Indian startup Oyo plots big US expansion
America is the next stop on Indian unicorn Oyo Hotels & Homes’ quest for world domination.
The fast expanding hotel chain announced plans to invest $300 million over the next few years.
Earlier this year it quietly launched in the US with about 50 hotels across 10 states but now plans to significantly ramp up its presence.
That will take it to key markets like New York, Los Angeles and San Francisco among others.
The funds will go toward building its US based technology and design teams and to renovate properties.
"We’re convinced there is unlimited potential for rapid growth in our newest home market, the United States," said CEO Ritesh Agarwal who founded the company aged just 19 back in 2013.
Starting life initially as a budget hotel aggregator, Oyo claims it is now the world’s sixth largest hospitality group with about 23,000 properties and over 850,000 rooms.
Beyond its home market of India, it has expanded rapidly in the UK, the Gulf region, Nepal, Japan and across Southeast Asia.
It has also become one of the few international companies to really take off rapidly in China, which is poised to become its biggest market.
This expansion has been bankrolled by the likes of SoftBank, Sequoia Capital and more recently Airbnb at a valuation of about $5 billion.
US growth will be mainly driven by the Oyo Hotels and Oyo Townhouse brands.
"We are in the largest country in the world when it comes to the hospitality industry and there is a definite need here for chic and comfortable hospitality experiences at prices never thought of before," said Abhinav Sinha, Oyo Hotels & Homes COO.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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