OYO Rooms to boost capacity to 450 hotels by 2015 end
Dec 23, 2014 comments ( 0 )
Budget hotels chain OYO Rooms looks to expand its portfolio and raise the number of hotels from 65 at present to 450 by the end of the year 2015, reported PTI.
In words of Ritesh Agarwal, Founder and CEO, OYO Rooms, "We plan to have 450 hotels under our brand by the end of 2015 as part of our expansion strategy."
The company currently has 65 hotels with 1,200 rooms under its brand, he added.
Briefing about company’s strategies to raise funds for expansion, Agarwal lamented that the company has recently raised huge capital through venture capitalists.
Agarwal said, "We have recently raised around USD 6 million from a venture capital company. Earlier also we had raised funds from Light Speed Venture Partners."
Moreover, the company will primarily invest in marketing the brand, he added.
Talking about the business model of the company, Agarwal asserted, "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."
Established in 2013, OYO Rooms is present in five cities including Delhi, Gurgaon, Mumbai, Noida and Bengaluru.