SoftBank-backed global hotel chain OYO has announced that it will be doubling its presence in Odisha from 190 hotels to 400, over the next year. The announcement was made at the Make in Odisha Conclave 2018.
The company expects to generate more than 6,000 direct and indirect jobs, over the next five year, as it executes its expansion plans.
Speaking at the conclave, Ritesh Agarwal, Founder and CEO of OYO, said, “Odisha is at the cusp of emerging as the most preferred choice for investors, entrepreneurs and tourists alike. The government has introduced progressive tourism policies and the sector is also among the focus sectors for Odisha and we are glad to contribute to it in the OYO way”.
OYO launched in Odisha in August 2015. It has partnered with small and independent hotel owners and utilized its expertise in standardizing amenities and guest experiences to empower them as better hospitality players.
The hotel chain will be adding new cities like Sambalpur, Berhampur, Angul, Gopalpur, and Satpada to cater to a large audience of people coming to Odisha for business and leisure purposes.
OYO has continued its expansion both domestically, as well as internationally, while foraying into new segments.
In September 2018, OYO raised $1 billion in funding from SoftBank, propelling it into the elite unicorn club, enabling it to boost global expansion and strengthen leadership.
After the massive $1 billion funding round, OYO has expanded to new international markets like UAE and Indonesia.
In October 2018, it was reported that OYO was piloting in Japan, in order to expand its services in the country. Later, in the same month, OYO has forayed into housing rental with “Oyo Living”, to offer co-living spaces to young professionals.
The global hotel chain founded in 2013 by Ritesh Agarwal, already has a presence in over 350 cities, with more than 10,000 asset partners spread across the five countries. It has grown at a remarkable rate, with more than 250,000 franchised and leased rooms as part of the hotel chain.