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<ul><li>The 6-year old hospitality unicorn has become China’s largest hotel chain. </li><li>Earlier in June, <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> had also announced its expansion plan in the US. </li><li>The company is on a steady growth phase to become the world’s largest hotel chain.</li></ul>The Indian hospitality unicorn OYO has achieved the numero uno position in one of the world’s toughest markets – China. It has become the largest hospitality chain in China, within two years of its entry into the market. The company is the process of investing $100 million out of the $600 million it had earlier committed to China. It is present in over 337 cities and has 500,000 rooms in the country. OYO already hired 10,000 people and created for 200,000 jobs indirectly, in the market. The six-year-old startup has much higher ambitions in sight – to become the world’s largest hotel chain, as conveyed by its CEO Aditya Ghosh earlier this <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">year</a>. OYO has over 175,000 rooms in India. It is also adding 60,000 rooms every month, globally. Earlier this month, OYO said that it will invest $300 million to expand its footprint in the United States – into cities like New York, Los Angeles and San Francisco. It already has 50 hotels across 15 states in the US. It is currently present in cities like Dallas, Houston, Augusta, Atlanta and Miami. In April 2019, it partnered with SoftBank Corp and SoftBank Vision fund for expansion in Japan. It also runs a housing rental service called OYO Life in the country. See Also: <a href="https://www.businessinsider.in/oyo-airbnb-and-softbank-hotel-rooms-in-top-cities-like-new-york-los-angeles-and-san-francisco/articleshow/69873552.cms">OYO is making a march to the top US cities with $300 million and blessings from Softbank and Airbnb</a>

Indian unicorn OYO has conquered China and is now the country’s largest hotel chain

<ul><li>OYO, which already has 50 hotels in the US, has invested $300 million to expand its presence. </li><li>It will soon enter New York, Los Angeles and San Francisco.</li><li>Softbank founder Masayoshi Son, who is one of the biggest backers of the startup, has said that OYO will be able to achieve its aim of being the world’s largest hotel network.</li></ul>Indian hospitality unicorn OYO is investing as much as $300 million to expand its footprint in the United States. The $5 billion company is already the largest network of hotels and rooms in South Asia, and the second largest in China. Now, it is looking to enter big markets like New York, Los Angeles and San Francisco. It already has 50 hotels across 15 states in the US, with 350 employees. It is currently present in cities like Dallas, Houston, Augusta, Atlanta and Miami. “We are convinced there is unlimited potential for rapid growth in our newest home market, the United States,” said <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, Founder &amp; CEO of OYO. With its expansion in the US, OYO claims it has already created 1000 jobs. The six-year old startup has been eyeing international growth for over two years. OYO expanded its business in China in 2017, and it has paid off. China is now one of its biggest markets. These aggressive growth plans support OYO’s ambition to become the world’s <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">biggest</a> hotel chain. It is <a href="https://inc42.com/buzz/hospitality-unicorn-oyo-may-raise-1-bn-to-turn-decacorn/">reportedly</a> in talks to raise $1 billion to reach a valuation of $10 billion. And in this quest for global expansion, the company has the backing of big investors like the Japanese investment bank Softbank as well as Airbnb, which used to be a competitor in the hospitality until April 2019 when the Silicon Valley star decided to invest in OYO. Now, OYO is looking to spread its wings in the US which is one of the biggest markets for Airbnb. In a general shareholders meeting, SoftBank founder Masayoshi Son <a href="https://www.business-standard.com/article/companies/oyo-may-become-largest-hotel-network-in-the-world-softbank-s-masayoshi-son-119062000123_1.html">said</a> that OYO will soon become the world’s largest hotel network. It was Softbank's investment that led OYO into the Indian unicorn club with a $5 billion valuation in September 2018, a huge jump from the $900 million valuation it had until then. In April 2019, it announced a partnership with Japan-based SoftBank Corp and the SoftBank Vision fund expansion in the country. It runs housing rental service called OYO Life in Japan currently. See Also: <a href="https://www.businessinsider.in/home-renting-giant-airbnb-invests-in-indian-unicorn-oyo-rooms/articleshow/68670636.cms">Airbnb picks up a stake in its Indian rival Oyo Rooms</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a> <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a>

