FY25.
Last year in August, Oyo raised Rs 1,457 crore from a consortium of investors. The funding was at a valuation of about $2.5 billion compared with its peak value of $9 billion. In December, it raised $825 million in debt from Deutsche Bank to finance its acquisition of US motel chain Motel 6 for $525 million.
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