Who does not like travelling in this world? In today`s world, staying at home and sitting idle is a sign of unskilled and inexperienced human beings? Say, a doctor works in a hospital because he is skilled in operations and surgeries. And a merchant travels around the globe by his ships to sell his merchandise for profits. During travelling, we cannot stay in the vehicle for long; we need a room to stay, become fresh take our food, and sleep on a fluffy and soft bed. Therefore, room is required for staying. Do you know about any room? Surely, while travelling you must have heard about OYO rooms and hotels.
Renowned for its hospitality and rooms, OYO`s expansion and influence has been known worldwide now. Hardly any person might be there in this world who does not know OYO. When was the last time you went on a trip with your family and booked a room? Did you stay in OYO rooms or hotels?
The rise of the fame of OYO homes and hotels has been remarkable .Since OYO`s founder and CEO gave it a swift start starting out from the beginning in April 2013 to becoming the world’s third-largest and fastest-growing chain of leased and franchised hotels, homes and living spaces. In fact ,now, OYO has come a long way to reach the pinnacle of success. If you do not know about the success story OYO, then keep reading-on.
OYO stands for ‘ON YOUR OWN’. This platform has now become widely known for budget-friendly rooms because it is known for its affordable accommodation services. Further, this company has been flourishing since it came into the market. Many of us know the success the company has got, but almost a few of us know, how it reached that point and the challenges which it faced for reaching that point. How did it start? What are the challenges it faced? How does its services show its reputation and reflect? On the basis of which model did it start? These questions might be puzzling you. Let`s know now know the history about its starting.
History During The Early Phase Of Establishment (Some Unique And Unknown Facts About The Founder)
- Ritesh Agarwal,the founder and CEO of OYO, was a college drop out. In Indian society, the drop outs are not helped but teased everyday for dropout. But, he proved them wrong that everyone has an innate talent.
- He had always desired to set up a company of his own. When he was 17 years old, in 2011, so he came up with an idea ORAVEL STAYS which was later re-launched in 2013 as, what now we call, OYO Hotels and Rooms.
- Mr. Agarwal , who was at that time conferred the Entrepreneur of the Year Award by StartAP, a private initiative for sustainable ecosystem for start-ups, in Vishakhapatnam recently told THE HINDU that despite initial failures, his hunger for success had driven him to take up new challenges.
- He hails from Bissam, Cuttack of Odisha`s Rayagada district. Initially, he faced many challenges but faced them bravely and tackled them with presence of mind and his wisdom.
| Starting Phase Of The OYO Hotels And Rooms |
| In 2009, Ritesh left for Kota with an intention to get an entry in top IIT colleges. Later, he realized Kota was not a place to learn coding and hence gave up on his coding dream. He was left with a lot of spare time, so he started working on a book: ‘Indian Engineering Colleges: A Complete Encyclopedia of Top 100 Engineering Colleges’,and this book was a hit in the market. |
| At the age of 16, he was among the 240 students who were selected for the Asian Science Camp held at the Tata Institute of Fundamental Research (TIFR) in Mumbai. |
| Ritesh Agarwal was among 20 students under the age of 20 years who received the Thiel Fellowship. He received a sum of $100,000 over two years as well as guidance and resources to drop out of college and create a start-up. |
| Since Ritesh used to travel a lot, amidst his trips, he stayed in different hotels. And afterwards, this gave him a realization about the poor hospitality facilities he got at different place. |
Rise of OYO Hotels and Homes
As Ritesh used to travel a lot, amidst his trips, he stayed in different hotels and got poor facilities during his stay. And afterwards, this gave him a realization about the poor hospitality facilities he got at different place.
| An idea stuck his mind. The poor sanity and facilities provided during his travel encouraged him to create an accommodation system where people can get the best rooms, food, staff, and other services in a given budget.This was the beginning of the RISE OF HIS OYO EMPIRE. |
| After that he created Oravel Stays in 2011, an aggregator of breakfast and bed stays, inspired by Airbnb’s model. |
| In the upcoming years after 2011, Oravel Stays was re-launched as OYO Hotels & Homes to create India’s largest chain of affordable, standardized hotels. |
| After starting in 2013, OYO went on to acquire rooms in hotels across the country and transformed them into OYO. The company’s sole aim was to make accommodation good and affordable for its people. |
Reaching The Pinnacle of Glory
It did not take OYO Hotels And Rooms to become widespread and successful overnight. Actually, it also had to permeate through some rough phases. The company was also affected by the outbreak of COVID-19.
Growth of OYO
From starting in 2013, it went on to acquire rooms in hostels across the country and transformed them into OYO`s. Its ultimate aim was to provide comfort to people at a reasonable and affordable price for the people.OYO has continuously grown after 2013.
It first started its services in India, and today, after 8 years of establishment, it operates in 800 cities in more than 80 countries of the world.
Where Can We Find Oyo Hotels And Rooms?
- This company started its international operations in 2018 starting with Malaysia. Later, It entered into the markets of the UK, UAE, Dubai, China, Singapore, Indonesia and other countries and got ground breaking achievements through positive responses from these countries.
- In 2018, the company became a 100% leased & franchised hotel chain. Thereafter, it recorded global stayed room nights of 75 million in 2018, almost six times more than in 2017, and collected a revenue of $211 million. In 2017, 2016, and 2015 it recorded global stayed room nights of 13m, 6m, and 4m respectively.
- The company has not yet released its annual report of 2020, but in 2019, OYO generated a revenue of $951 million and witnessed an increase of 740 million dollars, 4.5 times more than 2018.
Future goals
CEO,Mr. Agarwal, says that they look forward to roll out a solution in Andhra Pradhesh that is already being implemented in Rajasthan and Haryana
Current Situation
It has over 75 exclusive, full-inventory hotels with 1500 plus room as a part of their network. This entails the hotels` strong presence in Vishakhapatnam, Vijayawada, Tirupati , Nellore and Guntur. Not only the sun rises state attracts their business but also recollects and indulges new guests everyday in pilgrim travels and leisure.
Now, the OYO companyoperates under the name ‘OYO Hotels And Homes’.
In a Nutshell, one`s destiny lies in one`s hands. The more one dares, the more one achieves. Whoever has gotten something is the result of his own hardwork, determination and hunger to achieve success. While he could have accepted his defeat that he was a drop out, but he fought with the odds like a knight and built his OYO EMPIRE. From the dawn of this company to till date, it has facednumerous difficulties, but still, it has not given up. Let not the fate defeat you, and then, you will always shine like the sun!
Author Bio
Jagannath Pradhan is a student who is a voracious and an avid reader. He likes to read an eclectic range of beneficial, informative and astounding writing pieces. As a student, he likes to note down his thoughts and write on random topics to improve his writing skills. Everyday, he reads newspaper and works diligently towards writing down his thoughts on papers. In fact, he reads the work of many people on various websites, and he looks the way of writing and checks his own work for mistakes. Moreover, fluency and accuracy are his weapons which he uses while writing that indulges the readers to the fullest.
Author Bio
Jagannath Pradhan is a creative writer at the same time he is an avid reader. He likes to note down his thoughts and write continuously on random topics to improve his writing skills. Moreover, fluency and accuracy are his weapons, which he uses while writing that indulges the readers to the fullest.
