OYO seeks Southeast Asia expansion after big funding round
India based budget hotel aggregator OYO is gearing up for a big push into Southeast Asia on the back of a bumper funding round.
It raised US$250 million in Series D funding led by SoftBank.
That multi-million dollar war chest will go toward adding 10,000 rooms to the network each month.
"In less than four years, OYO has become India’s largest hospitality company in terms of network presence and inventory. Travellers and city-dwellers alike have embraced our offering of hassle-free and affordable stay accommodation, available anytime anywhere, at the touch of a button," said CEO and founder Ritesh Agarwal.
"We will also deploy fresh capital to take our made-in-India business model to international markets."
OYO is pivoting towards Southeast Asia
It entered Malaysia in early 2016 but has not yet built on that to expand elsewhere in the region.
It will face competition from several other budget hotel aggregators with similar business models, already established in the ASEAN region.
These include Zen Rooms, Airy and NIDA Rooms.
The OYO Rooms brand markets budget hotels with standardised service levels and amenities, and also has a separate Townhouse brand for mid-market properties.
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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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