After China, UK, Oyo to expand international footprint with foray into Philippines, onboards 10 properties
Oyo intends to expand the number aggressively to tap into the $5 billion opportunity in Philippines market
Oyo ventured into international markets in 2016
Talks are on to add more locations at a quick pace in Philippines
Currently, Oyo has over 13,000 franchised and leased hotels, and over 4.5 lakh rooms
New Delhi: After markets like China and the UK, Indian hospitality chain OYO is looking at further expanding its international footprint with its foray into the Philippines, according to sources.
The SoftBank-backed company, which ventured into international markets in 2016, already has a presence in the UK, the UAE, China, Indonesia, Malaysia, and Nepal.
OYO has already onboarded 10 properties and talks are on to add more locations at a quick pace, two people familiar with the company's plans said.
It intends to expand the number aggressively to tap into the $5 billion opportunity in Philippines market, one of the persons said.
E-mails sent to the company did not elicit any response.
OYO CEO India and South Asia, Aditya Ghosh, in an interview to PTI, had said the company is working on a road map for 1-million (10 lakh) room inventory over the next two years from the existing count of over 4.5 lakh.
The company aims to further expand this to 2.5 million rooms by 2023. This, he said, will help OYO to become the "world's top player from number three now".
At present, OYO has over 13,000 franchised and leased hotels, and over 4.5 lakh rooms, adding over 64,000 rooms every month, globally. In India, it has over 8,700 leased and franchised hotels, and more than 1.64 lakh rooms.
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On Tuesday, Oyo said it crossed 5 lakh rooms inventory in China, and planned to invest $100 million in that country in the next two years as part of the ongoing expansion.
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Oyo Living has onboarded about 36 properties with 2,000 beds, and the plan is to scale it to about 50,000 beds in the next one year
The appointment comes in wake of the company's focus to drive accelerated growth in its home markets -- India and China, OYO said in a statement.