The Delhi based company OYO Rooms announces a deal of $200 Million for the India
OYO is South Asia’s biggest hotel chain
OYO has recently announced a deal of $200 Million
OYO room is running in +500 cities across 10 countries
OYO Rooms, also known as OYO is South Asia’s biggest hotel chain running in countries such as 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 through Sequoia Capital, DSG Consumer Partners, Lightspeed Venture Partners, and Greenoaks Capital.
The Delhi based company has recently announced a deal of $200 Million for the India and South Asia firms as of its endeavor to stimulate on its expansion plan, and develop customer experiences. “India is or key home market”, said the CEO Agarwal. “Today we are the biggest hotel operator in the country and that too by a big margin with 176,000 franchises operated and managed under us. We are committing more than Rs 1,400 crore for technology funding, modernization, and managing funds for the year, and will allow more, if needed, to help the team ensure continued economically well-planned development.”
The plan is to nurture, strengthen, and broaden its market occupancy around the homeland. The company has also announced the launch of a new brand, Collection O hotels. Collection O will focus more on millennials and youngsters. With already 12 hotels under its course, collection O’s focal point is the budget to mid-range hotel chain brands. “The focus of this is often on building infrastructure, technology, and internal operations and additionally hiring individuals across all levels,” said OYO India and South Asia CEO Aditya Ghosh, who took over as the Oyo’s chief executive.
From Rs one hundred twenty large integer in FY17, the corporate marked a walloping 245 p.c rise in revenue to Rs 415 large integer in FY18. Also, it showed a marginal rise in loss from Rs 355 large integer in FY17 to Rs 360 large integer in FY18. Recently, OYO completed its $1 billion in funding.
Currently, OYO is running in +500 cities across +10 countries including India, China, Malaysia, Nepal, UK, UAE, Saudi Arabia, UAE, and Nepal. It has over 515,000 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.
“Oyo is not an aggregator, OTA (online travel agency), certification firm, or a booking portal, however an absolute hotel chain that is growing 14 times quicker than different marquee hotel brands in India,” Ghosh said.
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