Oyo Becomes 2nd Biggest Hotel Chain In China Within 18 Months; Expands To 320 Cities!
India’s 3rd largest startup, OYO Hotels and Homes has now become the 2nd largest hotel group in China, as reported on 22nd May. Having entered the Chinese market just 18 years ago, OYO has managed to accomplish this feat. Expanding in 320 cities and having nearly 10,000 partner hotels with 450,000 rooms, OYO also managed to surpass its biggest Chinese home competitors, including Home Inn and Hanting, in terms of scale.
OYO Created Not Only Comfort But Also Jobs:
OYO entered China in late 2017 and refers to it as its 2nd home market, after India. OYO’s China entity that operates under the brand name OYO Jiudian, extends deeply into China‘s tier-2 to tier-6 cities, proving to deliver best experiences for middle-income people across the country. Every day, OYO Jiudian provides living experience to over 200,000 customers, complying with its great experience at lower prices.
OYO Jiudian has created more than 100,000 jobs, as more and more people are using its exemplar service, hence creating more economic opportunities for jobs.
Also, since its launch, over 97% of franchisee partners have renewed their contracts with OYO. The company’s share in China’s accommodation market stands at below 2%, amounting to around 35 million rooms. The occupancy for property owners who have partnered with OYO for more than three has gone up by twice on average. Also the ratings for many of these hotels on online travel agent (OTA) platforms like Fliggy are significantly up.
OYO’s Future Plans to ExpandImage
OYO is looking forward to collaborate with online travel agents such as Fliggy, Ctrip and others to provide better visibility to hotel owners globally. OYO also recently announced collaborations with Alibaba’s online payment arm Alipay to launch the OYO miniprogram in Alipay to focus on areas related to finance services, smart payment, credit life, and hotel upgrades.
In order to sustain in the critical Chinese market, OYO has onboarded a number of Chinese strategic investors on board, including SoftBank, Sequoia Capital, Lightspeed Ventures, Hero Enterprise, and China Lodging Group.
OYO envisions becoming the world’s largest hotel chain by 2023 from being sixth largest currently and has presence in over 800 cities across 24 countries.
Being India’s 3rd largest startup after Paytm and Ola Cabs, OYO Rooms is doing pretty well to create its footprint worldwide and a feat like this, standing 2nd on the world’s 2nd largest economy, is a great target to have achieved by OYO.