The portal provides pre-registered and verified offline travel agents access to OYO inventory at the best price to deliver great value to their customers, OYO said in a statement.
Rohit Kapoor, CEO at Oyo Life talks about the company's expansion plans and how the current generation's mantra of being asset light is one of the prime reasons behind the growth of the shared economy.
A significant part of the funds will be diverted towards continued growth in OYO's fastest-growing market the United States, and in strengthening the company's position in the vacation rentals business in Europe.
The company said it started operations in the city with 20 fully managed buildings, 700 plus beds.
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The company has committed $300 million as an initial investment in the US to fuel rapid growth across the country, OYO said in a statement.
The report noted that after the buyout, Agarwal will see his stake in Oyo increase to 30 percent, which would make him the second-largest stakeholder.
Despite a setback in 2015, Zostel CEO Dharmveer Chouhan wishes that the deal with Oyo materialises sometime in the future.
Mountania Developers has acquired the 64-suites property in Ahmedabad which will be operated under OYO brand by redesigning it into a premium upmarket hotel, the company said in a statement.
On growth opportunities in India, Ghosh said: 'We are less than 5 per cent of the total unbranded hotel and guesthouse market in India and there is massive headroom for growth now and in coming years.'
Earlier this August the company had committed to invest €300 million in the vacation homes business in Europe, with a special focus on strengthening technology.
This is the company's first property purchase in the United States, which it has bought together with Highgate, an American real estate investment and hospitality management company.
The employees will be recruited across multiple functions, including business development, operations, service, sales and enterprise partnerships.
In June this year, OYO witnessed about 40 per cent demand coming from non-metro users in cities like Jaipur, Noida, Pune, Chandigarh, Lucknow, Bhubaneswar, Ahmedabad, Indore, Dehradun, Patna, Bhopal and Ghaziabad.
The Softbank-backed company has launched an outlet each in Delhi and Bengaluru and will open at least a dozen more soon.
The hotel start-up has launched a coffee chain, French Press. Delhi and Bengaluru have got a café each, more on the way.
The guests will get insurance against accidental death, baggage loss and accidental medical expenses for the entire duration of their stay in a particular city.
The appointment comes as part of company's ongoing focus to drive accelerated growth in two of its high potential markets - Southeast Asia and the Middle East, OYO said in a statement.
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