Oyo sets sights on wed­ding biz

The Times of India (New Delhi edition) - - Times Global - [email protected]

New Delhi: Home­grown ho­tel brand Oyo is plan­ning to gate­crash the big fat In­dian wed­ding this sea­son with a chain of of­fline stores.

The stores, some of which will sell wed­ding prod­ucts while oth­ers will be ex­pe­ri­en­tial in na­ture to help cus­tomers sim­u­late wed­ding sce­nar­ios, will mark the Soft­Bank-backed com­pany’s foray into the of­fline re­tail space. This will help Oyo mon­e­tise a large num­ber of its prop­er­ties that can be used as ban­quet and wed­ding halls by cre­at­ing a 360-de­gree ecosys­tem re­lated to wed­dings.

The stores planned for met­ros will be dif­fer­ent from the ones that will be lo­cated in smaller towns, sources said. The move by In­dia’s fastest­grow­ing hospi­tal­ity chain comes close on the heels of its 100% ac­qui­si­tion of Wed­dingz.in, an on­line mar­ket­place for wed­dings and ban­quets.

Oyo had ab­sorbed

200 em­ploy­ees of the Mum­baibased startup as part of the cash-and-stock deal. When con­tacted, San­deep Lodha, CEO of Wed­dingz.in told TOI that the startup wit­nessed 480% growth in rev­enue and 636% growth in book­ings since its ac­qui­si­tion by Oyo in Au­gust 2018.

“As our growth strat­egy, we plan to tap the enor­mous op­por­tu­nity the wed­ding in­dus­try of­fers and ex­pand in In­dia while be­ing com­mit­ted to our mis­sion of sim­pli­fy­ing wed­ding plan­ning for In­di­ans and adding value to our venues and part­ners. We are also plan­ning to es­tab­lish a pres­ence in the of­fline space. We have noth­ing fur­ther to an­nounce at the mo­ment,” he said.

Oyo’s plan to tap the $4050-bil­lion In­dian wed­ding busi­ness, which is es­ti­mated to be one of the world’s largest, is in time for the up­com­ing wed­ding sea­son.

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