Softbank vision fund’s OYO rooms, an Indian budget hotel network has made his way to China this year. But there are some more you need to know. In India, it is planning to take over banquet booking systems. Made for all type of customers and being it be the future model for its expansion. Today, OYO declared that it has taken over a three year old company, wedding.in that was India’s largest wedding planner. With more than 4000 locations spread over 15 cities.
Three acquisition in 1 year
It raised investment of more than $1 million from investors and claims to handle approximately 1500 weddings in three months. Being OYO’s third acquisition till date, it earlier took over a boutique apartment operator and then IOT startup AblePlus. This step could be known for its 1st move outside of its primary hotel booking business.
Vision of the company
The company said main motive behind making move was, as wedding banquets are low cost along with scattered customer business. OYO could match with its experience in modernising hotels and real estate into digital world.
Maninder Gulati, OYO CSO said in a statement that being at OYO, managing houses, villas, small asset to hotels provide an outstanding experience along with running successful businesses for our asset partners & all facets will be most important to them while being in the wedding industry that is heading towards a need of improvements and some fundamental changes. Today, In its speech OYO indicated that it has further projects related to real estate. OYO is trying to extend their reach from hotels to larger projects. In its business, it strains upon its budget hotels being in more than 5500 hotels spread over 160 cities.
This summer OYO announced its step towards expansion to china. In less than two months it is said to have captured 1000 chains spread over 28 locations. It aim of serving middle class customers in the country.
Tencent has provided investment to push on its venture in China, being rumours none have been confirmed. Till now, it does count NASDAQ, which is also known as Huazhu Hotels and to be valued at $6.8 billion. It in an alliance serving there as a partner on the ground there though. A $10 million investment was already made previous year. It further head towards OYO’s $250 million series which is to be held by SoftBank’s Vision Fund.