OYO’s Plan To Disrupt $20 Billion Home Rental Space | Targets Millennials | BeYourBoss

  • Renting property plans of OYO living starts at Rs.7999 per bed.
  • Each accommodation includes Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and round the clock care-taking.
  • OYO Hotels CEO Ritesh Agarwal sites a great opportunity to serve millennials in housing rental sector.
  • Company is now operating in Bengaluru, Pune, Noida, Gurugram targeting millennials.

SoftBank backed hospitality company OYO Hotels has announced its arrival into the long-term fully managed housing rentals, named OYO Living, aimed at eliminating the hassles of finding, accessing and managing everyday housing.

According to OYO Hotels CEO and founder Ritesh Agarwal, “OYO Living was conceptualized based on the feedback and demand from our customers and asset partners. We saw this as a huge opportunity and decided to leverage our hospitality experience to offer a first of its kind end to end fully managed living experience,”

OYO started to pilot OYO Living during mid periods of 2018 and company aims to seize this opportunity & become India’s biggest provider of housing targeting millennials.

The company mentioned that OYO Living will be helping residents to save on brokerage, lock-in periods, and to avoid the hassle of searching house and also the support while moving to new place.

Also the basic services provided by company includes Wi-Fi connection, television, regular housekeeping, power backup, CCTV surveillance and care-taking.

The company would also offer comfortable spaces for reading books, work-from-home desks, yoga and meditation zones, facetime, and skype corners, which makes it unique from its competitors.

 All this services will be provided while taking full control of asset owner’s property with guaranteed rental yields.
Start-ups such as NestAway, Stanza living, Homigo, Palico, CoLive are already offering various accommodation services. Now this companies are going to face competition with OYO Living.

Currently, OYO is present in over 350 cities around the globe with over 12,000 asset partners in India, China, Malaysia, Nepal, the UK, the UAE and Indonesia.But, OYO Living is currently operating in India only.

Recently OYO has raised $800 million in a funding round led by Softbank and other investor like Lightspeed Venture Partners, Sequoia and Greenoaks Capital.

They also got a commitment of $200 million funding, which in total brings $1 billion to company funds.