OYO enters Japan via JV with Yahoo Japan, to bring housing rental product

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Published: February 23, 2019 12:30:21 AM

With the launch in Japan, OYO has expanded its presence to ten countries. The foray into Japan comes amid reports that the hospitality firm raised $100 million from Chinese ride-sharing firm Didi Chuxing.

OYO enters Japan via JV with Yahoo Japan, to bring housing rental productOYO enters Japan via JV with Yahoo Japan, to bring housing rental product

Hotels and hospitality chain OYO on Friday announced the launch of its operations in Japan through a joint venture with Yahoo Japan Corporation.

The venture will be called OYO Technology & Hospitality Company, Japan the company said in a statement.

Through this partnership, OYO will bring its housing rental product OYO Life to Japan beginning March, 2019, the company said in a statement. The Gurgaon-based firm aims to enter the housing rental segment by targeting the young population of Japan beginning with students and young professionals.

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Hiro Katsuse, Japanese entrepreneur and former Japan market leader for Handy and Booking.com, has been appointed as the CEO of the joint venture company.

“OYO is already the most preferred brand in the budget to mid-segment hospitality space in several markets like India and China, where our operational expertise in identifying, transforming and managing properties has helped us gain significant momentum, and we are certain that we will deliver great value in the Japanese market, ” said Ritesh Agarwal, CEO & Founder, OYO Hotels and Homes.

With the launch in Japan, OYO has expanded its presence to ten countries. The foray into Japan comes amid reports that the hospitality firm raised $100 million from Chinese ride-sharing firm Didi Chuxing.

In September last year, OYO had got $800 million in funding from SoftBank Vision Fund.

The company posted an operating revenue of `416 crore on a consolidated basis in the financial year ended March 31, 2018 for its India operations, higher than revenues of `120 crore reported in FY17.

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