Gurgaon-headquartered budget accomodation company, OYO has commenced of its operations in Japan, through a joint venture (JV) with Yahoo Japan Corporation to form OYO Technology & Hospitality Company, Japan.
With this new entity, OYO will bring its successful housing rental product from India, OYO Living, re-christened as OYO LIFE to Japan in beginning of March 2019. Geared to provide upgraded living experiences at an affordable price, OYO LIFE aims to enter the housing rental segment in the country, targeting the young and growing population of Japan, starting with students and young professionals.
Japanese entrepreneur and former Japan market leader for Handy and Booking.com, Hiro Katsuse, has been appointed as the CEO of the newly formed joint venture company.
Ritesh Agarwal, CEO & Founder, OYO Hotels and Homes said, "After successfully growing our business in our home markets, India and China, and expanding our presence to nine countries, we are really excited about commencing our operations in our third and potentially the largest home market - Japan, through a joint venture with Yahoo! Japan to form OYO Technology & Hospitality Company, Japan. This new entity will be focused on creating unique living experiences for the Japanese citizens, students, and young professionals, looking for good quality affordable accommodations, starting with our fully managed homes brand - OYO LIFE."
OYO LIFE offers a new housing rental solution - ready to move in beautifully designed homes, that eliminates the hassles of finding, accessing and managing everyday housing. This is one of OYO LIFE’s biggest advantages. Customers can now choose a lifestyle which gives them the freedom to live their life their own way - financial freedom with minimal deposits and no lock-in periods and privacy so that they can save and spend the way they like. These accommodations - apartments, homes, and shared spaces are easy to find, easier to move in, and easiest to live in as they can enjoy essential amenities which include furniture, Wi-Fi connectivity, television, electronic household appliances, regular housekeeping, CCTV surveillance, digitally enabled locks for additional security and 24/7 assistance, at no extra costs.
To recall, a recent report revealed that OYO is in talks to acquire India business of Keys Hotels, a brand of full-service hotels in India that operates under its parent chain of Berggruen Hotels.
"We are really happy to partner with OYO, through this joint venture and are certain to deliver good quality fully managed homes at affordable prices. With our local know-how, online distribution network and marketing support, OYO LIFE will soon emerge as the most preferred abode for the Japanese citizens and visitors in the country," said Kentaro Kawabe, CEO, Yahoo! Japan.
Earlier this week, Softbank backed startup kicked launched its services in Saudi Arabia by signing pact with 50 hotel having more than 3,000 rooms across seven cities.
Prior to this, Oyo had just raised $100 million from Star Virtue Investment, an entity controlled by the Chinese cab-hailing giant Didi Chuxing.
Source - The News Minute