OYO is making a march to the top US cities with $300 million and blessings from Softbank and Airbnb

<ul class="summary-list"><li>SoftBank-backed hotel chain startup Oyo is set to cut about 5,000 people, or 17% of its workforce, in the wake of the coronavirus outbreak.</li><li>In an interview with Bloomberg published Wednesday, Oyo's CEO Ritesh Agarwal said the move would leave the firm with around 25,000 staff worldwide - down from around 30,000 as of January.</li><li>Agarwal admitted the coronavirus outbreak has "hit us" in China, describing it as a "tough time for our hotel partners." </li><li>Oyo's downsizing comes as SoftBank's portfolio of startups faces growing pressure to prioritize profitability.</li><li>Business Insider has approached Oyo for comment.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>SoftBank-backed hotel chain startup Oyo is set to axe thousands of jobs as the coronavirus outbreak begins to bite.In <a href="https://www.bloomberg.com/news/articles/2020-03-04/softbank-backed-oyo-to-cut-about-5-000-jobs-in-broad-overhaul">an interview with Bloomberg published Wednesday</a>, Oyo's CEO Ritesh Agarwal said the move would leave the firm with around 25.000 staff worldwide - down from around 30,000 as of January.Citing anonymous sources, the publication added that staff based in China, the US and India will be fired, including roughly 3,000 China-based employees. Agarwal admitted the coronavirus outbreak has "hit us" in China, describing it as a "tough time for our hotel partners." Oyo's downsizing comes as SoftBank's portfolio of startups faces growing pressure to prioritize profitability over expansion - especially in the wake of WeWork's <a href="https://www.businessinsider.com/wework-ipo-fiasco-adam-neumann-explained-events-timeline-2019-9?r=US&amp;IR=T">calamitous, ultimately canceled IPO</a> last year.Masayoshi Son's SoftBank was an early backer of Oyo and has continued to invest heavily in the company.In its latest funding round - a SoftBank-led Series F in October 2019 - <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10?r=US&amp;IR=T">Oyo raised $1.5 billion</a>, with $700 million of that coming from Agarwal himself.Business Insider has approached Oyo for comment.

SoftBank-backed hotel startup Oyo will cut 5,000 staff as coronavirus bites

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> is buying @Leisure from <keyword id="420697" type="PERSON" weightage="20" keywordseo="Axel-Springer">Axel Springer</keyword>, the media and technology company, for $415 million. </li><li>This will add 300,000 rooms to OYO’s list.</li><li>Vacation homes are becoming a big part of OYO’s strategy, after having launched OYO Homes in 2017.</li></ul>From a unicorn in 2018 to becoming a global hotel chain, Indian hospitality <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> OYO <keyword id="6368036" type="UNKNOWN" weightage="20" keywordseo="hotels">Hotels</keyword> &amp; Homes has achieved a lot within a year. Now, OYO is once again in the news for having acquired Amsterdam-based <keyword id="7586774" type="UNKNOWN" weightage="20" keywordseo="Leisure-Group">@Leisure Group</keyword> of hotels. OYO is buying @Leisure from Axel Springer, the media and technology company, for $415 million. The acquisition marks an important step in OYO’s journey, as this becomes one of the biggest acquisitions done by an Indian startup in the global arena. With the acquisition, OYO will now have @Leisure’s more than 30,000-fully managed holiday homes across 13 countries in Europe and a subscription-based home management service with over 85,000 homes across 50 countries. This will add 300,000 rooms to OYO’s list. OYO has 175,000+ rooms in India, whereas in China it has 322,000+ rooms and in the rest of the world put together, it is adding 60,000 rooms every month. In India, over 15 cities have 200 OYO hotels per city. “If one were to look at Europe alone, there is an ever-increasing demand for vacation homes with an increasing trend of booking an entire home. Through this acquisition, the size and scale of the opportunity can be immediately unlocked for OYO’s Homes business. Today, more than 2.8 mn holidaymakers from over 118 countries book their holiday every year with @Leisure Group. The combined strength of both brands can scale the opportunity multifold,” said OYO’s Global Chief Strategy Officer, Maninder Gulati. Vacation homes are becoming a big part of OYO’s strategy – it had launched OYO Homes in 2017. OYO Homes already has over 15,000 villas and apartment units globally. Global expansion mode In a bid to become the world’s largest hotel chain (OYO currently holds the 6th position), OYO has been fast expanding its businesses in India and globally. In 2017, OYO had entered the China market and rapidly expanded to be one of the biggest hotel chains in the country. In fact, OYO has more rooms to offer in China than it does in india. Earlier in 2019, OYO announced its partnership with Japan-based SoftBank Corp and the SoftBank Vision fund to launch a new venture called Oyo Hotels Japan. It had also started a housing rental service in Japan called Oyo Life. The company also has a presence in Indonesian, European and Sri Lankan markets. In September 2018, OYO had opened its signature OYO townhouses in London. See Also: <a href="https://www.businessinsider.in/oyo-upgrades-its-app-for-hotel-owners-and-offers-financing-marketing-support-and-timely-payments/articleshow/68940755.cms">OYO upgrades its app for hotel owners and offers financing, marketing support and timely payments</a> <a href="https://www.businessinsider.in/oyo-partners-with-softbank-to-launch-oyo-hotels-japan/articleshow/68719436.cms">OYO partners with Softbank to create a joint venture for its Japan business</a>

