Ritesh Agarwal founded Oravel stays in 2012, which he later changed to OYO in 2013, which is currently valued at 8 Billion Dollars. Oyo Rooms has revolutionized the hotel industry by providing them with the proper way to increase their business and helped them to optimize their customer experience by completely renovates the rooms by solving the everyday problems related to hotel rooms; by this, they wanted to provide a consistent experience in their hotels across the globe. Oyo partners with hotels to offer a similar experience at a compelling price than the competition. Currently, Oyo has a total of 17000 employees across all locations, of which approximately 8000 are from India and other Asian countries.
Funding of OYO.
In September 2018, OYO raised $1 billion, of which the RoC filing for the amount of $100 million raised from Star Virtue Investment Ltd. was made on 13 February 2019.
In February 2019, Oyo received $100 million funding from the Chinese vehicle hire company Didi Chuxing.
In July 2019, Founder & CEO Ritesh Agarwal, through RA Hospitality Holdings (Cayman), signed a $2 billion deal to buy back shares from existing investors Lightspeed Venture Partners and Sequoia India, to increase his stake in the company to 30%. The company was valued at $10 billion with this deal.
In 2019, OYO registered a record revenue of about 950 million dollars. A 4.5X growth compared to the previous year, which was 211 million dollars.
Acquisitions by OYO.
In the meantime, with increasing business, OYO has acquired several companies; for example, In march 2018, OYO Acquired Chennai-based service apartment operator Nova scotia Boutique Homes. In March 2016, OYO acquired the team of Qlik Pass to expand itself in the data science sector.