OYO has been under a different kind of pressure in India. It is involved in a ruckus with the hotel owners in India over aggressive discounts. However, that has not stopped OYO from growing outside of India. It has caused a riot in China as the Chinese hotel owners aren’t sure of what has hit them. OYO is opening up three properties every hour in China. The company started with just 10 people in China but has now expanded and is continuing to grow.
In spite of that, OYO is not going to stop in China. It is already planning expansions in all of Asia and is going to jump over to Europe as soon as possible. This rapid expansion is the result of huge investments in the company last year. Softbank was the largest investor which invested $800 million in the startup and helped it become a unicorn. There was another $100 million investment from Grab and then a commitment of the same amount from a group of investors. All of these investments were made in the company last year and now OYO is valued at a stunning $5 billion which is around INR 35,255 crore.
OYO now has turned its eyes on the Philippines. Manila, a major holiday destination for people for all around the world is where OYO is expanding now. It is showing no signs of tired funds as they have them aplenty. It is just filling up its hotel inventory and now the partnering with hotels has started. The Philippines is known to have a majority of its revenue through tourism. It welcomes almost 4 million foreigners from June to January and that number was noted last year. The Asian country is supposed to rope in $663 million in revenue from tourism or hotel segments.
OYO is turning its head to the right place as it has started to shake hands with hotels in Manila first and then they will work their way up from there. It is also creating a lot of jobs for the people if the Philippines. There are a lot of jobs and positions open for the local people. The company is looking for hotel operations manager, property portfolio manager, customer relations manager, accountant, and also a business development officer for different cities like Davao, Cebu, Aklan, Western Visayas and many more.
OYO has been on a hiring spree since December of 2018 and it is not stopping. It is currently expanding to the international market with a single aim of expanding its business worldwide and creating a web of hotels, where no one would need to look at different platforms for finding a place to stay.