Oyo Intro
5 years ago, a private company in the business of hospitality industry made a start in India and is now serving out major cities with expansion in abroad in countries like China, Indonesia, Malaysia and Nepal.
The company is headquartered in Gurgaon, Haryana and has generated the revenue of 2,400 Crores in financial year of 2016 having the net income of $47 million. It is well known for its chain of modified budget hotels that provide you to pay less than even a normal budget room in 2 or 3 star hotels.
How it got started?
The idea of starting such a unique service came in the mind of Ritesh Agarwal in 2012 when he first made a risk to start with a website named Oravel Stays that was designed to look forward with budget accommodations. The journey was not as easy as he did a quite research while making a staying in over 100 bed and breakfasts, guest houses and small hotels. He later planned to join hands with interested hotel partners to share out them in its website listing.
Soon after he was granted with Thiel Fellowship of $100,000 and he renamed the site to Oyo in 2013. The company has raised funds from investors like DSG Consumer Partners, Lightspeed Venture Partners, Greenoaks Capital, Softbank Group, Innoven Capital, Sequoia Capital and many other investors to build up such a large business.
What they offer?
In the business of hospitality they are presently working in few cities and towns of India providing clean rooms with quality and standardised services like breakfast, in-room Wi-Fi, AC, flat screen TVs, spotless white bed linen of a certain thread count, branded toiletries, 6-inch shower heads, a beverage tray, backup power etc. all in budget prices. It is currently offering 14,000 rooms in 80 cities.
They have a budget range from 999 rupees to 1,500 rupees while they also have mid scale rooms priced at 1,600 to 4,000 rupees. The standards are also audited every few days in order to assure quality experience for customers. They also provide the help to asset owners in maintaining out the quality standardized supplies and service training.
In end, they are building up a way in which a traveller can enjoy affordable and comfortable stay in Indian hotels at budget price.
