Oyo Life that focuses on young professionals globally will be headed by the existing head of Oyo's new real estate businesses Rohit Kapoor.
Popular hotel chain Oyo has rebranded its long-term housing rental solution Oyo Living to Oyo Life, the company announced today. The rebranded vertical that focuses on young professionals globally will be headed by the existing head of Oyo’s new real estate businesses Rohit Kapoor.
Kapoor along with Oyo’s Chief Growth Officer Kavikrut will build the Oyo Life offering globally.
Oyo launched Oyo Life in 2018 to offer fully managed independent residential units that include contracting, furnishing, cleaning, maintenance, and in-stay services. The service currently has more than 6,000 beds on the platform, Oyo said in a statement.
“Rohit joined OYO in December last year and has in around 75 days built a strong, resilient team for our new real estate business right from scratch,” said Ritesh Agarwal, CEO & Founder, OYO Hotels & Homes.
“While we are currently focussing on young professionals, however, in the future we see the potential ranging from students, couples right up to families and senior citizens. We wanted the new identity to reflect this vision and be a neutral, all-encompassing brand,” said Kapoor.
Customers are provided with Wi-Fi, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking under the Oyo Life brand.
Oyo has priced the service at Rs 7999, per bed, per month onwards and plans to expand globally with over 100,000 beds in 2019.
Oyo has been expanding globally at a breakneck speed. The company recently forayed into Japan through a joint venture with Yahoo Japan to leverage its marketing and distribution capabilities, the company said.
The company began its Japan’s operations with Oyo Life. In less than a year, Oyo had expanded to other markets including China, the UK, UAE, KSA, Indonesia, Sri Lanka, and the Philippines.
Oyo currently valued at around $5 billion raised $100 million from Star Virtue Investments earlier this month, said company’s regulatory filings sourced by business signals platform Paper.vc.
Star Virtue Investments is reportedly a part of China’s largest ride-hailing company Didi Chuxing.