OYO Hotels has announced the acquisition of wedding banquet company Weddingz.in to expand its playfield to real estate sector. Globally, the wedding industry has grown to become a $500 billion market and OYO’s sharp focus on global expansion will support its debut in disrupting these markets. Commenting on the development, Maninder Gulati, Chief Strategy Officer – OYO, said, “What this partnership facilitates is combining OYO’s capabilities of asset management and technology with the scale Weddingz.in offers in India’s fragmented $40bn weddings industry. The company has a healthy scale of managing 1,500-plus wedding events per quarter, with an inventory size of over 40 banquets spread across Mumbai and Delhi.’’
With more than 10 million marriages in India held annually, the segment holds immense potential for innovation, improvement and standardization of processes.
“Weddingz.in is India’s largest banquet management company specialising in weddings led by an extremely ambitious founder Sandeep Lodha and his talented team and the value proposition they bring to the table via skills in managing weddings is clearly visible in their dominance and popularity.’’ added Maninder.
Sandeep Lodha, Founder, Weddingz.in, commented, ‘’This alliance will work towards simplifying wedding planning for Indians while tapping the enormous opportunities this space offers.”