OYO is a startup that needs no introduction, the chain of hotels began its journey in 2013 and soon it became famous as a provider of quality rooms at affordable prices. The USP of OYO is its hospitality and their policies which make staying quite easy and convenient. Using the OYO referral code you can even get some great discounts on your hotel stays. OYOoms are now found in each city at a varied price range that depends upon the location but what stays intact is that, it is safe, secure and hygienic.
From being a safe zone for unmarried couples in India who can check into the hotels with valid ID proof and no questions asked to updating the features like early sunrise check-ins, OYO has proved to be the most customer friendly chain of hotels of all that are available in the town. They have constantly worked on not only raising the standard of their services but have also increased the man power which gave employment to lot of youths in the country.
With so many wonderful features and customer friendly services, the OYO chain of hotels whose value was around $0.4 billion in last year has risen to $1.8 billion as of December 2018.
The OYO hotels and homes have witnessed a four-fold annual growth along with high yields to both the quick renovation services as well as the assert owners. This hotel chain is technology driven and has leased many franchises throughout the country in the recent past and as a result, this has led to an immense growth in its value. Many hotels owners from round the world are availing the OYO franchise and hence, the expansion of this grand hospitality brand is increasing daily on a large scale. From small rooms to the large ones, from basic rooms to the most luxurious one, OYO offers everything and users can access them with the help of one click from their application.
The Future Growth of the Company
According to the CEO, Aditya Ghosh who is in charge of the India and South Asia part, stated that the future growth progress of the company would depend on the expansion of the chain in India as well as abroad. He also stated that, around 3/4th of the hotel owners who are associated with OYO has seen an annual increase of 30% in the per room revenue which has impacted their profit rate positively.
This has lead the assert owners to own more than one assert with OYO. Small assert owners are taking up OYO franchise for their hotels, which is not only increasing their consumer base but their quality of services have also seen a significant rise in the recent years. The hotel chain has also had an average churn rate of 1% annually, which is the highest rate of retention in the hospitality industry as of now.
A team of around 1,200 civil engineers and talented designers both at the national and international level has helped the organization a lot to grow and reach the position where it is today both at the country as well as the global level. The spread of the organization has increased to 24 countries with lakhs of super upgraded rooms with all round facilities being available for the users. Mr. Ghosh has also stated that the business has really grown in the Eastern part of India with over 2,000 hotels being available in the region.
The growth trajectory has increased in the region ever since launch of this hotel chain in the Kolkata region. There has also been a significant increase in the availability of the rooms in and around this region due to the fact, that the number of hotels listed under OYO is also increasing on a daily basis.
How is OYO performing in other countries?
Talking about the global OYO base, it is situated in 500 cities across 10 countries with a recent addition to Philippines. OYO can easily be called as one of its kind and is a full scale technology driven model in the area of hospitality and real estate. With around 13,000 leased or franchised hotels and 6,000 homes, the brand is undoubtedly a big name in the world of hospitality. It is also backed up by leading investors like Sequoia India, SoftBank Group, Hero Enterprise, Lightspeed India and China Lodging Group.
As per the latest reports over 13 million plus customers have used the OYO services globally until December 2018 and many of them has become the loyal customer of the brand. Apart from family and couple stays, OYO have also collaborated with many big companies and has become its official staying partner. The standard of services, the hospitality has impressed clients globally and the only thing that lies in front of OYO hotel services is growth. With increasing revenue growth each day, the brand is expected to reach new heights in the years to come.…