Oyo hotels and homes have become a major part of various countries and also became the third-largest chain of hotels in the world. It provides hotels rooms, homes, workspace and managed living space. The last Tuesday OYO confirmed that it is acquiringInnov8, a similar company to increase its quality and quantity of providing living spaces.
The information about the financial investments in the deal is not disclosed by the official sources. According to the report provided by TechCrunch the deal has been made for about $30 million.
OYO works with multiple brands at once and has introduced brands like Innov8, Workflo and Powerstatoin under its workspace. All these brands focus on providing services for upper and middle scale economy sectors. OYO workspace is planning to open more than 21 workspaces.
Innov8 is currently providing services in around six cities of India which is Delhi, Chandigarh, Noida, Gurgram, Mumbai, and Bengaluru. It has over 6,000 employees with over 16 centres in India. It has served together with brands like Swiggy, Paytm, Nykaa, Lenskart, Pepsi and OLX. Powerstation owns more than 1,000 seats in the centre of Gurugram and with over four centres in NCR, Hyderabad, and Bengaluru to won over 1500 seats.
Rohit Kapoor, CEO Oyo said, “The workplace provides more opportunity for Oyo so that they can utilise the latest technology. By using the help of multiple brands the main focus of the company is to provide a unique experience to its customer’s every timeOYO. This will help in expanding the co-working space and will provide much more profit for every business across the country”.
Oyo aims to take its business upto $20 billion in India till 2020. With the emergence of various other workspace business in India Oyo will face a stiff challenge in this market.
