OYO Success Story: Stepping from single rooms to the international standard spaces, aiming to raise $1.5 billion, OYO has set the mark already. Oyo has transformed itself from being a mere start-up since its inception to becoming one of the most valuable unicorns in the world.
The Journey of OYO
2011– Ritesh Agarwal, an 18-year-old college dropout, seemed to harbour dreams of entrepreneurship which compelled him to take the plunge with his first start-up Oravel. Travel enabled listing and budget accommodation of hotel rooms and it, later on, got converted to become Oyo rooms.
2013– Agarwal was also selected for Thiel Fellowship, a 2-year-old program started by the founder of Paypal which gave him funding of $100,000 to pursue and make real the idea of his start-up. Oyo was launched in Gurgaon.
2014– In August of this year, Oyo received its first Series A funding.
Becoming the Face of Indian Start-ups
2015– In March of this year, Oyo received funding of a whopping amount of $25 million from its investors namely Lightspeed India, Sequoia and others.
April 2015– Oyo app was launched. The mobile app was a catalyst in writing the success story of this hotel chain start-up that was to follow. It is a user-friendly app that helps customers to book rooms directly. Oyo, by now had expanded to Kolkata, Mumbai, Goa, Bangalore and was spreading at a massive pace. It has almost come up to 2000 hotels, 20,000 rooms and 100 cities in India.
July 2015– Oyo bagged $100 million in Series C round of funding from Japanese investor SoftBank. This year proved to be a financially fulfilling year. Oyo now had the backing of one of the most prominent and powerful investors in the world.
2016– In January, the first month of the year itself, the hotel chain hit the 1 million check-ins mark and also made an advent outside India into the Asia Pacific market, beginning with Malaysia.
2017- Continuing its expansion aspiration, it launched a business in Nepal. Nepal and Malaysia were just a hint of the monstrous development that was to follow.
2018- This is the year that marked the establishment of the Oyo empire in Asia-Pacific and kick-started international proliferation by establishing operations in UK, UAE, Dubai, China, Singapore and Indonesia. It also became a unicorn in September when it raised funding of $800 million from SoftBank and already had raised $200 million from its existing investors.
2019– With the backing of Greenoaks, Sequoia India, Lightspeed India, Hero Enterprise and China Lodging Group as its solid group of investors, Oyo is not far from becoming a global success story, perhaps to some extent it has. Today it has more than 330,000 rooms in 500 cities globally. And Agarwal, still young and who has a long way ahead plans to make it the world’s largest oldest chain by 2023!
OYO features evolved
- The guest experience at OYO is by far feel homely and sophisticated. At OYO, the guest experience is at the heart of everything we do. The world over, brands that take charge are the ones that excel at delivering a great experience.
- These brands look after customers and support their partners to ensure a hassle-free experience to all. At OYO, we are constantly innovating to become more effective and efficient.
- OYO Captain is a first-of-its-kind initiative in the hospitality industry that will help us interact with guests in a more personal manner, to understand their needs and service them better. Our partners will also benefit from the network of OYO Captains who will take charge of guest delight at our hotels.
- The OYO Captains team comprises over 230 dedicated hospitality professionals, ready to respond to whatever request our guests may have from the time they book their hotel till the time they check out.
They live by the motto that there is nothing that OYO Captains can’t do.
From hassle-free refunds to hotel next door concepts OYO advanced its business slowly in almost all corners of the country.
- The biggest advantage of OYO is Multiple Properties, Single Vendor. Vendor registration is an essential step but also one of the most time-consuming tasks.
- Filling up and vetting multiple forms, getting relevant details incorrect formats, cross-checking the details against records almost always requires many back-and-forth discussions with the vendor.
- Once this is done, you have the task of onboarding a new vendor – every time you make a fresh booking.
- And after you have registered all vendors, you go through another tiresome task of processing multiple payments.
Cut the long story short.
OYO has introduced a streamlined Single Vendor Registration Advantage. When you sign up with us, the only vendor you have to onboard is OYO. We will take care of all the properties you book in future. On registering us as a single vendor, you get a Corporate Code, which can be used to make all your payments in one go or in parts as per the contract.
The recent popular travel destination, THAILAND has OYO.
Mr Ashutosh Singh, Country Head, OYO Thailand said OYO’s mission is to upgrade all forms of real estate and thereby enable these middle-income travellers and city dwellers to experience #LivingTheGoodLife.
“The hospitality industry is going through a process of innovation and evolution with technology at the core of it all. OYO is committed to partner with the government of Thailand and agencies like the Tourism Authority of Thailand to leverage technology to design new offerings and draw more tourists to Thailand. We are committed to offering a superior stay and travel experience to millions of guests in Thailand while helping improve the yield for independent hoteliers in the country”
“We are bullish about growing our footprint in this beautiful country. Despite only coming into Thailand only a few months ago, we have 8000 rooms in 13 cities. We see strong demand in the middle to upper-end properties in the tourism market in Thailand and aim to expand our footprint in the country, “concluded Ashutosh.
OYO has revolutionized the fragmented and legacy-driven budget hospitality space by empowering small and independent asset owners with the operational capabilities and technology that enables them to compete with big hotel chains and achieve high occupancies and, therefore, yields.