OYO partners with Softbank to create a joint venture for its Japan business
OYOhas announced a Joint Venture with SoftbankCorp and Softbank Vision fund to launch Oyo Hotels Japan.
- Softbank has been an investor in OYO since 2018.
- OYO had recently announced its funding from Airbnb as well.
The new venture called Oyo Hotels Japan will be led by Prasun Chaudhary, one of OYO's founding members.
OYO had recently announced its housing rental service in Japan called Oyo Life. The company’s official statement said that their business in Japan would “empower small and independent asset owners in Japan with its rapid transformation capabilities and integrated hotel / ryokan management system powered by advanced AI technology.”
Softbank has been a loyal supporter of OYO. The Japanese investment firm has been one of OYO's investors since 2015. It was Softbank's investment that led OYO into the Indian unicorn club with a $5 billion valuation in September 2018, a huge jump from the $900 million valuation it had until then.
OYO which had expanded its business in China in 2017 had already made China one of its biggest markets. Now, with its entry into Japan it aims to get closer to its dream of being the world’s biggest hotel chain.
“OYO is already the most preferred brand in the budget to mid-segment hospitality space in several global markets, where our operational expertise in revenue management, and distribution, through both offline and online channels, has helped us gain significant momentum,” said
OYO had recently announced a strategic investment from global giant Airbnb.
Airbnb picks up a stake in its Indian rival Oyo Rooms
Oyo wants a bite of foodtech, may acquire Freshmenu: Report
A 6-year-old Indian startup wants to be world’s biggest hotel chain
- Dharavi's COVID-19 cases go up to 1,872
- ‘Home prices have to fall’— Indian government’s stern message to realtors has other backers too
- COVID-19: 1,384 cases in TN, tally touches 27,256 12 more people die
- Secretariat emerging as hotspot as virus cases go up in AP
- Cyclone Nisarga: Need to harmonise with nature, says Goa Guv