Tag Archives: OYO

OYO acquires wedding banquet company

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.”    

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OYO enjoys robust business growth in China while continuing dominance in India

Expanding its presence in China in November 2017, OYO has grown its presence in the country by 50,000 exclusive rooms with a strong presence in cities including Hangzhou, Xian, Nanjing, Guangzhou, Chengdu, Shenzhen, Xiamen and Kunming among others. It recently launched its exclusive hotels in Hulunbeier City, Sanya City and Hainan Province. Commenting on the business performance, Ritesh Agarwal, Founder & CEO, OYO said, “We are thrilled with the response OYO Hotels has received in China. It is well-established that there is a great demand for good-quality accommodation among the 400 MM middle income people in the country. July was a milestone month where we added 25,000 rooms to our chain and look forward to achieving a similar feat in the coming months. It’s been a truly exciting journey for us and we believe that the innovation and R&D being offered in China will assist us and the mission globally.” With its unique business model, OYO works in close proximity with its hotel partners while ensuring a quality living experience to guests, promising benefits to both. In India, OYO has a 100,000-exclusive-rooms strong chain with a presence in over 160 cities with Malaysia and Nepal as the other two international destinations where the chain is present.

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OYO signs MoU with SBI & Bank of Baroda to offer financial fillip for small hotels

OYO Hotels has inked MoUs with the State Bank of India and Bank of Baroda for extending its support to budget hotels and creating jobs across levels. Signed under the aegis of the Pradhan Mantri Mudra Yojna, the MoUs will enable financial support for OYO’s existing and potential hotel partners for fuelling transformation and standardisation at their properties. This will also allow OYO to spearhead the creation of thousands of jobs in Tier II and III cities by nurturing micro-entrepreneurs in the hospitality sector. Speaking on the development, Jayant Chauhan, SVP – Fintech, OYO, said, “We are thrilled to join hands with banking powerhouses – the State Bank of India and Bank of Baroda and achieve the mission of job creation in the country by enabling the youth to emerge as micro entrepreneurs and run their own successful businesses. These MoUs will help us in shortening the demand-supply gap of quality accommodation by offering hoteliers a platform to transform their property and enhance the business by creating beautiful living spaces.’’ As a step towards enabling convenient financing for its asset partners through banks and NBFCs, OYO has also established an in-house Fintech division. These loans will help individuals hailing from Tier II and III cities to be self-employed and run their own budget assets with OYO’s diverse brand portfolio.  

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OYO, Motherland partner to co-develop a series of new hotel formats

OYO has formed a strategic partnership with Motherland Joint Ventures, the group that has helped build India’s global brands, including Incredible India, Royal Enfield, Make in India and IndiGo. This partnership will enable OYO and Motherland to co-develop a series of exciting new hotel formats and enhance various aspects of customer experience – including key touch points such as Interiors and ergonomics – all of which will offer guests an unprecedented combination of style, efficiency and affordability. This category transformation process began in 2017 with the launch of OYO Townhouse, the ‘friendly neighbourhood  hotel’ that is receiving rave reviews as it rapidly expands across the country. This alliance will facilitate and strengthen OYO’s mission of creating beautiful living spaces via its innovative approach to brand strategy, product definition and customer experience design. As part of this strategic partnership, OYO and Motherland will be launching a massive new retail collaboration that will feature a mix of original products specially designed for new age brands such as OYO Townhouse. Initially available exclusively at OYO Townhouses, Motherland products will soon be available at other OYO spaces, including online channels. Commenting on the partnership, Ritesh Agarwal, Founder & CEO, OYO said, “In our pursuit of creating beautiful living spaces, the partnership with Motherland will enable us to co-develop new, exciting hotel formats and enhance guest experiences – including Interiors and ergonomics – offering guests an unprecedented mix of style, efficiency and affordability. We are confident the Motherland alliance will augment OYO’s overall value propositions through their skills in brand strategy, marketing and designing.”  

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MakeMyTrip-OYO deal: Independent hoteliers raise concern

A group of independent hotel owners who have their properties listed on MakeMyTrip met with executives of the Nasdaq-listed company last month, raising concerns about its commercial agreement with hospitality company OYO. Tens of hoteliers, who are also members of Delhi Hotels and Restaurants Owners Association, met MakeMyTrip (MMT) officials individually and sought assurances that its arrangement with SoftBank-backed OYO would not affect bookings and revenues independent hotels earned from the MMT and Goibibo platforms. They have given us verbal assurances that there will be no disruptions and OYO will not favoured over independent hotels,” said Sandeep Khandelwal, president of the association that claims to represent about 400-500 small and mid-sized budget hotel establishments. “MakeMyTrip has over 40,000 hotels listed on its platform, a significant portion of which are small independent establishments. The arrangement with OYO should not affect us,” said Khandelwal who owns Hotel Shri Nanak Continental in Delhi. A second independent hotel owner who has met with MMT executives said that since the announcement of the MakeMyTrip and OYO agreement, ratings and reviews of the latter’s properties had improved substantially on the online travel platform. A MakeMyTrip spokesperson, however, said the company had not negotiated with any association, but has been in touch with its partner hotels as part of its regular business outreach.  “As part of our regular business, we have frequent direct meetings with our hotel partners. We have had no meeting with any such association, nor have we been approached by one,” the spokesperson said. Source: ET Online

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OYO adds 12th 100-room hotel to its inventory

