Afternoon D & C Dedicated To Mumbai
Home > Business > Oyo will be the world's largest hotel chain by 2023: Founder

Oyo will be the world's largest hotel chain by 2023: Founder

Friday, December 07, 2018

Oyo Hotels, the five-year-old startup for booking hotel rooms, is aiming to become the world's largest hotel chain by 2023 as it expands into newer countries in the Middle East, South East Asia and Europe, its founder Ritesh Agarwal said.

Oyo, which began with one hotel in Gurgaon in 2013, has grown to over 330,000 rooms in 500 cities globally. While India was its first playground, it now has more rooms in China. In India, it operates in over 180 cities with 143,000 rooms. In China, where it began operations last November, it has expanded to over 265 cities with 180,000 rooms.

"Our belief is that if we just keep opening 50,000 keys a month, then by 2023 we would have opened roughly 2.5 million more rooms, which will be at least 2 times of what the world's largest hotel chain is today," Agarwal told PTI in an interview. Agarwal, a 24-year-old college dropout, founded Oyo in 2013 after travelling around India on a shoestring budget. The company has also expanded into Malaysia, Nepal and Britain.

Oyo signs on hotel owners and then trains its staff as well as upgrades everything from linen, toiletries and bathroom fittings to their specifications. It then brings them on board its hotel website, which is used by travellers to book rooms. Oyo earns a 25% commission.

He said the number of transactions has tripled, with 90% coming from repeat travellers. "Three years back India's standalone growth was 1.6 times, last year the growth was 2.3 times. This year we are trending roughly 3 times and we are going to project a little bit higher than 3 times for the coming fiscal years, so we are growing faster on a bigger base because of the network effect," he said, adding the occupancy is 65%.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
Youth after consumption of alcohol revealed he an
Less than a week after they kidnapped a ...
Milk distribution in Maharashtra is expected to b
Is it safe to have intercourse during the menses?
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Unlike the last few days, today will be hectic and demanding. You will need to attend a few social get-togethers and functions. Socializing with friends and relatives is on the cards. However, you need to be careful about your health. Expenses on medicines are indicated, says Ganesha.
- Advertising -
Outcome of state elections, crude oil price movem
Differences have cropped up between the Heavy Ind
Amid raging controversy over the revised economic
Read More