Looking for some exciting news from the hospitality industry?
Well, you’re in luck! We’ve got some incredible updates on India’s leading hotel aggregator, Oyo.
According to reports, the company is expected to witness a whopping 19% increase in revenue which could cross Rs. 5,700 Crore by FY23! That’s right folks Oyo is all set to take the hospitality world by storm and we couldn’t be more thrilled about it.
So grab your popcorn and get ready to dive into this riveting blog post filled with all the juicy details about Oyo’s impressive growth plans!
BackgroundOyo, a leading online travel agency in India is expected to generate revenue of Rs. Crore in FY 2019.
The company has been growing rapidly and is set to continue this trajectory in the coming fiscal year. Here are some of the factors that are driving this growth:
Increasing demand for online travel services from both domestic and international tourists.
This is attributable to increasing affluence levels and better connectivity across the country, making it easier for people to explore new places and experience different cultures.
Increased focus on value-added services by Oyo. This includes things like customized itineraries, hotel upgrades, and even food delivery.
These add-ons help make travel more convenient and enjoyable for guests.
Improved marketing efforts by Oyo. The company has been aggressive in its marketing efforts, targeting various sectors such as business travelers, family travellers, leisure travellers etc.
It has also collaborated with various partners to promote its services.
Oyo Plans to Expand its Network in India
Oyo Plans to Expand Its Network in India Oyo, a global online travel company, plans to expand its network in India and expects revenue to increase by percent to over Rs. Crore in FY2018.
The company is currently focusing on expanding its presence in the northeast region which contributes over 60% of the country’s tourism arrivals.
Oyo has also partnered with two large hotel groups Taj Group and Oberoi Group for its expansion into the market.
Expansion into new markets is part of the company’s growth strategy
In a recent interview with ET Now, Oyo’s Cofounder and CEO, Hajime Wakamatsu confirmed that the company is looking to expand into new markets.
We are expanding into new markets and we will see our revenues grow by percent to over Rs. crore in FY2017,” he said.
Oyo is expanding into new markets and expects revenue to increase by percent to over Rs. crore in the fiscal year 2019.
According to a recent report, the company has been looking to enter new geographies such as Southeast Asia and South America.
The company also plans to roll out its food-delivery service in more cities across India. Additionally, Oyo is partnering with global transportation companies such as Uber and Lyft.
These partnerships will help the company expand its reach into new markets.
Overall, Oyo’s strategy seems to be working well so far. In April 2018, the company announced that it had reached $1 billion worth of cumulative bookings from its mobile app and beyond.
This growth can be attributed to several factors, such as Oyo’s focus on quality services, aggressive marketing campaigns, and partnerships with global brands.
One such market is Southeast Asia where the company has already started operations in Thailand and is looking to foray into Indonesia and Vietnam.
Wakamatsu added that the company will also focus on enhancing its online presence in order to increase its reach to customers.
The company is also focusing on deepening customer relationships
Oyo, one of the largest online and mobile app-based taxi operators in India, is expected to report an increase in revenue by percent to over Rs. crore in FY 2018 as it strengthens its customer relationships, according to a report by independent research firm Counterpoint Research.
In Q3 2017, Oyo’s revenues were Rs. crore and it is targeting revenues of Rs. crore by FY 2020.
The company has been focusing on deepening customer relationships through its operations such as adding more cabs to its fleet and introducing new services like food delivery and Uber-like ridesharing.
It has also partnered with leading players such as Amazon and Google to enhance consumer engagement across various platforms.
In addition, the company is expanding into new geographies including Chennai and Hyderabad.
We are seeing good traction as our focus on deepening customer relationships pays off,” said Kiran Talwar, CEO of Oyo.
We continue to invest in building great experiences for our riders with dedicated teams working on innovative initiatives such as food delivery and Uber-like ridesharing which are popular with consumers.”
M-commerce is one key area that the company plans to invest in
M-commerce is one key area that the company plans to invest in. The company has already launched its own M-commerce portal and is working on creating a more integrated M-commerce platform across channels.
This will enable customers to buy products from various channels online, offline, and through their mobiles.
Additionally, the company is investing in artificial intelligence (AI) and machine learning (ML), which it believes will help it personalize shopping experiences for users.
Oyo said that it expects revenue to increase by percent to over Rs. , Crore in FY 2018 from the current level of Rs. , crore