OYO to invest Rs 1400 crore in India and Nepal- New Delhi: The hospitality firm OYO will invest Rs 1,400 crore in the markets of India and Nepal in 2019, which was released on Tuesday as efforts to increase infrastructure, technology, and internal capacity. The company also announced the launch of a new brand, Collection O Hotels for its existing portfolio of the budget- Mid-Segment Hotel Chain brands.
OYO to invest Rs 1400 crore in India and Nepal, OYO operations in 2019
“Rs 1,400 crore will go to the capex, technology, and leadership”, OYO India and South Asia CEO Aditya Ghosh told reporters here. He said that this idea is to deepen and widen the presence in India, which has focused on building the aggressive capability to bring OYO Hotel’s choice in every corner of the country.
The company currently has more than 8,700 buildings (hotels and houses) and more than 173,000 rooms in more than 259 cities in India. “When we increase our presence in the market, continuity of quality is important. As the first company in the form of a customer, we invest heavily in ensuring customer accountability”, He said.
OYO also launches an in-app SOS button for emergency assistance with the OYO security feedback team, along with options to contact local law enforcement officials. Asked whether the investment of Rs 1,400 crore for India and Nepal would be from the fund of USD 1 billion raised by the company, Ghosh said in the affirmation.
OYO to invest Rs 1400 crore in India and Nepal: The Financial News
Commenting on the plans of the moving company, OYO founder and group CEO Ritesh Agrawal said, “With a strong balance sheet, today we can go to more places than before, by introducing new categories Can maintain your property – quality standards, without increasing any further capital. ”
The company is reducing its deficit in the year 2016-17 from 44.5% to 20.3% in 2017-18 and 10% in the year 2018-19 as the percentage of actual value (the rate of sale of OYO hotels), he added.
“We are investing more than Rs 1,400 crore for technology investment, renewal and investment for the calendar year, and will provide more if needed, in order to ensure the financially efficient development of the team Help”, Agarwal said. For the latest updates and trending news, you can visit www.indiatimelines.com.
He said that besides the domestic markets of India and China, the company is also focusing on Southeast Asia and the Middle East.
India, China, Malaysia, Nepal, the UK, UAE, Indonesia, Saudi Arabia, the Philippines and recently Japan, OYO is presently present in more than 500 cities in 10 countries