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<ul><li>With COVID-19 impacting the hospitality industry, bringing revenues down to almost zero, to now the steady recovery of the industry, there’s a lot that has happened through the course of the year. </li><li>Hospitality was one of the worst affected industries worldwide, however, with cities unlocking and global restrictions easing gradually, India topped the charts for OYO as the most booked country.</li><li>As OYO launches its annual Travelopedia, Rohit Kapoor, CEO, <keyword id="7036155" type="COMPANY" weightage="20" keywordseo="OYO-Hotels-Homes">OYO Hotels &amp; Homes</keyword>, India &amp; South Asia tells us about India's favourite tourist hotspots, COVID-19 impact on OYO, <keyword id="10519936" type="UNKNOWN" weightage="20" keywordseo="travel-sentiment">travel sentiment</keyword> this year and some trends he expects to see in 2021. </li></ul>2020 has been a unique year that pushed every brand and industry to transform itself. While it started on a good note for the hospitality industry, with January 2020 (pre-covid) being the most travelled month, April 2020 witnessed most cancellations across the country owing to the government’s precautionary lockdown. Hospitality was one of the worst affected industries worldwide. The grinding halt on travel and tourism impacted home-grown hospitality brand OYO by bringing its revenue down to zero levels during the lockdown. However, with cities unlocking and global restrictions easing gradually, India topped the charts for OYO as the most booked country while Delhi clocked in the most bookings across the world in 2020. Consumer confidence was at its highest during December 2020 as OYO saw the highest number of bookings since India unlocked. Today, Ritesh Agarwal’s OYO has reached ~45% of pre-COVID occupancy levels and its used room nights have grown steadily 40% m-o-m since bottoming out in May. Some of the brands are performing much better with <keyword id="4100346" type="COMPANY" weightage="20" keywordseo="Oyo-Townhouse">OYO Townhouse</keyword> operating at 85% of pre-COVID occupancy levels. An OYO Hotel in Shahjahanpur and another in Chennai witnessed an average occupancy of 100% since lockdown. Over 8.5 million new user bookings were made on the OYO app and website in 2020. We caught up with Rohit Kapoor, CEO, OYO - India &amp; South Asia to discuss some of the key trends that came out in its third annual report - OYO Travelopedia 2020. <div type="Video" msid="80040904" hostid="261" title="Rohit Kapoor of OYO hotels and homes on India’s favourite travel hotspots and trends to be expected in 2021" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=80040904"></div> Lockdown’s impact A month down into the nation-wide lockdown, OYO realised that the macro factors cannot be controlled. As the hospitality industry came to a complete halt till the end of June, OYO decided to focus on improving its consumers and stakeholders’ pain points. It also wanted to use its space smartly by giving back to the society. It offered a helping hand to various hospitals and their doctors across the country. “After a few consumers started showing interest in travel, we launched an extensive campaign across the country to get in touch with our partners and stay in very close touch with our consumers. We tried to identify what consumers were thinking, some problems they were facing and what we could do to solve them. We worked with 24+ state ministries, 50+ government and private hospitals and hosted about a 250,000+ hospital staff and asymptomatic patients during the lockdown. 200+ sailors were safely quarantined at OYOs across India. 1,50,000 litres of disinfectant and 70,000 litres of sanitisers were used since April to welcome our guests,” shared Kapoor. OYO also on-boarded Sonu Sood as its brand ambassador, who emerged as a knight in shining armour and has been applauded for his humanitarian work to send thousands of stranded migrants back home during the lockdown. It launched a nation-wide campaign with Sood to woo its consumers. <div type="Youtube" id="ijSg92O1d30" title="OYO Sanitised Before Your Eyes" thumbUrl="https://i.ytimg.com/vi/ijSg92O1d30/mqdefault.jpg"></div> When Vande Bharat started, approximately 73,000 repatriated Indians completed their institutional quarantine at OYOs across India. Amongst these, most bookings were made by guests travelling from the Middle East, primarily UAE, Saudi Arabia, Oman, Kuwait and Qatar. Insights from OYO’s Travelopedia According to Kapoor’s predictions based on travelopedia’s insights, leisure travel is