NEW DELHI -- OYO Rooms, an India-based online marketplace for affordable hotels, has big ambitions. Established in 2013, it expanded nationwide last year. Now it has set its sights overseas with the launch of operations in Malaysia this month.
Valued at $400 million, the startup is backed by Japanese telecom company SoftBank. OYO was set up by Ritesh Agarwal, 22, with just one hotel partner in Gurgaon, near the Indian capital. It has helped transform substandard hotels into standardized accommodations to ensure that customers have a satisfactory, affordable stay. In less than three years it has become India's largest branded network of hotels, with a presence in 160 cities and about 4,500 partner hotels.
