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Last Updated : Jul 10, 2019 08:31 PM IST | Source: PTI

With 8.5 lakh rooms, Oyo claims third spot globally

A significant part of its funds is being invested in the business as the company focuses on maintaining its growth momentum across geographies, OYO said.

Priyanka Sahay @priyankasahay

Softbank-backed Oyo on July 10 said it has grown to become the world's largest hotel chain with 8,50,000 rooms, led by the company's presence in China with more than half of the inventory.

With its recent big ticket funding, the company has expanded to 800 cities, of which 337 are Chinese cities, and 23,000 hotels across the globe.

In China alone, it claims to be have around 50,000 rooms and also counts Indonesia, UK and US among its top markets.

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Oyo last announced an investment from US-based home-renting company Airbnb in April. Before that, it raised over $1 billion from investors including SoftBank, Didi Chuxing and ride-hailing firm Grab, among others.

It is also learnt to be already in talks to raise its next round of funding which will potentially take its valuation to $12-12.5 billion.

While the company is in talks with new investors, it is learnt that Softbank will put in a large chunk of the sum and will also buy out the stake of many existing investors of the company.

"Over 500,000 heads rest on Oyo hotel pillows daily today, a testament to the impact we are creating globally. In the last six years, we have enabled job opportunities for over 300,000 young people across India, China, U.S., and the U.K. and will continue to support the growth of the hospitality, travel and tourism industry around the world," said Ritesh Agarwal, founder and chief executive officer of Oyo.

The company remains committed to diverting 40 percent of the funds towards China, of which $100 million will be toward customer experience, quality, and system improvements, and the balance to fuel further growth, talent development, competency building, and infrastructure development in the country.
First Published on Jul 10, 2019 05:42 pm
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