Indian hospitality startup Oyo has recently announced about its plan of investing ₹1,400 crore in its India and Nepal business to strength its infrastructure, internal capacity and leverage technology. Along with this it also launched its new collection ‘O Hotels’, in the budget-to-mid segment hotel brand chain.
“India has been our key home market.Today, we are the largest hotel operator in this country and that too 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,” said group the founder and Group CEO Ritesh Agarwal.
As per the company the new funds will be used as capital expenditure to leverage its expansion, improve its existing customer experience and ensure increase in continued asset owner success.
The hospitality startup which is known for offering low budget hotels has presence in about 259 Indian cities with over 8,700 hotels and homes, comprising over 1,73,000 rooms.
Along with this, Oyo also launched an SOS button option for emergency situation using which customers can get in touch with the Oyo safety response team as well as local law enforcement authorities.
Oyo has been raising money very aggressively and has been expanding its network very rapidly not just in India but also in Middle east and South-East Asian countries.
Oyo currently has presence in more than 500 cities across 10 countries – India, China, Malaysia, Nepal, the UK, UAE, Indonesia, Saudi Arabia, Philippines, and more recently Japan.