Last month, the company had also announced a commitment of Rs 1,400 crore for the India and Nepal markets.
SoftBank-backed Oyo plans to double its inventory to over 3.4 lakh rooms by December across multiple categories, a top executive told Moneycontrol.
"The plan is to double in size this year," said Aditya Ghosh, Chief Executive Officer of Oyo India and South Asia.
The company on April 18 also launched a partner engagement network program called OPEN (Oyo Partner Engagement Network) to help its 8,700 asset owner partners with their business goals.
Under this programme, Oyo will have a structured way of exchanging ideas, and providing support to the asset owners. Its asset owner partners are there across 260 cities in India and South Asia.
Last month, the company had also announced a commitment of Rs 1,400 crore for the India and Nepal markets. Ghosh declined to comment on the investment required for the new initiative. However, he said that this money will come from Rs 1,400 crore outlay itself.Oyo last raised $100 million from China's Didi Chuxing in January which competed its $1 billion fund raise that was announced last year. Globally, Oyo is now present in 10 countries and over 500 cities.