I think Oyo should announce all its expansion plans in one go. It has been less than 4 days since it established base in the UAE. And now, this.
In Indonesia, Oyo will be in 30 hotels with over 1000 rooms across Jakarta, Surabaya, and Palembang. It will invest $100 million in the country to launch in 35 cities including Yogyakarta, Bandung and Bali over the next 15 months. It claims that Oyo will generate 60,000 direct and indirect jobs in Indonesia. The company has appointed Rishabh Gupta as country head for Indonesia.
Funding fuelling expansion
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.