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Last Updated : Jul 13, 2018 05:34 PM IST | Source:

Oyo announces acquisition of Mumbai-based IoT firm AblePlus

With this partnership, Oyo aims to create a sustainable ecosystem powered by technology and artificial intelligence for managing hotels and assets

Moneycontrol News @moneycontrolcom

Hospitality firm Oyo on Tuesday announced the acquisition of Mumbai-based internet of things ( IoT) technology firm AblePlus. It did not disclose the size of the deal.

With this partnership, Oyo aims to create a sustainable ecosystem powered by technology and artificial intelligence for managing hotels and assets.

"We are delighted to announce our acquisition of AblePlus towards pioneering the application of IoT in Indian and global hospitality segment and creating a global impact. With the introduction of IoT into the basic precincts of hotel management, we aim to enhance customer and partner experiences by roping in the best of technology capabilities that are changing how India sees hospitality today," said Anil Goel, chief technology officer, Oyo.

With the implementation of IoT-enabled operations, customers will be able to experience highlights such as self-check-ins supported by the digital arrival and departure register, self-KYC with Aadhaar and IoT server-managed smart locks.

The rollout of technology-enabled operations will ensure better tracking of assets across properties and reduction in wastage of electricity, further minimizing the company’s carbon footprint.

The forthcoming years will witness Oyo introducing voice-based assistance in rooms, enabling automation of controlling appliances, lights among other services.

"Through increased technology intervention that enables the remote monitoring and management of rooms across properties, we will be able to achieve improved operational efficiency, thus creating a superior stakeholder experience. As one of the first startups that is an early adopter of IoT-powered technologies, we look forward to delivering new, advanced applications for key vertical markets that will offer elevated customer experience," said Goel.

OYO is also in talks to raise more funds through a share sale.

In May, Moneycontrol had reported its existing investor SoftBank has asked it to get new investors, after which it will participate in a fresh round of funding, which could fetch as much as $500-700 million.

OYO last raised around $250 million in a round led by SoftBank Vision Fund, and another $10 million from Nasdaq-listed Chinese hotel operator China Lodging Group, in September.

The company is also experimenting with new brand names for its premium properties in order to disassociate these properties with the OYO brand name, which is primarily recognised as a budget accommodation provider.

Moneycontrol reported earlier this month that the new brands are called Edition O and Capital O.
First Published on Jul 10, 2018 04:06 pm

tags #Oyo #Startup

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