Oyo has expanded to the United Arab Emirates with 1100 rooms in Dubai, Sharjah and Fujairah. In two years, Oyo plans to have 12,000 rooms, 150 hotels, (4,000 direct and indirect jobs), and presence in all 7 Emirates in the UAE. Oyo has appointed Manu Midha as regional lead for Oyo UAE.
Ritesh Agarwal, founder and CEO of Oyo, said that Dubai would host 20 million visitors (at the World Expo 2020) and has 29.9 hotel keys per 1,000 people. The company is targeting business and leisure travellers from GCC countries, India and other countries.
Recent Oyo developments
- Earlier this month, Oyo said it would invest Rs 500 crore to add 35,000 rooms in Uttarakhand in cities like Dehradun, Mussoorie, Rishikesh, and Haridwar.
- Oyo now claims presence in over 350 cities with 10,000 hotels in India, Nepal, China, Malaysia, and the UK.
- The homegrown company also claimed last month to have over 125,000 rooms in India and over 87,000 rooms in China.
In its latest funding round, the company raised $800 million last month from SoftBank Vision Fund and other existing investors, most of which will be invested in expanded Oyo’s China operations. After the funding, the company stood valued at $5 billion.