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Oyo to Launch Japan Hotels in SoftBank Joint Venture

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Indian hospitality unicorn Oyo’s Japanese arm has launched operations in over 100 hotels across the East Asian nation in a joint venture with majority investor SoftBank Group, as the company looks for a path to profitability.

SoftbBank has been struggling to raise money for a second investment fund after the failed public offering of office-rental company WeWork – one of its marquee investments – and due to questions about the profitability of others such as Oyo and taxi aggregator Uber.

The Japanese tech giant has already invested nearly $1 billion (roughly Rs. 7,100 crores) in Oyo.

The SoftBank-Oyo partnership, Oyo Hotels Japan, opened hotels in over 50 Japanese cities, including Tokyo, Osaka and Kyoto, Oyo said in a statement on Thursday.

It was not immediately known how much either of the companies have invested in the partnership, but a person aware of the development said SoftBank and its Vision Fund will have a 50 percent share in the venture.

© Thomson Reuters 2019



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Oculus is getting Facebook ads in VR: Here’s what they look like

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Facebook is adding adverts to Oculus Quest, revealing today that it’s testing in-headset ads in a handful of virtual reality titles. It’s an announcement that many predicted would one day happen, after Facebook acquired Oculus in early 2014, though until now the social networking behemoth had seemed content to leave its promotional campaigns to its smartphone and desktop interfaces. No … Continue reading

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Tim Cook slams sideloading law idea: Not in “best interest” of iPhone users

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Apple CEO Tim Cook has spoken out against proposed tech regulation that would leave iPhone owners able to install apps from outside of the App Store, as the Cupertino firm comes under increasing pressure around its vice grip on smartphone software. The proposed law, known as DMA, would force companies with big platforms – like Apple, Amazon, and Google – … Continue reading

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OnePlus and OPPO are merging: Here’s what that means

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OnePlus and OPPO are merging their R&D teams, and bringing the two companies closer together as OnePlus co-founder and CEO confirms that the phone-makers will now “further integrate.” OnePlus will continue to operate as a separate brand, Lau insists, though it’s expected that the new organizational setup will be a shortcut to more cost-effective development. “As many of you know, … Continue reading

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