India’s largest brand OYO which was initiated five years ago as an easy source to book budget hotels stated that it is bringing new transformations by adding rooms faster than any other hotel chain.
"By 2023 we want to be the largest and most preferred hotel chain in the world," an OYO spokesperson told CNN.
Headquartered in a tech city Gurgaon which is located on the outskirts of Delhi, OYO now successfully owns or franchises hotels in the global cities including London, Kuala Lumpur, Beijing, and Shanghai.
This popular Indian brand OYO operates around 9,000 hotels with 170,000 rooms. Moreover, including its international business, it offers 460,000 rooms in eight countries.
As it is still a long way and leaves far behind from the global market leader Marriott (MAR), which had a count of 1.3 million rooms worldwide as of September 2018.
According to the analytical reports, OYO is witnessing a rapid demand from the citizens as it went from 6 million room bookings to 75 million in the period of 2016-2018.
OYO has also earned the attention and the revenue from high profile investors such as Uber, WeWork, SoftBank, Slack and more. Moreover, SoftBank has contributed a million dollars into OYO, later they launched the services in Saudi Arabia.
At today’s time, OYO holds the valuation of $5 billion company. It has preferred using much of that cash to boost its global expansion, launching its mobile applications, and signing up hotels in the United Kingdom, Indonesia, and Philippines. The company also offers properties in Nepal, United Arab Emirates, and Malaysia.