Oyo Rooms and Hotels, a Softbank-backed hospitality chain, based out of Gurugram, may venture into space through its New Real Estate Businesses arm, which includes Oyo Life, c co-living vertical targeted at millenials and young professionals.
“Assisted living for senior citizens could be a natural extension for our business,” Rohit Kapoor, CEO of Oyo’s new real estate businesses said.
The SoftBank backed hospitality chain Oyo was started by Ritesh Agarwal in 2013. The startup was started from a single hotel to over 8500 hotels at present. It is the fastest growing network of hotels, offline and online and the current evaluation is over $400 million.
At present, the company operates more than 23,000 properties with more than 850,000 rooms, making it the world’s sixth-largest lodging provider by its own measure.
According to a study by CII, elder services care could be a potentially lucrative space for interested players in India. The country’s elderly population is set to touch 300 million by 2050, accounting for 18 per cent of the overall population.
While, data from global research agency persistence shows in comparison, elder care services market is estimated to reach $1,900 billion worldwide by 2026, growing annually at 8.5 per cent during the period.
On the other other hand, data from real estate services company Anarock shows that currently, there are only 4,500 senior living units available in the domestic market with more than 2,000 units under various stages of production.
Some of the players in the market include Covai-Care, Brigade Orchards’ Parkside Homes in Bengaluru and the Golden Estate in Faridabad.
While, other hospitality startups, which are emerging at a fast pace in India includes Yatra, Fabhotels, Treebo, MakeMyTrip, ClearTrip, etc.