June 21: Oyo has officially announced its entry into the China market by introducing its hotel aggregator service in the country. The Gurugram-based company will start its operations in China with over 11,000 exclusive-franchised or managed-rooms.
Oyo will have its services made available in 26 cities in the beginning, and it includes major cities like Hangzhou, Xian, Nanjing, Guangzhou, Chengdu, Shenzhen, Xiamen and Kunming. The team will focus on well-designed small hotels, and will help flourish the sector by introducing best-in-class training and education.
The Chinese market is the third abroad market Oyo is stepping its foot into. Previously, the hotel aggregator had expanded its operations to Malaysia and Nepal. Oyo Founder and CEO Ritesh Agarwal has been quoted as saying by reports that the company is expecting to offer hassle-free and standardized stay experience to the guests in its new market.
The launch is expected to provide an affordable and trusted stay option for both Indian and international tourists, business travellers, and local city-dwellers.
Oyo will deploy its technological expertise in management of hotel chains that will help strengthen its footprint in the country. Additionally, Oyo will also focus on empowering neighbourhood hotels and transforming them to levels on pars with that of the ‘big boys of hospitality’.
Collectively, Oyo now services at over 150 cities across the four countries. The company claims to have over 5000 exclusive hotels under its Oyo Townhouse, which was launched earlier this year with a focus on metros, business hubs, leisure destinations and pilgrimage towns.
The company has also raised around $260 million in a funding round that was led by SoftBank. Oyo also has the backing of major investors like Lightspeed India, Greenoak Capital, and Sequoia India.