OYO Rooms, which was started in 2013 is the fastest growing network of low budget hotel rooms, priced between Rs. 999-1499 inclusive of all the taxes equipped with all the required amenities like TV, Free unlimited Wi-Fi, attached washrooms, comfortable beds, fully air-conditioned rooms, breakfast etc. Oyo Rooms was founded by Mr. Ritesh Agarwal 2 years back. This company has been funded by venture capitalists, Lightspeed Ventures, Sequoia Capital and Green Oaks Capital. Oyo Rooms started with a hotel of 11 rooms and now they have more than 2000 rooms Delhi NCR, Goa, Bangalore, Mumbai, Chennai, Hyderabad, Manesar, Jaipur, Neemrana & Pune. Now they are planning to expand in 45 cities having more than 10, 000 rooms.
Gauging the fact that there are 350 million travellers in India who look forward to have standardized experience in hotels with require amenities, Mr. Ritesh Agarwal, came up with the idea of Oyo Rooms. In the next 3 years, they would strengthen their position in Bangalore, where they see the maximum potential. At present, they have 300 rooms in 30 hotels of Bangalore, which they will expand to 2000 rooms in 150 hotels. Oyo Rooms work on the revenue sharing model with hotel owners in different cities.
Oyo Rooms has done a commendable job in achieving a remarkable growth within 2 years, expanding from just 11 rooms in Oyo Rooms, Gurgaon to 2000 rooms across 200 hotels. To achieve sustainability in the market, Mr. Ritesh quoted that there won’t be fluctuation in prices, irrespective of the increase or decrease in demand of hotel rooms.