Oyo, India’s widely acclaimed hospitality firm has crossed 5 lakh rooms inventory in China, cited ET. The company has also planned to invest $100 million in China in next two years as part of its ongoing expansion spree.
According to the company, it is investing in China for quality as well as system improvements and customer service. Within a span of around one and a half year of operation in China, Oyo Hotels and Rooms has expanded its presence to over 337 cities and 5 lakh rooms.
“The company has allocated approximately $100 million out of the $600 million earlier committed to being invested in China, towards quality & system improvements and customer service in the next two years,” Sam Shih, COO, Oyo China said.
“As we move into the next phase of growth at Oyo, our focus will continue to be on hiring and retaining top talent while at the same time optimising operational operational efficiency across all departments,” Shih added.
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.
Besides, Oyo also claimed that it has now become the largest single hotel brand in China.
According to the company, with second-tier cities at its core, Oyo Hotels’ chain extends deep into China’s tier-2 to tier-6 cities and has created both direct and indirect employment opportunities across the country.
While, other hospitality startups, which are emerging at a fast pace in India includes Yatra, Fabhotels, Treebo, MakeMyTrip, ClearTrip, etc.