After successfully securing its brand position in the market the budget hotel aggregator Oyo also known as Oyo rooms is all set to plunge into coworking business. To set foot into this business,
It will be acquiring a coworking company Innov8 in India. Oyo is India’s largest hospitality company which mainly focuses on budget hotels.It is phenomenally expanding in overseas market, making debuts in several segments such as event management,co-living, food tech and now in co-working as well.
Generally Coworking is a western concept that involves various individuals or startups sharing a common workplace environment.As the trend of workspaces is increasing more people are analysing the benefits of working in a collaborative environment. It doesn’t come as a surprise that Oyo plans to join coworking market, as Ritesh Agarwal the chief executive of Oyo is known for exploring and experimenting with new ideas.
The company is launching its own midscale coworking brand PowerStation.
According to the sources OYO’s first center is a 500 seater property in Pioneer Park , Golf Course Extension Road in Gurugram that have reserved space for their employees. The company is planning to open multiple centres in Delhi NCR and Bangalore in next few months.
Recently the firm entered to consumer facing food business by launching 20 cloud kitchens. With PowerStation ,Oyo would be the direct competitor for WeWork,Co-Works,Awfis,
91 springboards among several others. Talking about OYO, it’s just a five-year-old startup which has witnessed remarkable progress. It had invested an amount of $800 which was funded by SoftBank to expand its business outside India, especially China.
The business talks of acquisition has been going on for months and will be officially announced soon.
With the idea of coworking in already established business of hotels,Oyo will provide people a place to live and work as well. Probably this might lead the company to great path of development and great investments in the future…