OYO's $415 million acquisition of Amsterdam-based holiday home chain part of plan to become the world's largest hotel company

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> has announced a Joint Venture with <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> Corp and Softbank Vision fund to launch <keyword id="7496028" type="UNKNOWN" weightage="20" keywordseo="Oyo-Hotels-Japan">Oyo Hotels Japan</keyword>. </li><li>Softbank has been an investor in OYO since 2018.</li><li>OYO had recently announced its funding from Airbnb as well.</li></ul>Indian hospitality <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> OYO has announced its partnership with Japan-based SoftBank Corp and the SoftBank Vision fund to expand its business in Japan. The new venture called Oyo Hotels Japan will be led by Prasun Chaudhary, one of OYO's founding members. OYO had recently announced its housing rental service in Japan called Oyo Life. The company’s official statement said that their business in Japan would “empower small and independent asset owners in Japan with its rapid transformation capabilities and integrated hotel / ryokan management system powered by advanced AI technology.” Softbank has been a loyal supporter of OYO. The Japanese investment firm has been one of OYO's investors since 2015. It was Softbank's investment that led OYO into the Indian unicorn club with a $5 billion valuation in September 2018, a huge jump from the $900 million valuation it had until then. OYO which had expanded its business in China in 2017 had already made China one of its biggest markets. Now, with its entry into Japan it aims to get closer to its dream of being the <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">world’s biggest hotel chain.</a> “OYO is already the most preferred brand in the budget to mid-segment hospitality space in several global markets, where our operational expertise in revenue management, and distribution, through both offline and online channels, has helped us gain significant momentum,” said <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, Group CEO &amp; Founder, OYO Hotels &amp; Homes. OYO had recently announced a strategic investment from global giant Airbnb. See Also: <a href="https://www.businessinsider.in/home-renting-giant-airbnb-invests-in-indian-unicorn-oyo-rooms/articleshow/68670636.cms">Airbnb picks up a stake in its Indian rival Oyo Rooms</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a> <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a>

