Oyo Hotels and Homes on Tuesday said that it would invest Rs 1,400 crore in India in 2019 as part of its efforts to increase infrastructure, strengthen technology and internal capability.
The company, which has expanded from running a hotel chain to co-living spaces in the past one year, is planning to get into a whole lot of new areas, including co-working and cloud kitchen space. It will expand its operations to 15 cities in Nepal by 2019, the company said.
Oyo also announced the launch of a new brand — Collection O hotels — to its existing portfolio of budget- to mid-segment hotel chain brands. “The Rs 1,400 crore will go in capex, technology and leadership. As we expand our presence in the market, consistency of quality is the key. As a customer-first company, we are heavily invested in ensuring customer responsiveness,” OYO India and South Asia Chief Executive Officer Aditya Ghosh said. Currently, the company is present in over 259 Indian cities, with over 8,700 buildings (hotels and homes) and more than 173,000 rooms.
Globally, Oyo is present in 10 countries, over 500 cities and hosts millions of guests from around the world in over 18,000 hotels and homes in over 515,000 rooms. The company’s sales run rate in December ended at $1.8 billion, growing about at 4.3X year on year. “With a strong balance sheet, today we can go to more places than ever, introduce new categories, invest in our assets, while maintaining our high-quality standards, without raising any further capital,” OYO Founder and Group CEO Ritesh Agarwal said.