making a steady comeback - with tourist hotspots of Visakhapatnam, Kochi, Tirupati, Goa, Mussoorie recovering faster than other destinations. The data also revealed that Delhi, Bangalore and Hyderabad ranked as the most popular cities among business travellers while Jaipur, Goa, Kochi were travellers’ favourite domestic leisure hotspots. <div type="image" title="Oyo travelopedia" msid="80040415" hostid="261"></div> Speaking on one of the most important trends this year for OYO, Kapoor said, “One of the most humbling things we found out that has stayed with me is that a guest has stayed with us 128 times this year, something that tells us that we are on the right path and that our customers have immense faith in us even in tough times. While 2021 will be a new learning in itself, we’re hopeful that the changes we have brought in 2020 will set new precedents in the travel and hospitality sector and we are completely motivated to work towards providing safe stays to all our customers.” We're at that time of the year when people normally are in the mood to travel. Across India, without any surprise, the tourist hotspot of Goa emerged as the most booked beach destination, followed by Kochi, Vizag and Pondicherry. To target these beach-lovers, OYO also launched a campaign earlier this month titled ‘Chalo Beach Chalein.’ <div type="Youtube" id="6W_9U2C7G30" title="OYO | Chal Beach Chalein" thumbUrl="https://i.ytimg.com/vi/6W_9U2C7G30/mqdefault.jpg"></div> Interestingly, OYO has also seen a resurgence in religious tourism. Puri emerged as India’s top pilgrimage destination, followed by Vrindavan, Tirupati, Shirdi, and Varanasi. In December 2020, over 17 lakh people checked-in over the weekends. December 12, 2020 saw the most number of bookings (so far). The next estimated date is December 31, 2020 (bookings still coming in) Telling us how December turned out for OYO, Kapoor said, “This month, people are traveling to places they wouldn’t have thought of visiting earlier. For example, many of our users have shown interest in Mukteshwar, Ramgad or Bhimtal. Plus, one big change for everyone is that during this part of the year, people travel to international locations -- that’s not happening this year. That demand is getting funnelled to domestic markets and that is a trend I foresee continuing for at least 12 more months.” Kapoor has been traveling himself to locations he wouldn’t have been to otherwise. He has been to Jaipur and Udaipur with his family, then he went to Ramgad and worked from there for 15 days. He has also been on a road trip to Lucknow, Allahabad and Kolkata. From his many road trips to different parts of our country and from OYO’s in-depth research study, Kapoor noticed how people aren’t staying with their relatives anymore. They preferred living in a hotel, which is a cultural shift in our country. Walking us through Travelpedian further, Kapoor said, “If you look at the patterns emerge, the first unlock started with the big cities and we wondered what is it that these big cities offered: one type of cohort was those who wanted to just leave their homes and work from somewhere else. Secondly, people were worried about going and staying in someone else’s home, which is pretty common in India. I was in Allahabad in September and was trying to book an OYO, it was fully sold out. It was because of an exam which was going on and it was booked by parents whose kids were appearing for that exam. Third thing we saw is seasonality disappearing because work from home is allowed. The classic pattern of people travelling during peak seasons and vacations is phasing out. People are going away for staycations, working for 8-10 hours and using the rest of time for leisure. Lastly, they are also up for impromptu plans because they want to be reasonably sure that they are ready to travel.” OYO’s goals for 2021 The focus areas in 2021 would be more or less the same at OYO. Kapoor said that one thing that COVID-19 has taught us is that the future is unpredictable and the team is prepared for uncertain 2-3 quarters. “We have learnt the power of building product-led solutions for partners and that we will continue to invest in that. We want to open OYO-products and solutions to a much wider set of customers. We have all kinds of customers today but I think we have the opportunity to present OYO as the best option for anybody who is seeking good-quality experience. OYO has been recognised as the best start-up to work with and my focus would be to continue being the best place to work with for our target not just in India, but globally as well.”

