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OYO to Invest US$20 Million to Fuel its Malaysian Expansion

30Jun By Lavina TolaniNo Comments

BUSINESS

OYO to Invest US$20 Million to Fuel its Malaysian Expansion

India’s largest budget hotel network and hospitality chain, OYO Hotels is gearing up to expand its operations in Malaysia and has committed an initial capital of US$20 million for the expansion. The company has plans to expand its Malaysian team from 50 to 500 employees where the leadership and employees will comprise of Malaysian locals. Commenting on the recent development, Abhinav Sinha, chief operating officer, OYO Hotels said, OYO plans to create more than 5,000 new jobs in Malaysia over the next few years, and achieve “twenty-fold increase” by onboarding 1,000 hotels over the next 12 months. We are looking to expand into Sarawak, adding on to the list of 50 hotels it has across major cities in Malaysia, including Kuala Lumpur, Penang, Langkawi, Johor and Melaka. According to Sin...

PureCircle to Invest $200 mn in India

Malaysia-based natural sweetener firm PureCircle will invest USD 200 million (about Rs 1,330 crore) over 5 years in India as it forays into the country. PureCircle, which sells zero-calorie natural sweetener, stevia across the world, received FSSAI nod in December 2015. "We will invest USD 200 million over the next five years in India in supply/value chain, increasing cultivation, getting insights and so on. We are already in talks with multinational food and beverage companies," PureCircle Senior Director South Asia Region Ajay Chandran told PTI. Chandran said the companys clients in markets outside India includes Nestle, Pepsi, Coca Cola and Danone. The company plans to partner with Indian farmers for 5,000 hectares Stevia cultivation in India. Stevia is called Meeth...

Overseas: OYO Rooms launches operations in Malaysia

Budget-hotel aggregator OYO Rooms has forayed into the overseas market with the launch of its operations in Malaysia. Commenting on the development, OYO Rooms Founder & CEO Ritesh Agarwal said: "Taking the company international has always been on the cards but we wanted to achieve clear market leadership in India before heading overseas." OYO's model is suitable for markets with large share of unbranded budget supply such as South-East Asia, Africa and South America, he added. "Malaysia is our first port-of-call given the attractive characteristics of the market such as higher-than-average mobile penetration and a large internet population," Agarwal said. The company currently offers 40,000 rooms in its network in India, OYO Rooms said in a statement. OYO Rooms is cu...