OYO has committed an investment of over $50 million and aims to further generate over 1,000 direct and indirect jobs to support the economic trajectory of the Philippines.
OYO Hotels and Homes officially announced its launch in the Philippines on Wednesday, planning to commence operations with over 21 franchised and leased hotels.
It is currently present in Metro Manila, Tagaytay and Cebu, and aims to grow to 10 cities in the Philippines by 2020. OYO has committed an investment of over $50 million to 'transform the country’s hospitality landscape'.
OYO Hotels also aims to generate over 1,000 direct and indirect jobs to support the economic trajectory of the Philippines in various fields including housekeeping, front office, F&B, general management, civil engineering, data science, hospitality operations and technology.
COO Abhinav Sinha said,
‘’We believe that by setting foot in the Philippines, we are advancing our vision of strengthening our foothold in Southeast Asia. With its abundant natural resources and many captivating tourist sights and destinations, the Philippines offers local and foreign tourists alike endless adventures. In 2018, the country welcomed a record-breaking number of tourists and we are positive that a great opportunity lies in front of us to build a strong and sustainable hospitality ecosystem in the country."
At present, the Indian unicorn claims to have a presence in over 500 cities across seven countries, including India, China, Malaysia, Nepal, Indonesia, the UK, and UAE. Its first international foray was in 2016.
It claims to have over 13,000 franchised or leased hotels and over 3,000 homes as part of its chain. OYO is backed by leading investors, including the SoftBank Group, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise and China Lodging Group.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.