Over 8.5 million new user bookings were made on the OYO app and website in 2020: Rohit Kapoor

The Indian traveler is more adventurous than believed before. A report by the hotel platform <keyword id="2808667" type="UNKNOWN" weightage="20" keywordseo="OYO">OYO</keyword> analyzed all hotel bookings in 2016 done on its platform. 
 
It confirms that a majority of Indian travelers are increasingly driven by impulse with 61% of all the bookings made on OYO platform were made within 24 hours prior to check-in. 
 
<a href="http://www.businessinsider.in/exclusive-what-moms-want-from-the-budget-2017/articleshow/56872243.cms">ALSO READ: Exclusive: What moms want from the Budget 2017</a> 
 
The research further highlights that despite the last-minute bookings, travelers’ expectations in terms of service, facilities, and experience are pre-determined and non-negotiable. WiFi, Breakfast and Hygienic rooms are the three biggest priorities for guests. 
 
<a href="http://www.businessinsider.in/this-co-working-space-is-tailor-made-for-ai-data-science-iot-startups/articleshow/56874042.cms">ALSO READ: This co-working space is tailor-made for AI, Data science, IoT startups</a> 
 
OYO’s research identified: 
 
● Chennai, Goa, and Gurgaon as the top contributors to hotel-booking via the app. ● <keyword id="57704" type="COMPANY" weightage="20" keywordseo="Shillong">Shillong</keyword>, Coorg, Darjeeling, Vishakhapatnam, and <keyword id="6389278" type="CITY" weightage="20" keywordseo="Munnar">Munnar</keyword> as most popular winter holiday destinations in 2016 ● Paharganj continues to cement its reputation as the go-to spot for backpackers in the nation's capital while <keyword id="6517501" type="CITY" weightage="20" keywordseo="Arambol">Arambol</keyword> is the most affordable locality in Goa despite ranking high on popularity. 
● Impulsively planned trips emerged as the top driver for outstation trips both in business and leisure travel segment. 
 
OYO also identified the most expensive and most affordable localities for budget hotels in top travel destinations. 
 
<a href="http://www.businessinsider.in/take-a-tour-of-oyo-rooms-attractive-new-property-townhouse/articleshow/56781794.cms">ALSO READ: Take a tour of OYO's attractive new property: OYO Townhouse</a> 
 
City- Most Expensive Locality Average tariff (in INR)- Most Affordable Locality Average tariff(in INR) 
 
Ahmedabad -Vastrapur 2023- GIDC Vatva 607 
Bangalore<keyword id="4123464" type="UNKNOWN" weightage="20" keywordseo="-bangalore-airport">- Bangalore Airport</keyword> 2137 - Indiranagar Extension 1181 
Chennai- Vadapalani 3008 - Egmore 770 
Delhi - Pragati Maidan 3800 - Paharganj 1292 
Goa- Candolim 3172- Arambol 2238 
Gurgaon- Manesar 2711- <keyword id="6400808" type="UNKNOWN" weightage="20" keywordseo="Sohna-Road">Sohna Road</keyword> 979 
Hyderabad - Kondapur 2380 - Abids-Nampally 1436 
Jaipur- Amer 1608 - Sindhi Camp 1194 
<keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> - Ballygunge 2014 - <keyword id="2381550" type="UNKNOWN" weightage="20" keywordseo="Ruby-Hospital-Kolkata">Ruby Hospital Kolkata</keyword> 1324 
Mumbai - <keyword id="6361338" type="COMPANY" weightage="20" keywordseo="south-Mumbai">South Mumbai</keyword> 5276 - Thane 2231

Indian travelers take a lot of
last-minute holidays, according to OYO

Imagine this! Expanding from 11 hotels in two cities to 7000 hotels in 2000 cities in a little more than three years isn’t an easy task. But Ritesh <keyword id="781" type="PERSON" weightage="20" keywordseo="Agarwal">Agarwal</keyword> of <keyword id="2808667" type="UNKNOWN" weightage="100" keywordseo="OYO">Oyo</keyword> has achieved that. Not just the growth in expansion, revenue has boomed as well. Last year at annual general meeting of the Indian Hotels Company, Cyrus Mistry, the erstwhile Tata chief admitted that going like this Oyo may be a clear ‘threat’ to hospitality space where Tata owns groups like Taj, Vivanta, Gateway and Ginger. Talking to the Economic Times, Agarwal said that Oyo will be closing $250-300 million round of funding from <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>, which will take its valuation to over $850 million and a step closer to the unicorn club. At a time when most of the SoftBank’s investments in India are bleeding including <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, Ola and Grofers, Japan’s conglomerate is expecting a big gain from India’s hotel aggregator. Agarwal told the ET, that losses are a ‘part of investment’. What investors are looking at is also growth more than profits. They hate high burn rates but they hesitate to fund a profit making company with slow growth rate. While Oyo seems to be the dark horse of SoftBank’s investments in India, it needs to be checked how it fares in the long run. Oyo’s new initiative <keyword id="4100346" type="UNKNOWN" weightage="20" keywordseo="Oyo-Townhouse">Oyo Townhouse</keyword> will cater to the upscale clientele. The Townhouse model, according to ET news report, will call for investment - an estimated Rs 3.5 lakh in each room, with each property having up to 20 rooms - as the company goes about setting up 250 Townhouses over the next six months. However what needs to be seen if customers prefer Oyo Townhouse versus a Sarovar or a Lemon Tree. Agarwal told ET that Oyo has more than doubled its growth. Its burn rate has come down by as much as 60%, customer service rating is at the highest, and losses have come down from Rs 496.31 crore in March-ended 2016 fiscal to Rs 325.26 crore a year later. The venture, he maintains, has found the right momentum, has shunned incentivisation as a long-term, customer-acquisition strategy, and has the backing of its investors.

