OYO has taken a series of measures to support asset owners in different regions of the country. Oyo has waived off a total of Rs 24 crore discounts to over 3000 OYO partners by lessening the burden of payments due and accrued, multiple charges including value-added service charges, Wizard membership accruals etc. from Match onward.
At the same time, 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% 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 upto almost 100% waivers to support them throughout this tough time.
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% across June-December.
Commenting on the development, Sharad Saxena, Chief Supply Officer, Franchise Business, OYO India & South Asia said, “We are taking several measures to assist and support our asset owners across the country. Despite the significant economic pressures on the industry, OYO is committed to doing what it can to help its partners during these testing times. 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.”