OYO will invest INR 1,400 crore in its India and Nepal business to boost infra, internal capacity and leverage technology. It also launched its new collection ‘O Hotels’, in the budget-to-mid segment hotel brand chain.
Calling India their “key market”, founder and Group CEO Ritesh Agarwal, said that OYO was the largest hotel operator in India by a margin, “with 176,000 leased and franchised keys under management.” “We are committing over ₹1,400 crore for technology investments, renovation, and managing investments for the calendar year, and will provide more, if needed, to help the team ensure continued economically efficient growth,” he was quoted saying.
Along with this, Oyo also launched an SOS button option for an emergency using which customers can get in touch with the Oyo safety response team as well as local law enforcement authorities.
Oyo has been on a fund-raising spree and has been expanding its network very rapidly domestically as well as in the Middle East and South-East Asian countries.
The company currently operates in more than 500 cities across 10 countries – India, China, Malaysia, Nepal, Philippines, the UK, UAE, Indonesia, Saudi Arabia, and most recently Japan.
The hospitality startup which is known for offering low budget hotels has a presence in about 259 Indian cities with over 8,700 hotels and homes, comprising over 1,73,000 rooms.