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

Business Insider | 9/19/2018 | Shona Ghosh
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Indian hotel marketplace Oyo has expanded into the UK. It aims to partner with budget British hotels to standardising their decor and service.

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.

Company - Entrepreneur - Ritesh - Agarwal - Date

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.

Indian startup Oyo has launched in the UK to try and raise the standards of budget hotels across the country.

UK - Oyo - Market - Asia - Network

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 Sanders, to run its British business, and plans to invest £40 million ($53 million) in the UK.

Startup - Cities - Months - Hotels - City

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.

Startup - Management - Load - Hotel - Owners

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.

Startup - Presence - London - Mix - Locations

The startup already has a physical presence in London and is targeting a mix of locations in...
(Excerpt) Read more at: Business Insider
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