OYO partners with Softbank to create a joint venture for its Japan business

OyoRitesh Agarwal is the chief executive of Oyo.<ul class="summary-list"><li>India's budget hotel chain Oyo has laid off thousands of employees across China and India, according to a report in <a href="https://www.bloomberg.com/news/articles/2020-01-10/softbank-backed-oyo-is-firing-thousands-across-china-and-india">Bloomberg</a>.</li><li>Oyo is the third company in SoftBank's portfolio to jettison jobs this week, following the layoffs at <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">Zume</a> and <a href="https://www.theinformation.com/articles/getaround-to-lay-off-about-one-fourth-of-staff">Getaround</a>.</li><li>Oyo has raised more than $3 billion in capital, though the last fundraise included $700 million from its young chief executive, Ritesh Agarwal.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Oyo, a budget hotel chain that's backed by SoftBank, is letting go of 1,800 employees across China and India, according to a report in Bloomberg.The startup has laid off 5% of its staff in China and another 12% of employees in India, as part of a reorganization, a source with knowledge of the situation told Bloomberg. It expects to cut an additional 1,2000 jobs in India, where it's based, in the next several months.Oyo is the third company in SoftBank's portfolio to jettison jobs this week, following the layoffs at robotic pizza startup <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">Zume</a> and car rental company <a href="https://www.theinformation.com/articles/getaround-to-lay-off-about-one-fourth-of-staff">Getaround</a>.The company lets people book hotel rooms in more than 80 countries through its app. It turns struggling local hotels into Oyo franchises, puts up some money to redecorate and make sure the wireless internet is working, and takes a cut on every booking.Oyo has raised more than $3 billion in capital, though the last fundraise included $700 million from its young chief executive, Ritesh Agarwal. He bought back shares from existing investors Lightspeed Venture Partners and Sequoia Capital, as <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">part of a deal that raised Oyo's valuation</a> to $10 billion. SoftBank has been pumping money into the company since 2015.The startup has been called "SoftBank's jewel in India" for being one of the country's most valuable private companies, though a <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">recent report in The New York Times</a> said its growth has been accelerated by questionable business practices. An investigation showed that Oyo rented thousands of rooms at unlicensed hotels and guesthouses and let police and other officials use the service for free to avoid trouble with the authorities.Oyo's press office did not immediately respond to a request for comment.Do you work at Oyo or another SoftBank-backed startup and want to share your story? Contact this reporter via email at mrussell@businessinsider.com or Twitter DM at @meliarobin. <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-job-interview-rule-2013-12">How Elon Musk can tell if job applicants are lying about their experience</a></h3>

Oyo, the hotel startup known as SoftBank's 'jewel in India,' has laid off 1,800, becoming the 3rd SoftBank-backed company to cut jobs this week

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">Oyo</keyword> wants to have 1 million <keyword id="18966" type="ORGANIZATION" weightage="20" keywordseo="Hotel">hotel</keyword> rooms in the next one-and-a-half years. </li><li>The hospitality unicorn had recently appointed <keyword id="229263" type="PERSON" weightage="20" keywordseo="Aditya-Ghosh">Aditya Ghosh</keyword>, former <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword> president, as its CEO of South Asia operations. </li><li>The company is focusing on international growth with plans to further enter into the European, Chinese, Malaysian and Indonesian markets. </li></ul>In 2013, a scrawny 20-year-old from Odisha set out to start a portal from where you could book hotel rooms online. Cut to 2019 and the 25-year-old <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword> is the founder of India’s unicorn startup <keyword id="2550719" type="PERSON" weightage="20" keywordseo="OYO-Rooms">Oyo Rooms</keyword>. It also has Aditya Ghosh, the former president of Indigo Airlines, on board and together, they intend to make Oyo the biggest <keyword id="150849" type="ORGANIZATION" weightage="20" keywordseo="hotel-chain">hotel chain</keyword> in the world. Oyo Rooms is already the largest hotel chain in South Asia. “We will have one million rooms inventory into our fold in the near distant future. I think, it should happen in a year and a half,” Ghosh told the news agency PTI on January 15. Ghosh is the CEO, South Asia operations. A million rooms will be about double its existing network of 450,000. Over the years, Oyo has put up its red-and-white logo in almost every other budget hotel in the country and has gone from being just an aggregator for hotel bookings to owning properties including Oyo Townhouse (budget hotels) and Oyo Living (coliving rental spaces). While Oyo had marked its first international debut in 2018 with Dubai, it has been focusing more on China, Europe, Malaysia and Indonesia. Agarwal has brought in Ghosh to drive the fast developing South Asia operations. In fact, the company’s fast expansion into the Chinese market saw it become one of the top 10 hotel chains in China in just one year of operations. Oyo Rooms <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-manages-more-rooms-in-china-than-in-india/articleshow/66725906.cms">reportedly</a> manages more hotels in China than in India. Oyo also has its eyes in Japan, taking stock of the large number of people that’s going to visit the country for the <a href="https://www.dnaindia.com/business/report-oyo-hotels-eyes-biggest-hotel-chain-tag-to-double-global-footprint-2707996">2020 Olympics</a>. The hospitality startup had turned into a unicorn in<a href="https://inc42.com/buzz/oyo-appoints-top-level-execs-to-drive-international-growth/"> 2018</a> after it received a funding of $800 million at a valuation of $5 billion. It has found backing from top investors like Softbank Group, Sequoia Capital, Lightspeed India among others. It has the money, it has the drive, and it certainly has room to grow fast and large. See Also: <a href="https://www.businessinsider.in/oyo-rooms-is-the-most-valuable-hotel-chain-in-south-asia-after-softbank-investment/articleshow/65964564.cms">OYO Rooms is the most valuable “hotel chain” in South Asia after Softbank investment</a> <a href="https://www.businessinsider.in/this-24-year-old-dropped-out-of-college-won-funding-from-peter-thiel-then-raised-480-million-for-his-startup/articleshow/65910683.cms">This 24-year-old dropped out of college, won funding from Peter Thiel, then raised $480 million for his startup</a> <a href="https://www.businessinsider.in/this-24-year-old-dropped-out-of-college-won-funding-from-peter-thiel-then-raised-480-million-for-his-startup/articleshow/65910683.cms">This SoftBank-funded startup was founded by a 24-year-old to glam up budget hotels, and it's just launched in the UK</a>

