OYO manages more rooms in China than in India
NEW DELHI: OYO Hotels & Homes is growing faster in China than in its home market, as the hospitality chain backed by Japan’s SoftBank accelerates the pace of expansion in the world’s second-largest economy.
The Gurgaon-based company, which was valued at $5.5 billion after its last funding round in September, currently manages 180,000 rooms across 4,000 leased and franchised properties in China, chief executive Ritesh Agarwal told ET. This marks a two-fold jump over the 87,000 rooms under management that it reported in September. In contrast, the six-year-old company manages 149,000 rooms in India and South Asia.
“India and China are our home markets… In just one year, we are now among the top-10 hotel chains in the latter. Our assets there have been seeing an average occupancy jump, ranging from 25% to 60%-70%, after the hotels lease or franchise the properties to us,” Agarwal said.
OYO officially launched operations in China during November 2017 and is now present across 265 cities.
Obviously. ..a lot of Ghost Towns!
This exposes Feku’s lie that ease of doing business in India has improved. Andha bhakts hear shanknaad when Feku sends out excreta from his 56 inch back hole. LOL.
salute to this agrawal. what fellow..
Quite a Commendable Startup. Was always in the money. Home grown AirBnB