OYO Hotels & Homes was founded by Ritesh Agarwal, the first resident Asian to be accepted to the Thiel Fellowship (started by Paypal founder Peter Thiel) with the aim to empower entrepreneurs and small businesses with hotels and homes by providing full stack technology that increases earnings and eases operations while bringing affordable and trusted accommodation that guests can book instantly.
OYO addresses the pain-points of hotels and homes across the world by offering cloud-based technology and a fully integrated tool kit. It offers tools across offline-to-online onboarding, 3rd party distribution and demand, online revenue management, operations management and customer service, all integrated in a single place. This empowers patrons who own and operate hotels and holiday-homes to acquire customers and drive revenue by servicing them effectively, while also ensuring operating leverage at the backend.
The on-demand economy has grown exponentially across industries fueled by the growing customer appetite for convenience, simplicity, and speed. OYO effectively caters to these rising on-demand bookings, along with the usual leisure and business demand, due to its large footprint, wide choice of accommodation types available to cater to customers across various paying capacities, D2C channel to provide ease of booking and a promise to offer a standardised experience. This has powered OYO's share of same-day bookings to be 4x+ of organised hotel chains on an average in India, in the pre-COVID period.
Through its comprehensive technology-based offerings across the supply stack, OYO has been valuable to patrons and has significantly ramped up inventory.
As a result, OYO has the largest footprint (in terms of hotel storefronts) in its key markets of India and South East Asia and the second largest footprint in Europe (in terms of homes storefronts) among full stack short-stay accommodation players.
After 12 weeks of joining the OYO platform, OYO-powered hotel storefronts generated 1.5 to 1.9 times more revenue on average compared with the average revenue estimated at independent hotels of a similar size in India,