Eight-year old Oyo, the Gurgaon-based hospitality chain company, has gotten into a joint venture with Japanese conglomerate SoftBank to launch its operations in Japan. The new venture will be headed by Prasun Choudhary, a founding member of Oyo.
“Japan is fast emerging as one of the most popular tourist destinations in Asia. We see this as a huge opportunity and are excited to contribute towards the growth of the local economy by promoting tourism," said Agarwal.
SoftBank had led Oyo’s USD 1 billion round last year through its Vision Fund. The Ritesh Agarwal-led company also recently launched its home rental vertical Oyo Life in Japan. Oyo has expanded its service in other markets as well that includes China, Malaysia, Nepal, the U.K., the UAE, Indonesia and the Philippines.
In March this year, Oyo acquired its competitor in China, Islands Hotel. This paves the way for Oyo to expand its presence in Beijing and Shanghai, where it hasn’t stepped in yet. In a span of 16 months, Oyo has procured 310,000 rooms in 292 Chinese cities, and according to media reports it has more rooms in China than it has in India.
This week US-based multinational hospitality chain Airbnb invested nearly USD 200 million in Oyo as part of the Indian startup’s Series E funding round. The deal will allow Oyo’s 10,000 villas and homes in India, Dubai and other markets to be listed on the Airbnb platform, expanding Oyo’s international reach and strengthening Airbnb’s presence in Asia. For Airbnb, listing Oyo’s rooms under management will boost its inventory in a market where it is yet to make a big impact.