This is how Oyo is becoming the dark horse of SoftBank’s investments

<keyword id="4100346" type="UNKNOWN" weightage="100" keywordseo="Oyo-Townhouse">Oyo Townhouse</keyword> is a brand new category of neighborhood <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">hotels</keyword> that combine experience and value at and is targeted at Millennials, for whom price, convenience and a differentiated experience play an important role in determining choices. This category is designed to function as social hot-spots to cater to city dwellers and a new generation of guests. Besides outstation guests, residents staying in these areas will be able to use the property as an alternative workplace, experience a vast array of global cuisines and access the lounge and retail store with exclusive merchandise. 

 

 

 

 

 

 

 

 

 

 

 

 

 <div type="embedgroup"> <div type="Article" hostid="261" msid="59111771" title="Here&amp;#39;s why this Indian travel startup has become profitable" rank="1.0" kind="RELATED" publishDate="Jun 12, 2017, 7:06 PM" mstype="2" mssubtype="0"></div></div> We decided to try out <keyword id="2808667" type="UNKNOWN" weightage="20" keywordseo="OYO">Oyo</keyword>’s new property to see if it is really what the millennial generation want out of a hotel. We stayed for a day at the Oyo Townhouse in Green Park, New Delhi and this is why we’d go again.

I stayed at an Oyo Townhouse and here’s why I’d go again

<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>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

Hotel aggregator <a href="http://www.businessinsider.in/searchresult.cms?query=Oyo+Rooms&amp;sortorder=effectivedate">Oyo Rooms</a> is in talks with <a href="http://www.businessinsider.in/searchresult.cms?query=SoftBank&amp;sortorder=effectivedate">SoftBank</a> to raise about $300-500 million in what could be the biggest financing in <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startups</a> since November 2015. A successful fund raise may value <keyword id="2550719" type="UNKNOWN" weightage="100" keywordseo="OYO-Rooms">Oyo Rooms</keyword> at $1.2 billion and propel it into the unicorn club where <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> are present. 
 Existing and new investors may take part in the fundraising round, where <keyword id="2808667" type="UNKNOWN" weightage="100" keywordseo="OYO">Oyo</keyword> is getting a pre-money valuation of $700-750 million, an official with knowledge of the developments told ET. 
 The funding from the Masayoshi Son-led company will come through <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> Vision Fund — $100 billion fund which has investments from Saudi Arabia’s sovereign wealth fund and Apple. 
 The funding will help Oyo further expand its network of 7,000 <keyword id="6368036" type="PERSON" weightage="100" keywordseo="Hotels">hotels</keyword> and 70,000 rooms in 200 Indian cities. Key to expansion plans will be its new initiative called Townhouse, which targets the mid-premium segment as compared budget segment for Oyo Rooms. The startup is taking properties on lease in order to control customer experience in Townhouse Properties, four of which have already opened in Delhi and Gurgaon area. 
 
According to a source, Oyo is looking forward to introduce 200-250 Townhouse properties across the country by end of the year. The company has also started international expansion, first with Malaysia and will expand to other geographies. 
 
The large capital infusion will give Oyo Rooms the muscle to compete with rivals like the Makemytrip-Ibibo combine as well as counter newer threats from overseas players like Priceline-owned Bookings.com, said investors tracking the space.

