Oyo Rooms (stylized as OYO), also known as Oyo Hotels & Homes, is an Indian hospitality chain of leased and franchised hotels, homes, and living spaces. Founded in 2013 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. The startup expanded globally with thousands of hotels, vacation homes, and millions of rooms in India, Malaysia, UAE, Nepal, China, Brazil, Mexico, the UK, the Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, the United States and more. OYO stands for On Your Own, a smart online system of hotel booking where one can choose his favourite rooms and customize them as per one’s budget.
ABOUT THE OYO SYSTEM
The greatest fact about Oyo rooms is, they don’t invest in building hotel chains unlike top companies like JWMarroit, Taj Group or ITC. Instead, they enlist existing popular smaller hotels and bring them under a common flag. Oyo provides some initial cost for renovation of these small hotels and arranges for world-class bedrooms and hotel props indoor. This way, the investment behind each project is much less and a common platform is provided so that people can easily book their hotels before they start out from their homes.
Another great move by OYO rooms is to provide rooms and services as shown in the site. So, the customers can build great trust about the startup as expected results sync with actual services. Also, OYO trains the staffs and hotel caretakers in a customer-friendly manner. Also, much attention is paid to customer satisfaction. Any complaint of misbehaviour against hotel authorities if found true or upon getting any complaint regarding the poor services in hotels, the hotels also stand at a risk of getting delisted, which no one wants. This provides a quality check on the hotels and services.
THE VISION OF THE CEO
The vision of the CEO is praiseworthy. Mr Ritesh Agarwal, one of the youngest entrepreneurs of India had planned and executed such a great idea at an age when a normal guy graduates from any Indian college. The struggles of Agarwal also demonstrate his utter desire to make this system a damn hit. He used to take funds and approach local hotels in order to execute his idea but was turned down many times owing to the ignorance of the power of the internet and entrepreneurship. But later as hotels began to get enlisted and gradually the cycle expanded, Ritesh planned his strategies accordingly. Today, it spans across many countries and has overtaken the world’s most popular hospitality chain, the “Airbnb” and has ranked the top hotel chain in the world. Thanks to Ritesh Agarwal for his awesome plans which has again made India proud of successful business attempts in the world.
LEARNINGS AND IDEA
The algorithm followed by Oyo rooms have shown that, a huge investment is not always necessary to put up a conglomerate. All we need to be aware of is the rising market demand and the flaws in existing techs. A good idea about a starting any startup is to invest the least and reap the most.