Oyo said that it has being to be the Second largest Hotel chain in the world, in the terms of the number of rooms Oyo has within six years of its launching. The company has a very great extent expanded to 44000 Oyo hotels and having 1.2 million rooms on four continents. Indonesia, UK, US, all are Oyo top markets today. Oyo claims that it has approx 50000 rooms in china alone.
Oyo’s CEO Ritesh Agrawal said that Oyo has Target to be The budget hotel chain will be the world’s largest hotel chain in revenue, scale, and margin in 2023. The company remains committed to redirecting 40 percent of the funds towards china.
Recently in an interview, The CEO Ritesh Agrawal said that ” we always change our prices in the whole world about 60 million times per day, and will maximizing revenue per room based on demand. three years ago we were growing at 60 percent. This year it will be 300 percent. In the row of 2, 3 and four cities of china, You can’t miss the Oyo hotel sign.”
Oyo Business Model:
The latest Interview, The founder and CEO of Oyo, Ritesh Agrawal explains the business model of Oyo- All are computing for customers Occupancy and repeat. We spend 500 dollars in India to renovate a room. It’s 500 dollars in the smaller cities of china; Its 750 dollars in bigger cities. its 1000 dollars in the US.
About in six months, we are covering our money Globally. Before planning to design Rooms interiors, We forecast what kind of Design will Give OYO the best returns for the capital expenditure. The Ritesh Agrawal Lead of Company also believed to have acquired Qianyu, A midsize hotel brand in China, a deal is likely to mark the company’s 1 st acquisition in the country. The company also confirms the same.