A 6-year-old Indian startup wants to be world’s biggest hotel chain

<ul><li>After being valued at between $850-$900 million at the end of last year, <keyword id="2550719" type="COMPANY" weightage="20" keywordseo="OYO-Rooms">OYO Rooms</keyword>, is now worth five times more than that courtesy a $1 billion funding round led by <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword>’s Vision Fund. </li><li>Infact, with its latest valuation of a little under $5 billion, the Gurugram-based company is now the most valuable hotel chain in South Asia. </li><li>OYO’s founder, 24-year old Ritesh Agarwal, will use the funds to continue the hotel operator’s overseas expansion as well as making further inroads in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. </li></ul>After being valued at between $850-$900 million at the end of last year, OYO Rooms, which was founded in May 2013 by 24-year old Ritesh Agarwal, is now worth five times more than that courtesy a $1 billion funding round led by Softbank’s Vision Fund. Infact, with its latest valuation of a little under $5 billion, the Gurugram-based company is now the most valuable hotel chain in South Asia, easily leapfrogging the Taj and Oberoi chains, which are valued at around $2 billion and $1.2 billion, respectively. It is also the country’s second-most valuable startup after Paytm. Flipkart has been ruled out of consideration following its acquisition by Walmart. Solid growth While it’s latest funding round could be an indication of the valuation bubble that India’s startup ecosystem finds itself in, the company has recorded a commendable level of growth since its founding. It currently offers nearly 211,000 rooms in 350 cities in five countries. It has about 8,500 hotels across 230 cities India with around 87,000 rooms in 171 cities in <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>. This marks an impressive turnaround for a company that was struggling with vacancies and complaints of poor customer service just a few years ago. This caused it to shift gears from the AirBnb model of connecting customers with hotel operators to a franchising model. Through its Townhouse brand, which was launched in early 2017, OYO Rooms focused on offering budget hotel experiences to customers in properties that were fully operated by the company employees. Hence, it got full control of its inventory of rooms in order to improve the customer experience. Under the latest funding round, OYO will receive around $800 million upfront with an additional commitment of $200 million. Softbank was joined by OYO’s existing investors Sequoia Capital and Lightspeed Ventures in the latest round. What will OYO use the money for? The investment will help OYO Rooms accelerate its overseas expansion. It has been expanding its operations outside India into China as well as Southeast Asian countries like Indonesia, Thailand and Malaysia and also it has its sights set on Europe and West Asian markets like the UAE. Earlier this month, Agarwal told Reuters that he planned to invest $5 million to launch <a href="https://uk.reuters.com/article/uk-britain-hotels-oyo/indias-largest-hotel-chain-oyo-to-expand-into-britain-idUKKCN1LZ1FX">in 10 cities in the UK</a> by 2020. OYO plans to offer 5,000 hotel rooms by then, backed by a staff of 100 people. The company is set to open its first two properties in London next month. However, the bulk of OYO’s financial resources will be focused on its two main markets - India and China. Agarwal reportedly plans to invest an additional $600 million in gaining further ground in China, especially in Tier-4 and Tier-5 towns.

