Ritesh Agarwal launches Rs 3 lakh contest to rename OYO's parent firm
The winning entry will receive a cash prize of ₹3 lakh, Ritesh Agarwal announced via Instagram, adding that the name should reflect the company's evolution and global ambitions.
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As Ritesh Agarwal-led OYO gears up for its-much anticipated Initial Public Offering (IPO), the company has launched a crowdsourced search for a new name for its parent firm, Oravel Stays, according to media reports.
The winning entry will receive a cash prize of Rs 3 lakh, Agarwal announced via Instagram, adding that the name should reflect the company's evolution and global ambitions.
The ideal name, according to Agarwal, must be bold, one-word, global in appeal, and free from ties to any single culture or language. It should also convey a tech-forward, shar yet human feel - and ideally, come with an available ".com" domain. Beyond the cash reward, the winner will also have the chance to meet the OYO founder in person.
“We're renaming the corporate brand behind it all. Not the hotel chain, not a consumer product - but the parent company powering a global ecosystem of urban innovation and modern living," Agarwal stated. "We believe it's time the world had a new kind of global brand - born in India, but built for the world."
Entries for the naming contest have already begun and will close soon.
Sources quoted by PTI indicated that OYO is also considering launching a separate app for its premium and mid-market to premium company-serviced hotels, a segment that has shown strong growth in India and key global markets. They noted that the winning name from this exercise could potentially be used for this new app, as well.
OYO's rebranding efforts come amid preparations for a pivotal presentation by five investment banks to key shareholder SoftBank later this month at its London office.
The presentation will assess OYO's readiness for a public listing, which is being targeted for the last quarter of the current fiscal year, according to PTI.
The company has been showing strong financial momentum. In May, Agarwal informed employees that OYO had emerged as the most profitable Indian startup, posting a Profit After Tax (PAT) of Rs 623 crore for FY 2024-25. This represents a 172% jump from Rs 229 crore in the previous fiscal year.
The company also recorded an adjusted EBITDA of Rs 1,132 crore in FY25, marking a 27% year-on-year growth and its tenth consecutive quarter of EBITDA profitability.
