OYO – Revolutionizing the Global Hospitality Industry
Oravel Stays Limited is a global technology company with an innovative shared hospitality business that helps entrepreneurs and small businesses boost income and business operations. OYO is on a mission to create quality living spaces by offering unprecedented value to consumers globally, enabling them to discover affordable, trusted, and instantly bookable accommodations and has become one of the fastest-growing and third-largest chain of leased and franchised hotels, homes and living spaces.
The Journey of OYO
OYO was launched in 2013 by Ritesh Agarwal as a chain of budget hotels across India. Soon the company grew at an unprecedented pace, planting a global footprint, thousands of hotels, vacation homes, and millions of rooms in many countries.
International Growth and Market Presence
OYO has successfully multifold scaled the operations in hundreds of cities across India, Malaysia, UAE, Nepal, China, Brazil, Mexico, UK, Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, United States, etc.
Strategic Partners, Investor Support
OYO’s growth has been driven by investments from several of the world’s largest investors, including:
- SoftBank Group
- Greenoaks Capital
- Sequoia India
- Lightspeed India
- Hero Enterprise
- Airbnb
- China Lodging Group
From Oravel Stays to OYO: Evolution
Ritesh Agarwal started Oravel Stays in 2012, a website that allowed users to list and book budget accommodations. After much research and trialing different accommodation formats he pivoted the model, and set-up OYO, in 2013, delivering standardized hospitality experiences.
The Reset of OYO’s Workforce and Business Model
OYO currently has 17,000 employees across the globe, out of which 8,000 are from India and South Asia. However, the potential of OYO 3.0 goes beyond previous OYO business lines, as OYO has grown into a full-scale hospitality chain, with hotel rooms, cottages, and convention centres leased out and/or franchised, in addition to advanced technology enabling better communication between guests and business processes.
Conclusion
Well-entrenched with technology, a solid global footprint, and a great team of investors, we continue to disrupt the hospitality landscape by making quality staying experiences within everyone’s reach. This approach makes it a market leader in the hospitality industry, with its focus on innovation, scaling, and customer experience.