OYO Rooms is the most valuable “hotel chain” in South Asia after Softbank investment

<ul><li>In just four months since its formal entry in the US, Oyo said that it has 100 <keyword id="6368036" type="UNKNOWN" weightage="20" keywordseo="hotels">hotels</keyword> in the market. </li><li>Oyo is present in over 60 cities including Dallas, Las Vegas, Houston, Los Angeles, Seattle, Atlanta and Miami. </li><li>It is already the largest hotel chain in China in terms of rooms.</li></ul>Oyo Hotels &amp; Homes said that it now has 100 hotels in the US. The company entered the US market in June 2019, and scaled its operations in just over four months. It is present in over 60 cities in the US including Dallas, Las Vegas, Houston, Los Angeles, Seattle, Atlanta and Miami. It is adding one building per day, the company says. It had earlier said that it will be investing $300 million into the market. “The US is a key home-market of us given the huge potential. While we continue to transform buildings across the country, we want to stay true to our philosophy that everyone, every day should be #LivingTheGoodLife. We do this by offering good quality ‘value-chic’ accommodations, with great ratings at unique price points,” said <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, founder, Oyo. The $5 billion company already has the largest network of hotels and rooms in South Asia. It is also the largest hotel chain in China in terms of rooms. Recently, OYO had opened a 35,000 square-foot casino in Las Vegas called OYO Hotel &amp; Casin. The property, which was earlier a Hooters hotel, has 657 rooms across nineteen floors.

Oyo now has 100 hotels in the US, is adding one building a day

<ul><li>The Indian hospitality unicorn <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s founder <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword> wants to buy back shares worth $1.5 billion, according to reports. </li><li>Agarwal holds 9.43% in the hospitality startup, while SoftBank, the Japanese investment firm, controls 45.69% of the company. </li><li>According to OYO’s clauses, SoftBank cannot take up more than 49.99% in the company without approval from Agarwal and his early investors. </li></ul>In an unprecedented move in the Indian startup ecosystem, OYO founder Ritesh Agarwal is looking to buy back shares worth $1.5 billion according to an <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-founder-in-talks-to-buy-back-1-5-billion-shares/articleshow/70121644.cms">ET report.</a> The report cited sources to say that the founder is looking buy shares from its early investors like Sequoia and Lightspeed Venture Partners, to have greater control of his company. In an email response, an OYO spokesperson said, “As a company policy, we don’t comment on speculations. We have no further comments.” Agarwal reportedly wants to raise his stake in the firm to over 30%. Currently, Agarwal holds 9.43% in the hospitality startup, while SoftBank, the Japanese investment firm, controls 45.69% of the company. The report further says that the founder is looking to raise $2 billion of secured debt through investors in India, Japan and Europe. Meanwhile, early investor Lightspeed has 13.4% stake, while Sequoia Capital has 10.24%. According to information sourced by paper.vc, Article 21.6 of Oyo’s Articles of Association prohibit Softbank from, directly or indirectly, acquiring more than 49.99% of the fully diluted share capital of the company, without the consent of Ritesh Aggarwal, Greenoaks, Lightspeed and Sequoia Capital. SoftBank has been an investor in OYO since a long time now. It was Softbank's investment that led OYO into the Indian unicorn club with a $5 billion valuation in September 2018, a huge jump from the $900 million valuation it had until then. Reports say that OYO is once again looking at raising funds through debt and primary, secondary transactions, which could take its valuation to over $10 billion. The Indian hospitality unicorn has been spreading its business fast across the world. It recently became China’s largest hotel chain. OYO said that it will invest $300 million to expand its footprint in the United States – into cities like New York, Los Angeles and San Francisco. It already has 50 hotels across 15 states in the US. It recently launched services in Vietnam. The six-year-old startup has much higher ambitions in sight – to become the world’s largest hotel chain, as conveyed by its CEO Aditya Ghosh earlier this <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">year</a>.

