Oyo rooms, one of the largest hospitality chains, has already made its name prominent in the world market. It is further expanding its chain of operations in areas where it views potential. Recently announcing the launch of its services in Japan, the company stated “Through this partnership, OYO will bring its housing rental product OYO Life to Japan beginning March, 2019”. Oyo also took it to social media to make a formal announcement which said “#HelloJapan! Our mission of providing the perfect space in every place has now reached Japan. We’re elated to launch with #OYO Life. Let’s change the face of hospitality, together!”
Coming in a JV with Yahoo Japan Corporation, the hospitality mogul has step its foot in the Japanese market to target the young population the country, such as students and young professionals.
With its launch in Japan, OYO has augmented its presence in more than ten countries. Its expansion in Japan came just in time after the Gurgaon based firm raised $100 million from Chinese ride-sharing firm Didi Chuxing.
The insiders of the deal said that Beijing-headquartered Didi’s investment is likely to be channeled into Oyo’s fast-growing China business — Oyo Jiudian — an area that the company proudly claims as their second home market. A large piece of the investment is expected to come with these deal to OYO India’s operations.
Hiro Katsuse, Japanese entrepreneur and a former market leader for Handy and Booking.com, has recently come on board as the CEO of the company. “OYO is already the most preferred brand in the budget to mid-segment hospitality space in several markets like India and China, where our operational expertise in identifying, transforming and managing properties has helped us gain significant momentum, and we are certain that we will deliver great value in the Japanese market, ” said Ritesh Agarwal, CEO & Founder, OYO Hotels and Homes.
In September last year, OYO also got $800 million funding from Softbank Vision Fund.
The company has gained credibility to constantly generate more revenue with the each preceding fiscal year, and this fresh deal is likely to add to their profit, and expansion plans.
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