OYO adds 2,800 corporate clients in H1 2023; 20% revenue growth from business travel
The bulk of the demand came from Hyderabad, which added 660 corporate clients, followed by Gurugram, Delhi, and Bengaluru.
OYO has added approximately 2,800 new corporate clients in the first half of 2023, as per its Business Travel Trends Report 2023. The hospitality chain also recorded 20% revenue growth from business travel, compared to a similar period a year ago.
recorded 12% YOY growth in terms of the number of corporate clients—up from 2,471 corporate clients served in the January-June 2022 period.
According to the report, Hyderabad is leading the trend by adding 660 corporate clients for OYO, followed by Gurugram with 593 clients, Delhi with 343 clients, Bengaluru with 315 clients, Mumbai with 282 clients, Kolkata with 268 clients, and Pune with 218 clients. The City of Nizams also contributed the most towards revenue growth followed by Pune, Delhi, Gurugram, and Bengaluru.
Many other business hubs such as Noida, Lucknow, Kochi, Jaipur, Chennai, and Coimbatore have also contributed to the growth.
The growth is led by demand from startups, film production houses, travel management companies, small- and medium-scale enterprises, and traditional business houses and conglomerates. OYO’s focus on premium brands such as Townhouse, Townhouse Oak, and Collection O has helped corporates with multiple stay options across India, the report noted.
A recent report by American Express India with the Centre for Economics and Business Research found that 77% of Indian businesses expect to increase their travel budget in 2023 compared with 2022. The report also indicated that 79% of Indian businesses surveyed used business travel data analytics to assist with travel booking and expenditure.
“OYO’s Business Accelerator division has serviced over 8,929 corporate clients since January 2021. Growth in corporate accounts can be attributed to our focus on partnerships and collaborations," said Varun Jain, Chief Operating Officer-India Business, OYO.
"By actively engaging with businesses and travel managers, we have gained valuable insights into the evolving needs of the corporate travel landscape. This approach has empowered the company to design innovative solutions that simplify the booking process, enhance cost savings, and ensure a seamless travel experience for corporate guests,” he added.
(The image has been updated)
Edited by Kanishk Singh