OYO Rooms which is India’s hotel chain is currently valued at $10 Biilion Dollars and has become world’s third largest hospitality of hotels and living spaces. Any indain startup which has grown so remarkably in this short amount of time! That EngineerDiaries had to write about its journey for the readers
.So, what are we waiting for let’s get rolling!!!!
1.Ritesh Agarwal Background
Ritesh Agarwal graduated from St. Johns Senior Secondary School in Odisha and moved to later Delhi in 2011 for college.
2.Peter Thiel Fellowship
He dropped out of college. As he was below 23 years of age, he was eligible for the Peter Thiel Fellowship.He started a budget accommodation portal, Oravel Stays, for booking budget hotels.It was accepted into the accelerator program by the VentureNursery in September 2012 and later was one of the winners of the 2013 Thiel Fellowship program , receiving a grant of $100,000.
3.Main Reason to create OYO rooms
Oyo rooms was started with a focus on aggregating budget-friendly bed and breakfast stays across India.
4. Why the name OYO?
It means On Your Own Rooms.As when you book an OYO Room, you will always get the hotel name, but not room number.
5.An Oyo room is booked once every three seconds
6.Growth
Nearly 15 times in a single year, with more than 750,000 bookings completed each month.
7.If rooms are not booked, Oyo still pays hotels and marks them as “blocked.”
8.OYO Acquisitions
OYO acquired Chennai-based service apartment operator Novascotia Boutique Homes, the company acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues ,Oyo made its first major investment in the United States by purchasing the Hooters Casino Hotel, near the Las Vegas Strip.
9.OYO Products
OYO offers India’s maiden Home Management System that offers private homes in different locations and are fully managed by OYO,Vacation Homes,OYO LIFE, targeted at millennials and much more.
10.OYO is still buring money
In 2019, OYO reported 3.5x growth in revenue in FY 2017–18 at Rs 416cr for India operations and a marginal loss of 360 cr, but yes it is still burning money!
11.Why OYO rooms is famous among Youth?
OYO provides safe and secure hotels to unmarried couples. Most OYO hotels allow unmarried couples and accept local IDs;
12.OYO controversy
In 2019, OYO rooms plans to implement a digital register mechanism which will allow it to share customer data in real time with the government. This has been described as a threat to privacy.
13.OYO Funding
OYO has raised a total of $1.7B in funding over 13 rounds.
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