Growing from a single hotel in May 2013 to over 8,500+ hotels at present, Gurugram-headquartered hospitality unicorn OYO is all set to enter US market.
"We have recently brought our bespoke hospitality management expertise to the UK and have seen great results. We aim to bring our franchising, revenue management, and hotel management expertise to the large unbranded market that exists. We are currently in the early stages of rolling out our first OYO Townhouses in the States. We see great opportunity in this market but also appreciate the competitive nature of franchising and uniqueness of the USA. We will bring learnings from building similar markets like the UK and constantly learn and modify our strategy to suit the needs of the US market like we did to succeed in the UK,” a spokesperson of OYO said in an official statement.
Currently, the company is present in UK, Indonesia, Nepal, and Sri Lanka. Its expansion into the Philippines is also underway. It has launched four Townhouse hotels and 10 hotels with 200 rooms in London. Jeremy Sanders, a serial entrepreneur himself, is in-charge of OYO’s expansion across the UK.
Paytm’s founder Vijay Shekhar Sharma also congratulated OYO founder Ritesh Agarwal on Twitter. He tweeted, “And @riteshagar hits a six! Soon, check into an OYO in USA.”
OYO’s revenue for the fiscal year ended March 2018 came in at INR 416 crore. Revenue for FY 2018-19 is trending at INR 1,481 crore as per the company’s annual report.
Launched in 2013, OYO is an innovative Indian hospitality company. Its network currently spans over 230 Indian cities including all major metros, regional commercial hubs, leisure destinations, and key pilgrimage towns. The company’s vision is to become the most preferred and trusted hotel brand in the world.