OYO enters housing rental segment with OYO Living to target India's youth
OYO Living will offer fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services at affordable prices.
Delhi-based hospitality chain OYO today announced its entry into the long-term housing rental segment with ‘OYO Living’.
OYO Living aims to provide upgraded living experiences at affordable prices to India's millennials and young professionals.
Starting with over 35 live properties and with more than 2,000 beds in Noida, Gurgaon, Bangalore, and Pune, it targets the country's young and growing population. OYO Living aims to expand to the top 10 metros by the end of 2019 with over 50,000 beds.
All inclusive living
According to the company's press statement, OYO Living will have fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services. Each accommodation will also provide amenities like Wi-Fi, television, regular housekeeping, power backup, CCTV surveillance and 24/7 caretaking. Residents will also have access to OYO Support, at no additional cost.
“Today, with the launch of OYO Living, we are all set to offer something new while remaining true to our core mission of creating beautiful living spaces. This launch, marks a key milestone as we embark on our journey towards becoming India’s biggest provider of housing, consolidating our position as a category innovator and leader,” said Ritesh Agarwal, CEO and Founder of OYO Hotels and Homes.
Starting with Rs 7,999, per bed, per month, OYO Living will help residents save on brokerage, lock-in periods and the hassle of searching houses. It will also help and provide support services while moving to a new residence.
OYO was launched in May 2013, and is present in over 350 cities. It has more than 12,000 asset partners spread across seven countries including India, China, Malaysia, Nepal, the UK, the UAE and Indonesia. With the launch of OYO Living, the company is all set to become the largest provider of affordable housing.
Last week OYO announced its entry to UAE and Indonesia. It is backed by leading investors including the SoftBank Group, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise and China Lodging Group.