Fri. Mar 29th, 2024

Oyo, India’s fastest growing hospitality company has forayed into Vietnam with over 90 hotels across six cities as it expands presence in South East Asia, a PTI story, published by ET said.

The company will invest $50 million over the next few years in Vietnam and create 1,500 direct and indirect jobs in the country, OYO said in a statement.

“We aim to grow to 10 cities and 20,000 rooms by 2020-end, while becoming a household name for both local and international travellers in Vietnam,” Dushyant Dwibedy, OYO Vietnam Country Head, 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.

The company’s growth in the country will be fuelled by strong local leadership and a team of hundreds of young hospitality enthusiasts, Dwibedy added.

Starting with over 90 franchised hotels, spread across cities, including Hanoi, Ho Chi Minh, Da Nang, Phu Quoc, Vang Tau and Nha Trang, OYO Hotels plans to expand its footprint to 10 cities in Vietnamby 2020-end, it added.

“Vietnam offers an attractive market with sizeable internet and mobile presence, which complements our approach,” Dwibedy further said.

While, other hospitality startups, which are emerging at a fast pace in India includes  YatraFabhotelsTreeboMakeMyTripClearTrip, etc.

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