OYO makes first move into Indonesia
Fast growing Indian hospitality startup OYO is expanding its international reach further with a foray into Indonesia.
After just announcing plans to enter the UAE, Indonesia is next on the radar.
OYO is launching initially in the Indonesian cities Jakarta, Surabaya, and Palembang with 30 franchised and operated properties comprising about 1,000 rooms.
"Indonesia is one of the top choices for both global and Indian travelers, and, with our market learnings and expertise, we are ready to tap this opportunity. This expansion is in line with our quest to support the country’s hospitality ecosystem," said Ritesh Agarwal, CEO and founder of OYO.
OYO will then spend about $100 million for a major expansion across the country into 35 more cities, including Yogyakarta, Bandung and Bali.
This will happen over the next 15 months, Agarwal said.
Launched just five years ago, Delhi-based OYO has a presence in six countries and has received major funding from the likes of Softbank, Sequoia India and China Lodging Group.
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