Oyo hotel has emerged as the most preferred choice of accommodation among the young and the budget-conscious. It stands out as a pioneer in the hospitality industry as it offers a different approach to hospitality through its new concept called OYO.
OYO is a multinational hotel chain headquartered in India. It was founded in March 2013 by the billionaire hotelier Ritesh Agarwal (Founder of OYO). OYO is a different and better way of doing business. Because of its simple process and ease of use, OYO is very popular in India. It’s a way of doing business through a smooth and straightforward process.
It is an ultra-cheap hotel chain available in India, US, UK, Singapore, Spain, and Australia. Their service is very user-friendly. OYO opened its first branch in the Indian capital, New Delhi, in June 2013. This is one of the largest hotel chains in the World. Oyo has over 23,000 hotels under its belt, 8,50,000 rooms, and 46,000 vacation homes across 65 countries.
OYO was founded for an ideological purpose: to make the hotel cheaper and in a way that they are effortless to use. The origin of OYO hotels is a simple one — an idea whose time has come for consumers.
Oyo has been famous for being a home-grown business that has dominated the hotel industry in India. It has come up with many ways to make its rooms comfortable and affordable. What Oyo has done right is to have made their rooms accessible with their innovative and cheaper offerings. It is known for being a hotel company committed to customer service. The Oyo hotel chain has been highly successful. As a result, Oyo hotels have gained a large customer base and become recognized as a low-cost provider of a high-quality experience.
It is known for its low prices and fast check-out, no-frills feel, and lack of bells and whistles. The low prices are the reason why Oyo has been so successful. OYO hotels aim to provide affordable, quality, well-planned accommodation with a no-nonsense approach. The primary aim of OYO hotels is to provide excellent value for money. This is done by cutting down the costs, making it more cost-effective, with the hope of expanding its customer base and making a profit.
Ritesh Agarwal- Founder of OYO
Ritesh Agarwal is a hotel entrepreneur who is a native of Orissa. He built what is now known as OYO from scratch to be one of the most successful Startups of all time, not only in India but worldwide. Ritesh Agarwal was born in Orissa in 1993. He was born into a Jain family, and he is one of the youngest and most successful entrepreneurs on the Forbes India Rich List.
Agarwal, the man behind Oyo, a college dropout, is the founder of Oyo. He is the second wealthiest start-up founder in India with an estimated net worth of $2.6 billion based on Forbes India’s list of the World’s richest Indians.
He was also named the youngest billionaire in India by Hurun. Interestingly, his net worth has increased by Rs 300 crore since last year. The self-made billionaire was also praised by former US President Donald Trump when he visited India. Trump asked Agarwal how many hotels he has, to which Agarwal replied with “300 in India and 40,000 worldwide”. Trump also mentioned that he had heard of Oyo hotels before also.
He dropped out of college to build his hotel chain. In 2013, Ritesh came up with the idea of starting a budget accommodation portal to offer great value. After Ritesh created the basic concept of Oyo, he started looking for investors.
Agarwal was first about to launch Oravel Travels, a portal for booking budget houses whose model was the same as Airbnb. But later, he changed the original plan, and Oravel was transformed into Oyo rooms. He was 25 years old when he created OYO. He also holds the title of the World’s youngest billionaire.
The OYO hotel chain is an extraordinarily successful and relatively new hotel company, selling more than 50,000 hotels since it began expanding with its first hotel in 2013. OYO hotels have been known for their low prices, fast check-out, and no-frills. The concept of OYO hotels is a great one. It is all about service and the idea that you are never too far from excellent service and food. OYO hotels can also keep very affordable prices while still providing customers with a great experience.
The name OYO, an acronym for ‘On Your Own, is derived from the phrase ‘On Your Own Room.’ It is an attempt to highlight that the guest is the room owner and not the hotel.