OYO Rooms

OYO
Type of business Private
Founded 2013 (2013)
Area served India, Malaysia, Nepal, China, Indonesia, Japan, UAE, Saudi Arabia, United Kingdom
Founder(s) Ritesh Agarwal
Industry Hospitality
Revenue 2,400 Crores (2016)[1]
Net income Increase ₹425 crore (US$59 million) (2016)[1]
Website www.oyorooms.com
Current status Online

OYO Rooms, commonly known as OYO, is India's largest hospitality company,[2] consisting mainly of budget hotels.[3][4][5] It was founded in 2013 by Ritesh Agarwal and has since grown to over 8,500 hotels in 230 cities in India, Malaysia, UAE, Nepal, China and Indonesia.[6][7][8][9]

History

In 2012, then 18-year-old Ritesh Agarwal, hailing from Odisha's Rayagada district, launched Oravel Stays, a website designed to enable listing and booking of budget accommodation. After three months of research and staying in over 100 bed and breakfast homes, guest houses, and small hotels, he pivoted Oravel to OYO in 2013.

OYO partners with hotels to give similar guest experience across cities.[10] Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $100,000 as part of the Thiel Fellowship from Peter Thiel.[11]

In March 2015, OYO raised Series A round of funding $24 million from Lightspeed Venture Partners, Sequoia Capital, Greenoaks Capital and DSG Consumer Partners.[12] In August 2015, OYO raised another $100 million from Softbank Group, a existing investor.[13] A year later, in August 2016, OYO raised $90 million from Softbank Group, Innoven Capital and existing investors.[14] In September 2017, OYO announced it had closed a $250 million series D round of funding led by Softbank Group, new investor Hero Enterprises led by Sunil Kant Munjal, Sequoia Capital, Greenoaks Capital and Lightspeed Venture Partners.[15] China Lodging made a strategic investment of $10 million in OYO in September 2017.[16]

In late 2017, OYO launched OYO Home, an Airbnb-like marketplace for short-term managed rentals. OYO Home has presence in more than 10 leisure destinations of India including Goa, Shimla, Pondicherry, Udaipur, Kerala etc. In April 2018, OYO launched its first international OYO Home in Dubai.[17][18]

References

  1. 1 2 "Oyo Financial". Business Standard. Retrieved 28 February 2018.
  2. ↑ "OYO bets on large hotel portfolio, adds 12th 100 room hotel". The Economic Times. Retrieved 6 September 2018.
  3. ↑ Dhar, M. (2016). Brand Shastra: Use the power of marketing to transform your life. Penguin Books Limited. p. pt129. ISBN 978-93-86057-21-1. Retrieved January 27, 2018.
  4. ↑ "Ritesh Agarwal Creates India's Largest Branded Network Of Budget Hotels With Oyo". Forbes. Retrieved 2016-01-08.
  5. ↑ Zakaria, N.; Kaushal, L.A. (2017). Global Entrepreneurship and New Venture Creation in the Sharing Economy. Advances in Business Strategy and Competitive Advantage. IGI Global. p. 121. ISBN 978-1-5225-2836-4. Retrieved January 27, 2018.
  6. ↑ "More room at the top". Fortune India. Retrieved 2018-09-06.
  7. ↑ "At 21, He's the Mind Behind Multi-Million Dollar Start-Up OYO". Retrieved 2015-08-25.
  8. ↑ "OYO Rooms Goes International; Launches In Malaysia". Retrieved 2016-01-12.
  9. ↑ India, Press Trust of (2017-04-27). "OYO expands international presence with hotel launch in Nepal". Business Standard India. Retrieved 2017-05-26.
  10. ↑ "How OYO's Ritesh Agarwal transformed the business of budget accommodation". Retrieved 2017-05-16.
  11. ↑ "Oravel founder Ritesh Agarwal wins Thiel Fellowship". Retrieved 2013-04-07.
  12. ↑ "Oyo Rooms, raises $25M funding from Lightspeed, Sequoia, others". Retrieved 2015-03-25.
  13. ↑ "Oyo Rooms raises $100 million from Softbank, others". Retrieved 2015-08-03.
  14. ↑ "Oyo Rooms closing $90million round in two tranches led by SoftBank". Retrieved 2016-08-16.
  15. ↑ "OYO secures $250M funding led by SoftBank Vision Fund and Hero Enterprise". Retrieved 2017-09-17.
  16. ↑ "OYO snags $10M strategic investment from hotel giant China Lodging". Retrieved 2017-09-12.
  17. ↑ Bhattacharya, Ananya. "In trying to be the Indian Airbnb, OYO may be turning too cumbersome". Quartz. Retrieved 2018-05-04.
  18. ↑ "Unlocking Homes for Great Holiday Experiences - Official OYO Blog". Official OYO Blog. 2017-09-15. Retrieved 2018-05-04.
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