A few years ago, a college dropout backacker noticed that there is an untapped opportunity to organize and aggregate local neighborhood hotels of the country. In 2018 his endeavor turned into a $5 billion venture.
OYO Rooms needs no introduction! Now 26 years old, Ritesh Agarwal, Founder and CEO of OYO, began his journey in January 2013. His first hotel was in Gurgaon. For OYO Rooms, the capital infusion was done by SoftBank Vision Fund, Sequoia Capital, and Lightspeed Venture Partners.
When Ritesh Agarwal started his venture, his aim was to disrupt India’s hotel sector which was a market worth less than $7 billion back then. By 2020, it is expected to reach $13 billion. In 2013, when on a backpacking trip Ritesh discovered the terrible standards of budget hotels in India, he decided that he would start an Airbnb- style online home-stay service to enhance and improve Indians’ travel experience. He climbed the success ladder pretty quickly and was selected for the “20 under 20” ‘Thiel Fellowship’ in 2013. He was the only Indian to be chosen for this high-status two-year program designed by Peter Thiel, the founder of PayPal.
At present, OYO Rooms is present in a total of 736 cities across the world. OYO is now present in India, China, Malaysia, Nepal, Indonesia and UAE. They have expanded multi-fold and now has 12000+ exclusive hotels in its kitty with 330000+ exclusive rooms. Moving forward, OYO has also introduced many innovative experiences, especially, keeping the younger travelers in mind. OYO Total Holidays now offers ‘All-in-one’ packages. OYO has also collaborated with Weddingz.in which offers hassle-free wedding events at guaranteed prices.
OYO also offers plans OYO Wizard which is available in 3 categories – Blue, Silver and Gold. Under this package, one can avail of 5% additional discount on all Wizard member hotels and 10% on Wizard base.
The entire OYO experience is available on smart phones through OYO mobile app.
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