Oyo’s Chines Subsidiary ‘Oyo Jiudian’ adds 50k Rooms to Inventory in China
Oyo Jiudian will include more 50,000 rooms to its catalogue
Oyo Jiudian will reach the mark of 500,000 rooms in China
Oyo Jiudian announced its strategic partnership with Ctrip.
Oyo Rooms’ Chinese subsidiary, Oyo Jiudian will include more 50,000 rooms to its catalogue this month which will reach the mark of 500,000 rooms in China, and an essential part of its catalogue will be shown on China’s biggest hotel chain Ctrip by the end of the month. The Delhi-based hotel chain also announced its strategic partnership with Ctrip.
Maninder Gulati, Chief Strategy Officer, Oyo Rooms said, “We would be reaching the 500,000 marks in China by the end of this month. We already cover 320 cities with 450,000 rooms, which is a large amount of breadth. Ctrip is a prominent hotel chain in China. We still reckon all the technical amalgamation. Sometime this month, a significant part would start to feature on Ctrip.”
“Whether it is Airbnb or Ctrip, these are significant collaborations for us because as a hotel chain, we concentrate on creating great products and experiences for the user and we look forward to such collaboration to make those products and experiences accessible to millions of consumers that are part of these platforms daily,” Gulati stated.
Airbnb is a San Francisco-based company which is investing $200 million (INR 1399 crore) in Oyo rooms. Gulati also stated that the partnerships with these companies go beyond simple listing arrangements and that none of its collaborators is its competition.
“No matter if its Airbnb, Ctrip, or Go-MMT, no one is our competitor as they are distributors and we are kind of accommodation chain which franchises and leases various sorts of real estate. Now Airbnb also distributes hotel, so all of such platforms distribute numerous sorts of real estate. Our work is to make great living spaces which vary across real estate,” Gulati added.
Oyo has also announced its complete stake acquisition of an Amsterdam-based vacation rental company, @Leisure Group for a massive amount of $415 million (INR 2900 crore). The company will go deeper in the 13 countries in Europe that @Leisure are working in. Gulati said, “@Leisure has about 30,000 fully managed homes over 13 Europe nations and they are presently working with Airbnb and Booking.com and numerous other and when Oyo comes in and grows that base of supply that partnership further boosts up.”
What is OYO?
OYO Rooms, also known as OYO is South Asia’s biggest hotel chain running in countries India, China, Malaysia, U.K., and Nepal. With over 10,000 hotels under its course. OYO was founded in 2013 by Ritesh Agarwal and raised Series A round of funding $24 million (INR 168 crore) through Sequoia Capital, DSG Consumer Partners, Lightspeed Venture Partners, and Greenoaks Capital.
The Delhi-based company has recently also announced a deal of $200 Million (INR 1397 crore) for the India and South Asia firms as of its endeavour to stimulate on its expansion plan, and develop customer experiences. “India is our key home market”, CEO Agarwal said.
OYO is running in +800 cities across +24 countries including India, China, Malaysia, Nepal, UK, UAE, Saudi Arabia, UAE, and Nepal. It has over 700,000 rooms, under its sway. Which helped then by growing its sales by 4.3x year by year, and ended up by $1.8 Billion in December 2018. The firm has been performing vigorously, just last month, it began with operation in Japan.
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