Oyo Rooms likely to raise up to $500 million funds from SoftBank

<div class="KonaFilter image-container display-table"><div><div class="image on-image">OyoOyo founder Ritesh Agarwal.</div></div></div><ul class="summary-list"><li>Indian hotel marketplace Oyo has expanded into the UK. It aims to partner with budget British hotels to standardising their decor and service.</li><li>Oyo offers a marketplace of mostly budget hotel rooms via its app, hoping to create a level of standardisation of service and decor at low-cost hotels.</li><li>The company was founded by 24-year-old Indian entrepreneur Ritesh Agarwal, and has raised $450 million to date from investors such as SoftBank's Vision Fund, Lightspeed, and Sequoia.</li></ul>Indian startup Oyo has launched in the UK to try and raise the standards of budget hotels across the country.The UK is Oyo's first market outside of Asia, where it has racked up a network of more than 200,000 rooms across India, Malaysia, China, and Nepal.The startup has appointed Coco di Mama cofounder, Jeremy Warner, to run its British business, and plans to invest £40 million ($53 million) in the UK.The startup will become available in 10 cities over the next 18 months, and already has several hotels in its launch city of London.Oyo is like a mix of Airbnb and WeWork. The premise in the UK is that Oyo takes unloved budget hotels, brings them into its franchise under the Oyo brand, and then renovates them to a particular standard.The startup promises to take the management load off independent hotel owners, and to boost their bookings. It takes a cut from room bookings, and benefits from adding to its huge network of rooms around the world.The upside for hotel customers is that they can travel to a particular city and expect a consistent type of decor and service from an Oyo hotel.The startup already has a physical presence in London and is targeting a mix of locations in the city. It has one "townhouse" in Paddington and another in Ilford, an unglamorous location in east London.Customers can book rooms through the Oyo app, or through third-party aggregators like Booking.com.<div class="KonaFilter image-container display-table"><div><div class="image on-image">OyoAn Oyo Townhouse in Paddington.</div></div></div>Oyo has generated major hype in its home market, not least because of its youthful founder, 24-year-old Ritesh Agarwal, who bases himself Gurgaon, on the outskirts of Delhi, India.While at university, Agarwal won $100,000 from the Thiel Fellowship, a grant for budding entrepreneurs that requires them to drop out of college. He has raised $450 million to date from top-tier backers including Sequoia, Lightspeed, Greenoak, and SoftBank's Vision Fund.The company is <a href="https://www.livemint.com/Companies/8XRYZKfISaOL0KDql7SVxJ/Oyo-in-talks-to-raise-up-to-800-million-in-fresh-funding.html">rumoured by the Indian media</a> to be in the process of raising a further $800 million to $1 billion, at a valuation of $4 billion, although Agarwal was tight-lipped about this in a call with Business Insider."We continually get inbounds," he said. "There is no specific view on capital raising right now."He added that Oyo wasn't a particularly capital-intensive business and had a "healthy balance sheet," though he didn't provide further financial detail.Agarwal bills Oyo as a way to rejuvenate struggling local hotels and, by extension, their neighbourhoods. The messaging <a href="http://uk.businessinsider.com/success-story-of-wework-2017-9/#wework-founders-adam-neumann-and-miguel-mckelvey-met-where-else-at-the-office-1">has echoes of WeWork founder Adam Neumann</a>, another SoftBank entrepreneur who regularly draws on the importance of "community."Agarwal said: "If you think about London, every [area] had its own neighbourhood hotel, a butcher's... these are all slowly disappearing in the face of big businesses showing up. Oyo's goal is to try and keep the originality of the neighbourhood hotel while upgrading them with great quality design and customer service."At the same time," he added. "[Hotel] owners see significantly more return when franchised or leased by us. That's the principle we've taken." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-iphone-xs-max-xr-event-wrap-up-2018-9">Apple's entire iPhone XS event in 8 minutes</a></h3> <div> </div> </div>

This SoftBank-funded startup was founded by a 24-year-old to glam up budget hotels, and it's just launched in the UK

