OYO undertakes initiatives to support asset owners in India

Hospitality major OYO on Monday said that it has taken a number of measures to support asset owners across the country.

New Delhi, April 20 Hospitality major OYO on Monday said that it has taken a number of measures to support asset owners across the country.

In a statement, the company said that it is lessening the burden of payments due and accrued, multiple charges have been waived for the month of March onwards, including value-added service charges, 'Wizard' membership accruals among others.

"Under these initiatives, a total of Rs 24 crore discounts has already been offered to over 3,000 OYO partners and continues to impact several others," it said.

Further, the company said that thousands of partners who wanted to become a part of OYO Secure, a financial product similar to an online wallet for simplified deal benefits and real-time visibility of their earnings, were offered support in terms of reduced joining amounts as well as a complimentary 30 per cent top-up from OYO for every recharge to the asset owner's OYO Secure wallet.

"Partners whose financials are most affected by Covid-19 have been given steep take rate discounts up to almost 100 per centA waivers to support them throughout this tough time," said the statement.

OYO has also partnered with multiple lending institutions in India ranging from NBFCs, private sector banks, and new-age fintech companies to identify and facilitate adequate financing for hotel transformation, upgradation, capital expenditure and working capital requirements.

Over the past few months, the disbursals under these renovation and up-gradation advances have crossed Rs 160 crore. The company's partnership with these institutions helps fast track the loan process while reducing processing time as well as documentation delays, it said.

Starting April, OYO has also launched a retention linked discount for certain sections of its asset owners. The discounts range from 50 per cent on base fees for April and May and an extended discount of 20-25 per cent across June-December.

Sharad Saxena, Chief Supply Officer, Franchise Business, OYO India & South Asia said: "Through these fiscal relief and support measures as well as OYO Sambandh, we are maintaining a constant line of communication with our partners. We are thankful for the support and understanding of thousands of asset owners and hope to strengthen our relationship in the coming time."

( With inputs from IANS )