New Delhi: Ritesh Agarwal has announced the next phase of OYO’s plans in the international markets, which include plans to increase its presence abroad while enhancing the company’s technology platform and hospitality services.
Agarwal said that OYO is not growing at a fast pace and is concentrating on sustainable growth in the company in the future. The company will expand its footprint in key international markets through more partnerships with owners, property managers and travel partners. He feels that this will aid OYO in strengthening its global hospitality network.
The announcement follows as OYO is readying itself for the public markets with its parent company Prism. The company recently revised its IPO prospectus, suggesting optimism with its long-term business plans and expansion plans to the world. Notably, Agarwal and major investor SoftBank will not sell off their shares in the offering, indicating their faith in the company’s future.
Agarwal said that the technology will continue to be the backbone of OYO’s growth. The company aims to use cutting-edge digital technologies and artificial intelligence to enhance its booking platform, pricing systems, customer support, and hotel management tools. The enhancements will further help hotel partners boost fill rates and improve traveler experience when booking a hotel.
OYO currently does business in over 35 countries and provides a variety of hotel, vacation home and serviced accommodations. The company wants to consolidate its market position and expand into new markets where travel demand is on the rise.
