OYO Hotels & Homes – one of South Asia’s largest, and world’s fastest-growing chain of hotels, homes and quality spaces has announced a commitment of $ 200mn for the India & South Asia business, as part of its efforts to further double down on its expansion plans, improve customer experience and ensure increase in continued asset owner success.
The latest investment comes as part of the brand’s vision to become the world’s largest hotel chain by 2023.
The idea is to further deepen and widen presence across the home country while focusing on aggressive capacity building to bring the choice of a beautiful living space of an OYO hotel to every corner of the country.
The company has also announced the addition of Collection O hotels to its existing portfolio of the budget- to mid-segment hotel chain brands while introducing an in-app SOS button that activates on check-in- a first in the hospitality industry.
Currently, over 93% of OYO’s sales are from repeat or word-of-mouth customers. With the additional funding, OYO Hotels & Homes furthers its commitment to deliver consistent improvement in customer experience, across its brands.
Aditya Ghosh, CEO, India & South Asia said, “Today, with the further investment of INR 1,400 crores and the launch of mid-market brand Collection O hotels, I think we are all set to ensure our customers get the best experience and prices like always – but just a little better than yesterday. ”
The company aims to focus on investing and franchise building to take advantage of the global $3.6trn accommodation market opportunity.
Ritesh Agarwal, Founder & Group CEO, stated, “Today, as the world’s seventh-largest hotel chain, we are firmly moving towards our goal of bringing these great experiences at unbeatable prices to guests worldwide. India and South Asia is our home market and the management strongly believes that we are firmly on the path of becoming one of the largest consumer brands in the nation.”