India’s hospitality chain, start-up company, Oyo said on Monday (23) that it will provide fully managed shared residential spaces, Oyo Living.
The new initiative by Oyo will primarily target working professionals and students in the country.
Oyo Living turned into reality based on the feedback, demand from the customers and asset partners, Oyo Hotels and Homes Chief Executive Officer and Founder Ritesh Agarwal said in a statement. In a significant move, the company decided to leverage its hospitality experience to provide end to end fully managed living space.
Each living space will include essential facilities such as Wi-Fi connectivity, television, regular housekeeping services, power backup, CCTV surveillance, and others for Rs 7999 a bed per month.
Oyo has onboarded more than 35 properties with 2,000 beds, across Indian cities, Noida, Bengaluru and Pune, and aims to scale it up to about 50,000 beds in the next 12 months across the top metros in India.
The start-up said it is busy with independent owners and large builders to lease out their spaces, properties for long-term housing. As per the plans, the company will take control of the living spaces, properties, which will be fully managed it. Oyo will also manage contracting and brokerage with assured rental returns to the property owners.
Oyo with its new business initiative will fight directly with Nestaway, ziffyhomes, FastFox. Nobroker.com, and many others who run living space business in Indian cities.
As part of its business strategy, Oyo has expanded its hospitality business to different types of lodging such as the Oyo townhouse, and other verticals in wedding planning. The company has said to have about 213000 hotel rooms in India, Indonesia, China, UK, UAE, Malaysia, and Nepal.
Oyo entered into residential space business after spending the budget hotel industry in the country. The hospitality chain Oyo raised £767.73 million from Japan’s SoftBank and other investors in September which raised Oyo’s value to £3838.65m.
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