<ul><li>Aishwaryaa R. Dhanush, director and producer and the daughter of superstar <keyword id="14509" type="PERSON" weightage="20" keywordseo="Rajinikanth">Rajinikanth</keyword>, has invested an undisclosed amount in <keyword id="103133" type="COMPANY" weightage="20" keywordseo="Sarva">Sarva</keyword>. </li><li>Aishwaryaa joins <keyword id="2058" type="PERSON" weightage="20" keywordseo="Malaika-Arora">Malaika Arora</keyword>, <keyword id="16036" type="PERSON" weightage="20" keywordseo="Jennifer-Lopez">Jennifer Lopez</keyword>, Alex Rodriguez, Shahid and Mira Kapoor as an investors in the startup.</li><li>The chain of yoga and fitness studios now aims to have over 100 million consumers in the next five years. </li></ul>Indian <keyword id="7748409" type="UNKNOWN" weightage="20" keywordseo="yoga-startup">yoga startup</keyword> Sarva has got the who’s who of not just Indian but also international celebrities. In its latest round of funding, Aishwaryaa R. Dhanush, director and producer and the daughter of superstar Rajinikanth. Aishwaryaa has invested an undisclosed amount into the startup. With this, Aishwaryaa joins Malaika Arora, Jennifer Lopez, Alex Rodriguez, Shahid and Mira Kapoor to invest in the startup. The director, producer is now a part of the core team of Divya Yoga, the brand of studios established by Sarvesh Shashi, founder of Sarva, and Bollywood star Malaika Arora. The startup Sarva has a chain of yoga and fitness studios, along with a digital community. It now aims to have over 100 million consumers in the next five years. “Our modern lifestyle is a cesspool of illnesses. Today, stress, anxiety, depression, sleeplessness, and obesity are the real monsters we fight daily. The world needs to be reminded of the importance of mindfulness and holistic wellness and this is my way of contributing to that larger goal,” said Aishwaryaa R. Dhanush. By the next month, the startup aims to have 100 studios across Delhi, Mumbai and Bengaluru. Sarva currently organizes over 3,500 classes every week, with a capacity of over 18,000 members a day. “The partnership with OYO Townhouses has taken off on a high note, ensuring the initial target of 500 studios in the top 15 Indian cities by 2022 is on track as well,” said the company’s official statement. Chennai-based Sarva has over 55,000 customers and 220 employees. It’s funding will also help the startup expand its footprint as it is also evaluating a global entry into the UK, US and the Middle East. Sarvesh points out that mindfulness is a big trend globally, and is an $80 billion industry. “There is a very large opportunity here. India itself is a very large consumption story. Yoga has a global play but is still fairly an unorganised sector. We are happy to initiate the process of organising it,” he had told Business Insider in an earlier interview.

From Jennifer Lopez to Shahid Kapoor to now, Aishwaryaa Dhanush – this Chennai Yoga startup has a long list of celebrities from both Bollywood and Hollywood backing it

