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2014-12-22

OYO Rooms to have 450 hotels by 2015 end

OYO Rooms currently has 65 hotels with 1,200 rooms under its brand.

Gurgaon based OYO Rooms has stated that it will increase the number of hotels from 65 to 450 by the end of 2015, as reported by PTI.

"We plan to have 450 hotels under our brand by the end of 2015 as part of our expansion strategy," OYO Rooms Founder and CEO Ritesh Agarwal told PTI.

The company currently has 65 hotels with 1,200 rooms under its brand, he added.

The report stated that when asked how the company plans to raise funds for expansion, Agarwal said: "We have recently raised around $6 million from a venture capital company. Earlier also, we had raised funds from Light Speed Venture Partners. The investments of the company will be mainly in marketing the brand," he added.

Elaborating on the business model, Agarwal said, "The owners own and manage the hotels, while we essentially provide training, standardisation of the product and marketing of these hotels, which is our main value addition to these properties."

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