Taking the competition a notch up for global and Indian hospitality giants -- Airbnb and Treebo--Indian hotels leasing and franchising chain OYO has entered into a joint venture with Yahoo!
Taking the competition a notch up for global and Indian hospitality giants — Airbnb and Treebo–Indian hotels leasing and franchising chain OYO has entered into a joint venture with Yahoo! Japan to begin OYO Technology & Hospitality Company. OYO’s already popular housing rental product from India, OYO Living, will be renamed as OYO LIFE and it will begin its operations from March 2019, the company said.
Targeting the young and growing population of Japan which consists of students and young professionals, the company looks to provide upgraded living experiences at an affordable price.
Hiro Katsuse, former Japan market leader for Handy and Booking.com, has been appointed as the CEO of the OYO Living.
“After successfully growing our business in our home markets, India and China, and
expanding our presence to nine countries, we are really excited about commencing our operations in our third and potentially the largest home market – Japan,” Ritesh Agarwal, CEO & Founder, OYO Hotels and Homes said.
“We are really happy to partner with OYO, through this joint venture and are certain that with a promise to deliver good quality fully managed homes at affordable prices,” said Kentaro Kawabe, CEO, Yahoo! Japan.
Meanwhile, OYO had expanded its operations in Saudi Arabia as well in February. OYO’s international presence also extends to the Philippines, Malaysia, Nepal, China and Indonesia.
Earlier, OYO had been in a soup with the Federation of Hotels and Restaurants Association of India (FHRAI) over issues regarding predatory pricing and over-board discounts. OYO spokesperson had denied the accusations. The company was allegedly boycotted over several Indian cities including Delhi and Sikkim as the deadlock between them ensued.
OYO Hotels and Homes had also raised $100 million from Star Virtue Investments recently.