The founder of OYO, the Indian unicorn, is so confident that he will buy back $1.5 billion shares

<ul><li>OYO Hotel &amp; <keyword id="8016838" type="UNKNOWN" weightage="20" keywordseo="casino-in-las-vegas">Casino in Las Vegas</keyword> will have 657 rooms. </li><li>The property was earlier a <keyword id="8016837" type="UNKNOWN" weightage="20" keywordseo="hooters-casino-hotel">Hooters Casino Hotel</keyword>. </li><li>Earlier in June, OYO has announced its decision to invest $300 million in the US.</li></ul>Indian hospitality unicorn OYO has opened a 35,000 square-foot casino in Las Vegas. Called OYO Hotel &amp; Casino, the property will have 657 rooms across nineteen floors. Interestingly, the hotel was earlier the Hooters Casino Hotel. “Earlier in June, we announced our plan to invest $300 million in the US. With our newest hotel in Las Vegas, we are excited to cater to a completely different audience segment and are certain that this will be the perfect start to OYO’s journey in Las Vegas,” said <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, Founder &amp; CEO, <keyword id="4964826" type="PERSON" weightage="20" keywordseo="OYO-hotels">OYO Hotels</keyword> &amp; Homes. OYO partnered with Highgate which will take over the management of the hotel. Highgate is a premier hospitality investment and management company. Meanwhile, the casino will be managed by Paragon Gaming. The $5 billion company is already the largest network of hotels and rooms in South Asia, and is the second largest in China. Now, it is looking to enter big markets like New York, Los Angeles and San Francisco. It already has 50 hotels across 15 states in the US, with 350 employees. It is currently present in cities like Dallas, Houston, Augusta, Atlanta and Miami.

OYO opens a 35,000 sft casino in Las Vegas by rebranding a Hooters hotel

<ul><li>The reported acquisition of <keyword id="6434843" type="LOCATION" weightage="20" keywordseo="freshmenu">Freshmenu</keyword> could happen for $60 million. </li><li>Oyo and Freshmenu have a common investor – Lightspeed Venture Partners. </li><li>The hospitality unicorn has big dreams – it wants to become the world’s largest hotel chain in two years. </li></ul>Indian hospitality unicorn Oyo Rooms is <a href="https://tech.economictimes.indiatimes.com/news/internet/oyo-in-talks-to-acquire-freshmenu-for-60m/68104058">reportedly</a> looking at venturing into foodtech by acquiring cloud kitchen startup Freshmenu. The acquisition, which could be valued at $50-60 million according to ETtech, will mark Oyo’s entry in the food space. Freshmenu, as a cloud kitchen startup (accepts only online delivery), has its own kitchens and delivery. Since its launch in 2014, the startup has gone on to have over <a href="https://yourstory.com/2019/01/freshmenu-funding-lightspeed-ventures">27</a> kitchens across Bengaluru, Mumbai and Delhi. In November, <a href="https://tech.economictimes.indiatimes.com/news/startups/freshmenu-revenues-jump-72-to-rs-122-3-cr-even-as-losses-remain-flat-in-fy18/66868516">ETtech</a> reported that Freshmenu had seen a jump in its revenues to 72% at ₹122.3 crore in FY18 compared with ₹71 crore in FY17. Oyo and Freshmenu have a common investor – Lightspeed Venture Partners – and <a href="https://www.moneycontrol.com/news/business/oyo-rooms-may-invest-in-freshmenu-to-enter-food-delivery-business-3571111.html">reportedly</a>, it is Lightspeed that has brought the two startups together. Oyo Rooms has big ambitions – it wants to become the world’s <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">biggest</a> hotel chain in the next two years. Introducing F&amp;B services will help the hospitality chain to offer more to its consumers. Meanwhile, Freshmenu works with Zomato and Swiggy and receives most of its orders from the two platforms. The hospitality startup Oyo had turned into a unicorn in 2018 after it received a funding of $800 million at a valuation of $5 billion. It has also made a mark globally in China, Saudi Arabia, Dubai and is even considering entering the big league with its entry into the US markets. In China, it become one of the top 10 hotel chains in just one year of operations. “Globally, we have reached over 4,58,000 fully controlled leased and franchised keys (rooms) with a realised value run rate of $1.8 billion,” said its CFO Abhishek Gupta to <a href="https://www.financialexpress.com/industry/sme/oyo-grows-over-4x-on-year-to-1-8-billion-claims-adding-more-rooms-than-top-3-hotel-chains-combined/1480527/">Financial Express</a>. See Also: <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a> <a href="https://www.businessinsider.in/oyo-rooms-is-the-most-valuable-hotel-chain-in-south-asia-after-softbank-investment/articleshow/65964564.cms">OYO Rooms is the most valuable “hotel chain” in South Asia after Softbank investment</a> <a href="https://www.businessinsider.in/this-24-year-old-dropped-out-of-college-won-funding-from-peter-thiel-then-raised-480-million-for-his-startup/articleshow/65910683.cms">This 24-year-old dropped out of college, won funding from Peter Thiel, then raised $480 million for his startup</a>

