OYO Hotels & Homes has experienced tremendous development. OYO has come a long way since its inception in April 2013, becoming the world’s third-largest and extremely fast chain of licensed and franchised hotels, houses, and living spaces.
The term OYO stands for “On Your Own.” The platform has now become synonymous with low-cost accommodations. It is well-known for its low-cost lodging options. Since its inception, the firm has continued to add feathers to its hat.
In February 2020, Ritesh Agarwal, the company’s founder, became the World’s Youngest Self-Made Billionaire. Despite its success, the organisation had to overcome numerous hurdles.
The wonderful story find starting of OYO
- Ritesh Agarwal, a college dropout, had always wanted to establish his own business. In 2011, while he was only 17 years old, he came up with the concept of Oravel stays, which was then re-launched in 2013 as OYO Hotels & Homes.
- Ritesh moved to Kota in 2009 with the goal of getting into one of the top IIT institutes. Later, he realised Kota was not a good area to study coding, so he abandoned his coding ambitions. He had a lot of free time, so he decided to write a book called “Indian Engineering Colleges: A Complete Encyclopaedia of Top 100 Engineering Colleges.” This was a huge success.
- The Thiel Fellowship was awarded to 20 students under the age of 20. Ritesh Agarwal was one of them. He was given $100,000 over the course of two years, as well as assistance and resources, to drop out of college and start a business.
- Ritesh used to travel extensively, therefore he stayed in a variety of hotels on his journeys. This let him realise how bad the hospitality amenities were at various locations.
- This inspired him to establish a lodging system that allows guests to have the nicest accommodations, meals, personnel, and other amenities for a set price. In 2011, he founded Oravel Stays, an aggregator of breakfast and bed stays modelled after Airbnb.
“Leaders shouldn’t just build and accumulate wealth but give back to society.”
– Ritesh Agarwal, OYO Hotels & Homes’ Founder and CEO
Expansion of oyo
OYO Hotels & Homes, a young hotel startup that first opened its doors in 2013, has grown to become the world’s largest hotel network, with locations in 800 cities and 80 countries. The company owns an asset in the form of easy-to-book, low-cost accommodations around the world, which allows its 43,000+ hotels and 150,000 vacation homes to benefit from increased occupancy and revenue.
On a global scale, OYO began as a prominent vacation home rental site, with its brands Belvilla, Dancenter, and Traum Feirenwohnugen offering lovely homes across Europe.
- OYO Weddingz.in- Weddingz.in provides customers with a fully managed, one-stop platform for all of their wedding planning needs, including gorgeous and spacious establishments, themed decor, end-to-end food and beverage, in-house videographers and makeup artists accompanied by a dedicated wedding planner, and all at guaranteed best prices.
- OYO Workspaces- OYO Workspaces launched its multi-brand strategy to the managed workplaces opportunity in India (a first for the market) in July 2019 with two organic coworking brands, Powerstation and Workflow, as well as acquiring Innov8 and delivering ergonomically built workspaces suitable for all budgets.
- OYO Life – OYO Life caters to youngsters and young professionals looking for long-term rental properties that are professionally maintained. OYO offers tech-first, comfortably equipped lodgings with services like wifi, cleaning, power backup, and community kitchens, as well as a firm guarantee of safety and hygiene.
- OYO Townhouse – The platform has positioned the OYO Townhouse category as a welcoming neighbourhood hotel geared towards millennial travellers seeking superior economy rooms.
Success of OYO —
Following 2013, OYO continued to develop. It began operations in India and now operates in 800 cities across 80 nations. In 2018, the company began worldwide operations, with Malaysia as the first country. The company soon expanded into areas such as the United Kingdom, the United Arab Emirates, Dubai, China, Singapore, Indonesia, and others.
The company became a fully leased and franchised hotel chain in 2018. In 2018, it raked in $211 million in income from 75 million global room nights, about six times more than the previous year.
It had global staying room nights of 13 million, 6 million, and 4 million in 2017, 2016, and 2015. The corporation has yet to produce its 2020 annual report. However, in 2019, OYO generated $951 million in revenue, representing a 740 million dollar gain over 2018. It has bought over one million rooms in over 43 thousand hotels as of now. The company’s vacation homes division provides access to over 130,000 homes across the world for travellers and city people.