Business

OYO expanding international footprint in Philippines, say sources

Updated : January 21, 2019 06:30 AM IST

After markets like China and the UK, Indian hospitality chain OYO is looking at further expanding its international footprint with its foray into the Philippines, according to sources. The SoftBank-backed company, which ventured into international markets in 2016, already has a presence in the UK, the UAE, China, Indonesia, Malaysia, and Nepal.

OYO has already onboarded 10 properties and talks are on to add more locations at a quick pace, two people familiar with the company's plans said.

It intends to expand the number aggressively to tap into the $ 5 billion opportunity in Philippines market, one of the persons said.

E-mails sent to the company did not elicit any response.

OYO CEO India and South Asia Aditya Ghosh, in an interview to PTI, had said the company is working on a roadmap for 1-million (10 lakh) room inventory over the next two years from the existing count of over 4.5 lakh. The company aims to further expand this to 2.5 million rooms by 2023.

This, he said, will help OYO to become the "world's top player from number three now".

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