Indian hospitality chain OYO on Tuesday (12 March 2019) announced that it would invest around Rs 1,400 crore to strengthen its India and South Asia businesses in 2019, reports Mint.
“We are committing over INR 1,400 crore ($200 mn) for technology investments, renovation, and managing investments for the calendar year, and will provide more, if needed, to help the team ensure continued economically efficient growth,” said Ritesh Agarwal, Founder & Group CEO.
“The money will go towards capital expenditure, technology and leadership," added Aditya Ghosh, OYO CEO for India and South Asia.
OYO announced its new ‘Collection O’ hotels, adding to its existing portfolio of the budget- to mid-segment hotel chain brands like OYORooms, Townhouse, SilverKey, Capital O and Palette Resorts.
The company has also added a new SOS button on its mobile application with a view to improving customer safety.
$5 Billion Startup
It was recently reported that OYO attracted an investment of $100 million from Didi Chuxing, China’s largest ride-sharing company. This investment was part of the $1 billion financing round led by OYO's existing backer SoftBank, which earlier put in $800 million. Didi’s latest investment values the startup at $5 billion.
Also Read: OYO’s Quest To Unseat Marriott As The World’s Largest Hotel Company, Plans To Add A Million Rooms By 2023
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