An international ambition: surpass Marriott by 2023. The Indian startup already claims 458,000 rooms in 8 countries. Of this fleet, 271,000 are in China, where the brand debuted in January 2018.
The OYO model was born out of the observation made by its founder Ritesh Agarwal of a need to structure the supply in India to make it more reliable. Hotel owners are therefore invited to standardise some of their rooms in order to rent them under the OYO brands. The group has developed an application (downloaded more than 10 million times according to them) to allow customers to find rooms and thus enable hoteliers to reach new targets.
OYO has already implemented some of its projects in terms of both international development and the opening of new types of products.
He now wants to shift into higher gear and is aiming for global expansion with a portfolio of more than 1.2 million rooms (as of January 1, 2018) in Marriott. The support of investors such as SoftBank Group (which has invested in Uber and Wework), Lightspeed India, Sequoia, Greenoaks Capital, Hero Enterprise and China Lodging Group offers India great development prospects.
Rapid growth, adaptable concepts, has OYO have found the keys to success? After the economy offer, the Indian group is moving into the midscale with OYO Town House (74 properties at the end of 2018 according to the group) and into the upscale with the Palette brand. The group is also setting foot in the housing sector with OYO Living, a concept dedicated to millennials and the rental of holidays with OYO Home or apartments with OYO SILVERKEY
The young sprout has come a long way since 2013 and does not look ready to stop.