OYO ventured into the event hosting market by acquiring Weddingz, a wedding banquet company. Weddingz is one of the largest wedding planner company in India with 4000 venues spread across 15 Indian cities. They claim to have managed 1500 weddings every quarter. The company had also raised $1 million from its investors.
OYO has made three acquisitions till date, all of them in 2018. Able Plus, an IoT startup, and a boutique apartment operator were the previous acquisitions. However, Weddingz is its first acquisition beyond its main hotel and homes business segment.
Oyo is of the opinion that the wedding banquet service is India is dispersed with less than satisfactory customer service. The sector has low yields. The company believes that their experience and expertise in digitizing and revolutionizing real estate and hotels segment can be effectively put to use to yield better results.
OYO is experienced in managing small units like villas, homes and small assets as well as hotels with more than 100 rooms. It is assumed that the wedding industry would require many changes which may transform the traditional approach to it. OYO has also indicated that it may expand to other real estate sectors. Currently, OYO has a presence in more than 160 cities in India through Approximately 5500 exclusive hotels.
After the first quarter of 2018, OYO forayed into Chinese budget hotel segment. It says that it reached 100 chains within a period of two months in 28 locations spread all over the country. They are focusing on catering to the customers who belong to the middle class in China.
There are unconfirmed reports that OYO will link with Chinese tech giant Tencent to expand its presence further in the Chinese market. OYO has partnered with China Lodging, a NASDAQ listed company which was formerly known as Huazhu Hotels. China Lodging, the strategic partner, presently valued at $6.8 billion was established in 2015. It is headquartered in Shanghai. They invested $10 million in OYO in 2017 as a follow on to $250 million Series D of OYO.
Towards the end of 2017, OYO Home was introduced. It is similar to Airbnb where people can look for rentals for short term. It is available at all major tourist destinations of India including Shimla, Udaipur, Goa, Pondicherry, and Kerala to name a few. Dubai became the first international destination to host an OYO Home in April 2018.
OYO Rooms is a hospitality service and a network of budget hotels based in India. Founded in 2013 by Ritesh Agarwal, currently, it offers services in six countries of Asia. It is funded by Vision Fund of Softbank. It was initially launched as a website named Oravel in 2012 by its founder who was an 18 year old at the time. Oravel was designed to enable finding budget hotel accommodations from a list on the website. Oravel was transformed to OYO in 2013. The Headquarters of OYO is situated at Gurgaon in Haryana.