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OYO pledges $800 million to upgrade hotels in India and China

03/13/2019| 3:25:04 PM|

OYO also plans to pump $600 million into its China operations and continue focusing on Southeast Asia.

Flush with funds, low-cost hotel startup OYO plans to invest $800 million to bolster its presence in India and China, the two countries it describes as "home markets."

"In the next 10 months, we are going to invest 14 billion rupees ($200 million) in India alone," Aditya Ghosh, OYO's CEO for India and South Asia, told reporters here on Tuesday. This amount will go toward upgrading hotels, investing in technology and spending on employees, among other uses, Ghosh said.

OYO also plans to pump $600 million into its China operations and continue focusing on Southeast Asia.

The company slashed its losses as a percentage of realized value -- OYO Hotels' sales run rate -- to 20.3% for the fiscal year ended in March 2018, from 44.5% in the prior year. OYO estimates trimming the losses to 10.4% in the current fiscal year.

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