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Property

SoftBank-backed Oyo quits rental business in Osaka and Nagoya

Indian hotelier to focus on Tokyo while pursuing hotel operations as planned

Oyo lets users rent rooms online without having to pay broker fees or deposits. (Nikkei Montage) 

TOKYO -- Indian budget hotel operator Oyo Hotels and Homes will withdraw from its struggling real estate rental business in the Japanese cities of Osaka and Nagoya, focusing its resources on greater Tokyo to improve earnings.

Since entering the market in March, the Indian startup had expanded its business by working with SoftBank Group, a major shareholder in the company. Through the Oyo Life service, it leases vacant homes and rooms from owners and rent them out via its website, touting that renters can complete the transaction online without paying broker fees and deposits.

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