Jump to content

Oyo Rooms

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Ansh666 (talk | contribs) at 11:28, 17 November 2015 (Wikipedia:Articles for deletion/OYO Rooms closed as keep). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

OYO Rooms
FounderRitesh Agarwal
Founded atIndia
HeadquartersGurgaon, Haryana, India
Websiteoyorooms.com

OYO Rooms is a branded network of hotels in India. OYO Rooms currently operates in more than 140 Indian cities including Delhi, Gurgaon, Jaipur, Mumbai, Bangalore, Hyderabad, Goa, Chennai, Kolkata and others. OYO is present in major metros, regional hubs, leisure destinations and pilgrimage towns.

According to a research carried out by CB Insights for The New York Times, OYO Rooms is among the companies that may be the next start-up unicorns.[1] The company is backed by investors like the Softbank Group, Greenoaks Capital, Sequoia Capital and Lightspeed India.[2]

OYO Rooms provides standardized hotel rooms with features such as an air-conditioned room, complimentary breakfast and Wi-Fi with 24x7 customer service support. Guests can use the OYO Rooms App for booking rooms on the go. They can also order beverages and request room service through the app.

Business Model

OYO Rooms is an online aggregator of budget hotels. OYO Rooms partners with hotels with the aim of standardization on various measures in each room including free wifi and breakfast, flatscreen TVs, spotless white bed linen of a certain thread count, branded toiletries, 6-inch shower heads, a beverage tray and so on. The standards are audited every few days so that the customers are assured a quality experience. OYO’s budget stays range from 999 ($16) to 4,000 rupees ($66). OYO provides property owners with support such as quality standardized supplies and service training. [3]

Founder

22-year-old, Ritesh Agarwal, is the founder & CEO of OYO Rooms. Ritesh started his entrepreneurial journey when he was 17 years old. He dropped out of college and launched his first start‐up Oravel Stays Pvt. Ltd. in the year 2012.[4] Oravel was designed as a platform to enable listing and booking of budget accommodation. Being an avid traveler, he soon realized that the budget hospitality sector lacked predictability. Therefore, he pivoted Oravel to OYO Rooms in 2013 with the key proposition of offering affordable and standardized accommodation.[5]

Ritesh was selected for the Thiel Fellowship, a two-year program. A program started by Paypal founder, Peter Thiel, in 2013. Through the fellowship Ritesh received a support grant of $100,000 to pursue his start-up idea.[6]

Ritesh's story has been widely covered by the Indian media.[7] He has won Business World Young Entrepreneur Award[8] and the TiE-Lumis Entrepreneurial Excellence Award [9]

Funding

  • 2012: OYO Rooms got its first round of funding from Venture Nursery in December 2012.[10]
  • 2014: Another round of funding came from Lightspeed Ventures in February 2014.[11]
  • 2015: In March 2015, OYO Rooms raised $25 million from Lightspeed, Sequoia and others.[12]
  • 2015: In July, 2015, OYO Rooms raised $100 million from SoftBank.[13]

Growth

OYO Rooms started with 1 city and 1 hotel (OYO Rooms Huda City Centre) in Gurgaon in May 2013 and has seen a tremendous growth. The company as of November 2015 has 4,000+ hotels (more than 40,000 rooms) in 140+ cities of India.[14] OYO Rooms has been named India's largest budget hotel chain.[15]

Awards

India International Travel Mart Award and Lufthansa ET Now Runway to Success Award.[16]

Listing of hotels

OYO Rooms reaches out to prospective hotels to partner with them. A hotel owner can also reach out to OYO through their webpage.[17] The OYO team then contacts the hotel and audits the hotel to understand the changes needed to standardize the property as per OYO standards, and shares other details of the partnership agreement.

References

  1. ^ Times, The New York. "50 Companies That May Be the Next Start-Up Unicorns". Retrieved 2015-08-25.
  2. ^ "OYO Rooms raises Rs 630 cr in funding led by SoftBank". The Hindu. 2015-08-03. ISSN 0971-751X. Retrieved 2015-08-25.
  3. ^ "Why A 21-Year-Old Is Building OYO As An Uber (And Not An Airbnb) For Hotels In India". Forbes. Retrieved 2015-11-05.
  4. ^ "Ritesh Agarwal's journey from being a SIM-seller to the helm of OYO Rooms". Retrieved 2015-08-25.
  5. ^ "At 21, He's the Mind Behind Multi-Million Dollar Start-Up OYO". Retrieved 2015-08-25.
  6. ^ "10 Things I Learnt As A Thiel Fellow". The Huffington Post. Retrieved 2015-08-25.
  7. ^ www.ETRealty.com. "Meet OYO Rooms' Ritesh Agarwal: The dropout who dined with Peter Thiel | ET RealEstate". ETRealty.com. Retrieved 2015-08-25.
  8. ^ "Three Clicks To Stay". Retrieved 2015-08-25.
  9. ^ "TiE Delhi and Lumis Partners Entrepreneurial Excellence Awards". excellenceawards.tiecon-delhi.org. Retrieved 2015-08-25.
  10. ^ "Online accommodation provider Oravel raises seed funding from Venture Nursery, others". VCCircle. 2012-10-15. Retrieved 2015-06-10.
  11. ^ "OYO Rooms raises funding from Lightspeed & DSG Consumer Partners, launches branded marketplace for budget rooms". VCCircle. 2014-05-13. Retrieved 2015-06-10.
  12. ^ "Thiel Fellow Raises $25M For OYO Rooms, A Network of Branded Budget Hotels in India". TechCrunch. 2015-04-06. Retrieved 2015-06-10.
  13. ^ "SoftBank leads Rs 630cr funding in Oyo Rooms - The Times of India". Retrieved 2015-08-25.
  14. ^ "Ola Money can now pay for Oyo Rooms, courtesy of Zipcash wallet". MediaNama. Retrieved 2015-08-25.
  15. ^ "OYO Rooms is now India's largest budget hotel chain". StartUp Beat. 2015-05-27. Retrieved 2015-06-10.
  16. ^ "OYO Rooms". Retrieved 2015-08-25.
  17. ^ "Become An OYO". Oyorooms.com. Retrieved 2015-06-10.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Oyo_Rooms&oldid=691059928"