Oyo wants a bite of foodtech, may acquire Freshmenu: Report

<ul><li>Indian hotel aggregator <keyword id="2870818" type="PERSON" weightage="20" keywordseo="FabHotels">FabHotels</keyword> is raising ₹540 million from <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, according to the filings sourced by paper.vc. </li><li>FabHotels was launched by Adarsh Manpuria in 2014, just a year after OYO. </li><li>The hotel chain falls in budget hotel range.</li></ul>FabHotels, the Indian hospitality chain, is reportedly raising funds worth ₹540 million in a round led by Goldman Sachs, according to the filings sourced by paper.vc. The hospitality chain which mainly works on a franchisee model, has its presence in over 40 Indian cities with more than 500 <keyword id="6368036" type="UNKNOWN" weightage="20" keywordseo="hotels">hotels</keyword>. The service which falls under budget hotels, competes with the likes of Indian hospitality unicorn <keyword id="2550719" type="PERSON" weightage="20" keywordseo="OYO-Rooms">OYO Rooms</keyword>, and Treebo Hotels. "There appears to be a renewed interest in this sector and we believe that's a good thing. Oyo is over-capitalized for India and appears to be, for all practical purposes, focussed on China,” said paper.vc founder Vivek Durai. FabHotels was launched by Adarsh Manpuria in 2014, just a year after OYO had come into being. The funding comes at the right time as according to <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/fabhotels-plans-to-double-inventory-by-2019/articleshow/67063277.cms">reports</a>, FabHotels was looking to expand its reach and double its inventory to 20,000 rooms, by 2019. The hotel chain last raised a funding of $25 million in Series B round led by Goldman Sachs, and also saw participation from its existing investors Accel Partners. There were also reports that Treebo Hotels and FabHotels were holding early talks regarding a merger. See Also: <a href="https://www.businessinsider.in/oyo-acquires-amsterdam-based-leisure-group-from-axel-springer-for-415-million/articleshow/69138768.cms">OYO's $415 million acquisition of Amsterdam-based holiday home chain part of plan to become the world's largest hotel company</a> <a href="https://www.businessinsider.in/china-coliving-increased-rents-and-indian-startups-like-nestaway-coho-and-lemon-tree-hotels-hamstede-should-be-wary-of-it/articleshow/68668281.cms">China's experience with co-living should be a warning for tenants as well as companies in India</a>

You Searched For "oyo in china" and got 13 results

Indian unicorn OYO has conquered China and is now the country’s largest hotel chain

Sanchita Dash

OYO is making a march to the top US cities with $300 million and blessings from Softbank and Airbnb

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SoftBank-backed hotel startup Oyo will cut 5,000 staff as coronavirus bites

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OYO's $415 million acquisition of Amsterdam-based holiday home chain part of plan to become the world's largest hotel company

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OYO partners with Softbank to create a joint venture for its Japan business

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Oyo, the hotel startup known as SoftBank's 'jewel in India,' has laid off 1,800, becoming the 3rd SoftBank-backed company to cut jobs this week

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A 6-year-old Indian startup wants to be world’s biggest hotel chain

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OYO Rooms is the most valuable “hotel chain” in South Asia after Softbank investment

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Oyo now has 100 hotels in the US, is adding one building a day

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The founder of OYO, the Indian unicorn, is so confident that he will buy back $1.5 billion shares

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OYO opens a 35,000 sft casino in Las Vegas by rebranding a Hooters hotel

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Oyo wants a bite of foodtech, may acquire Freshmenu: Report

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FabHotels could take on OYO with a new investment

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