Oyo forays into Japan1 min read . Updated: 04 Apr 2019, 12:33 PM IST
- The new venture, Out Hotels Japan, will be headed by Prasun Choudhary as the operating partner
- Oyo recently raised $150-200 million from US-based home rental platform Airbnb
Bengaluru: Hospitality chain Oyo has commenced operations in Japan. The company has formed a joint venture with Tokyo-based SoftBank and SoftBank Vision Fund to form Out Hotels Japan. The new venture will be headed by Prasun Choudhary as the operating partner. He is one of the founding members of Oyo.
The company, which operates in several verticals in the real estate space, had recently launched its home rental vertical Oyo Life in Japan.
“Japan is fast emerging as one of the most popular tourist destinations in Asia," said Ritesh Agarwal, founder and group CEO at Oyo. “We see this as a huge opportunity and are excited to contribute towards the growth of the local economy by promoting tourism."
This development just comes days after the company raised $150-200 million from US-based home rental platform Airbnb.
Oyo has also been aggressively expanding its global footprint over the past year by entering markets such as China, the US, the United Arab Emirates and the Philippines.