- Sep 6, 2021
In a major announcement, Ritesh Agarwal, CEO, and founder of Oyo Hotels & Homes of India has informed that his company plans to invest 300 million dollars for its expansion in the United States. This growth has been driven by the Oyo Hotels and Oyo Townhouse brands of the company. The company is already established in more than 50 hotels in ten states and 35 cities, including Dallas, Houston, Atlanta, Miami, New York, Los Angeles, and San Francisco, according to Hotel Management Advances.
Oyo’s team plans to open a hotel a day. It operates nearly 9,000 hotels with 170,000 rooms throughout India. Including its international activity, it offers 460,000 rooms in eight countries. Ritesh Agarwal has received investment from Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise. Oyo Hotels & Homes has more than 23,000 hotels and more than 850,000 rooms, in addition to 46,000 vacation homes.
The company has secured a $1 billion venture capital loan last September from current shareholders – including SoftBank Vision Fund, Having become the largest Indian hotel chain and is now targetting global domination. OYO, which, as mentioned, was launched just five years ago as a platform to book cheap hotels in India, is adding rooms to its network faster than the three major hotel chains in the world put together.
Oyo’s expansion preparation in Germany goes well beyond mere market analysis. The company started looking for executives several weeks ago. The job of the country manager for Germany seems to be still vacant. Otherwise, Oyo is looking for people in the field of business development. Cities like Cologne, Frankfurt, Hamburg, Munich, and Nuremberg.
Based in Gurgaon, a technology city on the outskirts of Delhi, the company now owns or franchises hotels in global cities including London, Beijing, Shanghai, and Kuala Lumpur.