Hospitality major, Oyo Hotels & Homes will be injecting INR 1400 crore ($ 200 million) in its India & South Asia business.
The investment is aimed at achieving a two-fold expansion growth and enhancing the customer experience. Oyo has also announced the launch of its new brand Collection O along with a new application feature SOS which activates the moment a guest check-in.
As per Oyo, about 93 per cent of its sales are from repeat customers.
“Key priorities as identified by the business for the year include delivering superior quality of product and service for every Oyo brand with a focus on safety and security, winning hearts and minds while expanding our presence deep and wide, a focused fast-paced growth while making partnering with Oyo the most attractive entrepreneurial opportunity for asset owners, a greater and deeper engagement among all Oyopreneurs and continuously evolve to become the most-loved hotel brand,’’ said Aditya Ghosh, CEO, India & South Asia.
‘’Today, with the further investment of Rs 1,400 crore 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,’’ added Ghosh.
“With a strong balance sheet, today we can go to more places than ever, introduce new categories, invest in our assets, while maintaining our high-quality standards, without raising any further capital. Oyo was started with a simple mission of bringing beautiful living spaces for everyone. 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,’’ said Ritesh Agarwal, Founder and Group CEO.
‘’We are committing over Rs 1,400 crore for technology investments, renovation, and managing investments for the calendar year, and will provide more, if needed, to help the team ensure continued economically efficient growth,’’ added Agarwal.