<div class="KonaFilter image-container display-table"><div><div class="image on-image">OyoOyo CEO Ritesh Agarwal</div></div></div><ul class="summary-list"><li>Ritesh Agarwal is the 24-year-old founder of Oyo, a fast-growing Indian startup that partners with budget hotels, revamps them, then offers out their rooms to travellers via its app.</li><li>He is one of the few Asians to participate in the Thiel Fellowship, a programme for entrepreneurs set up by Facebook investor Peter Thiel.</li><li>He has also raised more than $400 million in venture capital funding from backers including Japanese conglomerate SoftBank.</li><li>In an interview with Business Insider, Agarwal laid out his journey from growing up in India to founding a global startup.</li></ul> Indian entrepreneur Ritesh Agarwal may have netted millions of dollars in venture capital funding at the tender age of 24, but his mother still worries about him."She believes, 'If there's no college degree on your biodata [résumé], how do we get you married?" I try to allay her concerns once in a while," Agarwal told Business Insider over the phone.Agarwal has bucked several Indian stereotypes of success. The youngest of four siblings, he grew up on the Orissa-Andhra Pradesh border in eastern India. He began to deviate from his family's expectations when he moved to Delhi and dropped out of college after just three days to pursue his dream of becoming an entrepreneur."As I grew up, I was born and brought up with a view of, if you can get an engineering degree, getting a job is remarkably easy and that's the ambition you should have," Agarwal said. "I had three other siblings, and I was the youngest of the lot. So I guess being the black sheep was ok."At the age of 19, Agarwal <a href="https://twitter.com/amolrajan/status/1042716201519079424">was selected to join the Thiel Fellowship</a>, a two-year entrepreneurial accelerator set up by PayPal cofounder and Facebook investor Peter Thiel.A condition of the fellowship is that participants drop out of college. In return, they are given $100,000 in funding and access to Silicon Valley's brightest minds. Agarwal says he was already a Thiel fan, having watched Wallace Langham's portrayal of the investor in "The Social Network," the fictionalised film account of Facebook's origin story.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.gettyimages.com/license/495486464">Neilson Barnard/Getty</a>Peter Thiel.</div></div></div>Two years later, Agarwal <a href="https://techcrunch.com/2015/08/03/softbank-oyo-rooms/">had netted $100 million from investors including SoftBank</a> for his startup Oyo, a network of budget hotel rooms. His <a href="https://techcrunch.com/2015/04/06/oyo-rooms/">earlier funding round of $25 million</a> was the biggest tranche of cash a Thiel Fellow had ever received.Agarwal won the SoftBank funding before the Japanese conglomerate announced its Vision Fund, a $92 billion vehicle for investing in long-term tech companies. Since then, SoftBank has added Uber and WeWork to its portfolio. Masayoshi Son, SoftBank's CEO, has talked up the promise of Oyo, <a href="https://inc42.com/buzz/softbank-calls-oyo-hotels-a-next-generation-company-reiterates-its-commitment-towards-india/">praising its exponential growth</a> and describing it as a "next-generation company."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Japan-US-Sprint-Softbank/098b9784eb3c46ceba0adc3d25a586e1/65/0">AP</a>Masayoshi Son.</div></div></div>One of the benefits of being part of the SoftBank portfolio is the ability to rub shoulders with some of the most high-profile entrepreneurs in the world. <a href="https://www.cnbc.com/2018/08/01/masayoshi-son-vision-fund-family-synergy.html">Previous media reports have said</a> that Son instructs his founders to treat each other like family, regularly meets them in person, and holds dinners so they can all meet each other.Agarwal, who refers to Son by his Japanese title "Son-san", said being part of the cohort was as valuable as the money and advice."It's not just sharing that feedback," he said. "It's about working with us, and the broader family of the Vision Fund, which has top companies in every segment worldwide, to help us gain knowledge, and how to share our proprietary knowledge... that's the group you become part of."Agarwal points to Didi Chuxing cofounder Cheng Wei, WeWork CEO Adam Neumann, and another entrepreneur from an as-yet-unnamed portfolio startup as particularly useful members of the cohort.Didi Chuxing is a Chinese conglomerate whose business comprises ride-hailing, artificial intelligence, and driverless cars. WeWork is the buzzy property startup that turns drab office spaces into bright, "community-oriented" workspaces."Didi, the entrepreneur at the helm has created such a great platform for people across China, I'm learning from [him] how they executed at great scale, and how they operate at a great scale in China, it's very inspirational for us," Agarwal said."I think WeWork has of course executed very meaningfully and Adam [Neumann] is one of those entrepreneurs who has understood physical operations... he's a clear hero in terms of how you create a large physical business across so many cities."At times, Agarwal sounds quite WeWork-ish when talking about the mission of Oyo, <a href="http://uk.businessinsider.com/indian-budget-hotel-startup-oyo-expands-to-the-uk-2018-9" target="_blank" rel="noopener">which has just expanded to the UK as its first European market outside of Asia.</a><div class="KonaFilter image-container display-table"><div><div class="image on-image">OyoAn Oyo Townhouse in Paddington.</div></div></div>"As a responsible consumer brand, we have not just built for the short term, but build for longer-term relationships," he said.The way Oyo works is by partnering up with smaller hotels, turning them into franchisees, and giving them a makeover. That hotel is brought up to a standardised level of decor and service, and its rooms are offered through Oyo's app for travellers on a budget. The promise for consumers is better quality budget rooms. For hotel owners, it's an increase in bookings, and a chance to hand over some of the admin.Oyo says it has more than 8,000 employees across Asia, including in India, China, and Malaysia. Agarwal would not disclose the company's financial performance, but SoftBank highlighted the company's fast growth <a href="https://cdn.group.softbank/en/corp/set/data/irinfo/presentations/results/pdf/2018/softbank_presentation_2018_001.pdf">in a June investor presentation</a>, saying that the company had increased the number of its hotel rooms in India alone 96-fold. Oyo says its app has been downloaded more than 14 million times.Agarwal admits to some "good and bad days" from Oyo's earlier, fast-growing chapter. But, he said, the company is now thriving in markets where it originally had difficulties, such as Malaysia."We hope to do that in every country we operate in, believing in that as a home market, rather than just one more market," he said. "That's our thesis, to operate in a few places and make them home, rather than operate in many places and not have significant ownership." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/samsung-foldable-phone-galaxy-x-f-winner-2018-9">Everything we know about Samsung's foldable phone</a></h3> <div> </div> </div>

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