OYO Hotels & Homes have emerged as the world’s third largest hotel chain when measured by room count, as of June 2019. OYO is also now the fastest-growing chain of hotels overtaking several ‘traditional’ established hotel brands.
From a standing start in 6 years, OYO has expanded its presence to over 800 cities, with nearly 23,000 OYO-branded hotels and 850,000 rooms.
This fast-paced growth is backed by a strong balance sheet of about $1.5 billion.
Recently launched in the UK with presence in 25 destinations and 85 hotels, and more recently the U.S. with a presence in 40 cities and over 68 hotels, both locations have been strong growth drivers.
A significant part of its funds is being invested in the business as the company focuses on maintaining its growth momentum across geographies.
OYO has created over 300,000 direct and indirect job opportunities across India, China, U.S., and the U.K. The recent acquisition of @Leisure has further helped the company strengthen its leadership in the vacation home segment in Europe.
Commenting on the development, Ritesh Agarwal, Founder & CEO, OYO Hotels & Homes, said, “I am humbled to see the love and support of our customers and real estate owners that have helped us in emerging as the third-largest hotel chain.
“This is a strong validation of the impact we have on both customer experience and revenue levels. Today, we are a small percentage of the world’s accommodation market, and we have an incredible opportunity ahead of us. We are just getting started.”
The company is led by a global management team who have joined OYO’s mission in the last 12 months, including Aditya Ghosh, CEO – India & South Asia, Rohit Kapoor, CEO- New Real Estate Businesses, Sam Shih, COO – OYO China, Marcus Higgins, Head of Expansion – OYO U.S.A., Jeremy Sanders, Head – OYO U.K., Tadeus Ari Nugraha, Operations Head – Indonesia, Erica Perry Briody, VP – Talent Acquisition, OYO UK among others.
Known worldwide for its tech-driven full-scale led business model, OYO Hotels has attracted some of the world’s leading investors, including Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise.