OYO is investing over $100 million (around Rs. 711 crores) over a period of five years to explore its presence across the top 100 cities in Indonesia.
The company has recorded 5 times growth in three months.
More than 70% of hotels in Indonesia have a rating of over eight (on a scale of 10) across various booking platforms.
OYO, a group of innovative minds who work together to alter people’s experience and make their stay cozy and tranquil has made their presence in 180 cities. Soft Bank funded firm made by young talented Indian, Ritesh Agrawal at age of 19 has turned into a worth $5 billion startup after receiving funds from international venture capitalists including Sequoia Capital, Vision fund, Japanese Soft Bank, Hero Enterprise and Light Speed Venture partners.
Ritesh Agrawal headed hotel firm OYO is fleeing in great pace to fulfill its aim of converting broken, unwanted assets into better quality living spaces around the globe. OYO is grasping Indonesia market after its great success in London, China, UK, and Portugal. Now hospitality firm OYO is investing over $100 million (around Rs. 711 crores) over the period of five years to explore its presence across top 100 cities in Indonesia including Bandung, Bali, Yogyakarta and many more by 2019 end. The country is appending 70 hotels every month to its chain in Indonesia.
As Indonesia’s hotel market was suffering from demand-supply imbalance of quality living spaces, so OYO used its operations, technology, onboarding, and reformation capabilities by creating a balance between these factors and initiated it’s operation in Indonesia 3 months before in October 2018 with 30 full inventory – franchised and operated exclusive hotels and over 1000 rooms in three big cities of Indonesia – Jakarta, Palembang, and Surabaya. Ritesh Agrawal, Founder of OYO said “Indonesia is one of the top choices for both global and Indian Travelers and with our expertise and market learning we are prepared to grab this opportunity. This expansion is in line to assist the country’s hospitality ecosystem and creating valuable infrastructures to assets owners.”
The company has recorded 5 times growth in three months. It now operates nearly 150 hotels across 16 Indonesian cities. Country head Rishabh Gupta said that more than 70% of hotels in Indonesia have a rating of over eight (on a scale of 10) across various booking platforms. Next move of OYO is eye-catching news for all. Stay tuned with us for latest updates.
- Delta Corp GST Notice Sparks Value Debate on Applicability of Tax - September 28, 2023
- NXP India, in Collaboration with MeitY, Start-up India & FabCI, Invites Companies to Join the Semiconductor Startup Program 2023 - September 27, 2023
- Flipkart Ventures Supports 5 Early-Stage Startups Through Its Accelerator Programme - September 27, 2023