Oyo Rooms, also known as Oyo Hotels & Homes, is an online marketplace for Indian vacation rentals. Initially, OYO, founded in 2013 by Ritesh Agarwal, consisted primarily of budget hotels. With thousands of hotels, holiday homes and millions of rooms in India, Malaysia, the UAE, Nepal, China, Brazil, Mexico, the UK, the Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, the United States, and more, the start-up has spread internationally.
SoftBank Group, Didi Chuxing, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb, and China Lodging Group are among the company’s investors.
OYO Rooms Limited Company Profile
Ritesh Agarwal launched Oravel Stays in 2012 to allow budget accommodations to be listed and booked. He renamed Oravel to OYO in 2013 after conducting months of study and staying in a different bed and breakfast homes, guest houses, and small hotels throughout India.
To offer similar guest experiences across cities, OYO partners with hotels. Ritesh Agarwal obtained a grant of $100,000 as part of the Thiel Fellowship from Peter Thiel shortly after launching Oravel Stays. Currently, OYO has more than 17,000 workers worldwide, of which about 8,000 are in India and South Asia. A full-fledged hotel chain that rents and franchises properties are OYO Hotels & Homes. In India and South Asia alone, the company invests in Capex, hires GMs to manage operations and customer service, and creates about a million job opportunities. OYO has also set up 26 training institutes across India for hospitality enthusiasts.
OYO Hotels & Homes, a young start-up of hotels, is the world’s leading hotel, home, and space chain today. The portfolio blends fully-managed real estate with over 1 million spaces, including more than 43,000 hotels. The company offers travellers and city dwellers access to over 130,000 homes around the globe through its vacation homes business. OYO today operates in over 800 cities in 80 countries.
As per the last round of funding, the company is presently valued at $10 billion. OYO raised $1 billion in September 2018, of which the RoC filing for $100 million raised from Star Virtue Investment Ltd. was made on 13 February 2019. Oyo obtained $100 million from a Chinese company in Feb 2019, (DIDI CHUXING)
In October 2019, SoftBank Group, Lightspeed Venture Partners, and Sequoia India managed $1.5 billion in Series F funding.
In 2019, Ritesh Agarwal, Founder & CEO, signed a $2 billion primary and secondary management investment round through RA Hospitality Holdings (Cayman), backed by global institutional banks and their financial partners, subject to regulatory and shareholder approval. Lightspeed Venture Partners and Sequoia India, the early backers of OYO, are selling part of their holdings to help the founder increase his stake and dedication while remaining heavily invested in the long-term mission of the company.
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