OYO is betting big on the Indian hotel market by partnering with hotels and real estate assets with large inventory portfolio consisting of 100+ rooms under its franchisee and management contracts. In the coming years, it aspires to have 10,000+ rooms as a part of its large-asset category. Currently, OYO has already partnered with 12 such hotels and is managing them across markets including Delhi, Goa, Bengaluru, Tirupati, Hyderabad, Noida, Vrindavan and Patna. Commenting on the milestone, Maninder Gulati, Chief Strategy Officer, OYO said, “This excitement we are witnessing in the large 100+ rooms property space post establishing our market leadership with 75,000 keys in boutique and small assets is a testament of the strong and trusted brand we have created with our asset partners and customers. We are thankful to them for their continued support. At OYO, our mission is to add value to every form of real estate and being a full-stack hospitality company, we’ve built capabilities of on-boarding hotel rooms, locked homes, serviced apartments and at the same time managing large-format hotels.” “In the past year, we’ve on-boarded over 10+ such hotels with inventory ranging from 100-200 rooms and another 10+ hotels having over 80 rooms. With similar additions in the coming months, we’ll continue to expand our large hotel portfolio and dominance over India’s hotel market while ensuring high yield for our partners. We are upbeat about our India story and plan to go deeper into our existing markets while adding 50+ cities to the network  and capturing a 5% share of India’s hotel market by 2018-end,” Gulati said.

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OYO acquires Chennai-based Novascotia Boutique Homes

Having inked its first business acquisition, OYO has entered into an agreement with Chennai-based service apartment company, Novascotia Boutique Homes. The acquisition will add to the company’s existing portfolio and reiterate its focus on corporate service. Commenting on the development, Ritesh Agarwal, Founder & CEO, OYO said, “The acquisition forms an integral part of our inorganic growth plan, in line with our ambition to create quality living spaces and add value to every form of real estate. OYO is poised to deliver 180,000 keys by the end of 2018 and with Novascotia’s strength, we will be adding service apartments to our existing portfolio.” With this acquisition, OYO will bring its distribution, operational, transformational and technological capabilities on board for offering corporate travellers accommodation options. The acquisition will boost OYO’s portfolio by 350 rooms across locations where Novascotia has its footprints. Novascotia has built a portfolio in locations including Chennai, Coimbatore, Hyderabad, Kochi and Trivandrum. OYO plans to expand these offerings to 12 cities by the end of 2018. These serviced apartments are located in the heart of business hubs equipped with spacious rooms, upscale interiors, meals, gym and dining area to cater all the requirements of business travellers.  

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OYO launches Home Management service in holiday destinations

OYO has announced OYO Home, a Home Management service that utilises the company’s existing on-ground operations, hospitality technology, housekeeping skills, revenue management algorithms and distribution prowess to deliver a hassle-free solution to second home-owners. Piloted in December 2016, the service intends to focus on locked and unused homes across top holiday destinations in the country. It is already managing over 300 private homes including villas, apartments, bungalows and farmhouses in five cities. Kavikrut, Chief Growth Officer, OYO, said “At OYO, we are focused on solving the problem of lack of quality and supply-demand imbalance in the hospitality sector. India’s top holiday destinations have a sizeable number of homes that are locked and unutilised. Homeowners are unable to put these assets to personal or commercial use due to lack of time and-or expertise in homestay-management. We saw this as an untapped opportunity where our business has existing synergies – we have people resources all across India, our hospitality-operations and distribution technology is best in the category, travellers trust our brand and we are already known for pioneering effective solutions tailored to local-market needs.”

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Yatra partners with OYO

Yatra Online has signed a partnership with OYO which will bring the latter’s inventory on to an online travel agent platform for the first time. With this association, Yatra’s total hotel inventory will further expand to over 70,000 hotels in India, especially in the budget hotel category. Travellers can book OYO hotels on Yatra’s platform, make changes to their reservations and reach out to Yatra’s customer service if required. Dhruv Shringi, Co-founder & CEO, Yatra.com, said, “Yatra continues to expand its reach in tier II and III markets in India. Our partnership with OYO is a firm step in that direction and enables us to deliver a unique proposition to our customers allowing them to choose from an unmatched variety of travel and accommodation options in India.” Ritesh Agarwal – Founder & CEO, OYO said, “Through this partnership, OYO’s quality-assured hassle-free offerings will be accessible to millions of discerning travellers who book on Yatra.com. We welcome them to avail our economy and mid-market offerings that deliver the right balance of price, location and quality. Our mission is to bring high-quality living spaces to all Indians and this alliance will help us penetrate deeper into emerging travel markets.”

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BirdRes partners with OYO Rooms

BirdRes, the B2B distribution channel from Bird Group, has joined hands with OYO, the budget hotel aggregator. With this association, BirdRes would give OYO access to its nationwide network of travel agents and help expand its business in the India market. Rakesh Mehta, Manager – Operations, BirdRes said, “We are pleased that OYO has chosen BirdRes as their preferred B2B partner. This partnership will offer BirdRes customers an easy access to book OYO Rooms for their clients through a simple and hassle-free payment process. Further, it will offer OYO a large platform to offer their services to a wide range of travel agents all over India. At BirdRes, we continue to offer flexible and user-friendly solutions to our partners and customers.” On the partnership, Abhinav Sinha, COO, OYO, said, “We are glad to partner with BirdRes for our channel expansion efforts. With over 25,000 registered Travel Agents, the platform provides us seamless access to this preferred network of India’s top corporates and mid-sized businesses. It enables us to offer OYO’s hassle-free stay proposition to a new set of corporate travelers across the country.”

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