India’s second most valuable startup, Oyo, announced on Tuesday that it plans to invest Rs.1,400 crore in its India and South Asia operations. During the same conference in Delhi, the firm announced the launch of a new category on its app, Collection O.
The Delhi-based firm said that the focus on the home market i.e. South Asia and India is to build infrastructure, strengthen internal operations, further technology, and hire new resources at different levels. Currently, Oyo functions in 259 Indian cities and has more than 8,700 buildings and 1.73 lakh rooms in its network. Oyo is present in 10 different countries worldwide including India, Nepal, and Japan.
The new category introduced by the company, Collection O, will be added to the existing portfolio of mid-segment and budget-friendly hotel options. The category already has 12 hotels under it and the company plans to expand it to 650 hotels.
It was reported that the losses of the company are narrowing down year-on-year. While the losses were at 44.5 per cent in FY 2016-2017, it dropped to 20.3 per cent in FY 2017-2018. Oyo has estimated that its losses will further reduce to 10.4 per cent in 2018-2019.
The Delhi-based hospitality firm has added an SOS feature in its app for the safety of its customers. Activation of the SOS button will alert the local response team and law enforcement department.
At present, Paytm is the most valuable startup in India, followed by Oyo.
Source: Live Mint and Your Story