India’s largest online hospitality brand, Oyo Rooms is set to enter the Japanese market with an eye on the big business opportunity around the 2020 Olympic Games.
Oyo has already established a strong Japan connection with the $800 million investment from Japan’s SoftBank Vision Fund and enrolment of several Japanese hospitality properties on its website. The SoftBank Vision Fund will reportedly be part of the planned expansion.
According to the livemint.com Oyo is eyeing big business opportunities in the budget hotel market in Japan before the Tokyo Olympic Games in 2020. The company has also started recruitment process for the operations team in Japan, the website has reported quoting anonymous sources privy to the development.
With the SoftBank Vision Fund, the Gurugram-based Indian start-up has raised the its valuation to $4 billion.
Oyo will reportedly invest $600 million from the SoftBank Vision Fund finances to grow its business in China, where the brand is already present in 26 cities with a 1,000-strong work force. Besides, the Oravel Stays Pvt LTD-owned company has also established international operations in Malaysia, the UK and Nepal.
Oyo is among the few startups creating a global brand from India. Zomato, Ola and Practo are some of the others that have expanded into international markets in the last few years.
No comments:
Post a Comment