But in fact, the domestic hotel market has already been occupied by giants such as Meituan, Ctrip, and Huazhu. Why is there still room for OYO to survive? How did OYO find a market for differentiated competition?
In addition, OYO's business model is phone number list controversial. OYO has moved its proven business model in the Indian market to China, but can it grow in domestic soil?
Let's answer these questions one by one.
From India to China, how OYO found a dislocation competition opportunity
1. Insight into the pain points of the Indian market
In 1994, Ritesh Agarwal was born into a middle-class family in a small city in India. He started learning programming at the age of 8, started his own business at the age of 13, founded his first company at the age of 17, and was admitted to the Indian Institute of Management at the age of 18, but at that time, he was obsessed with the business model of a company, this company is Airbnb.
So, on the third day of school, he decided to drop out to start a travel platform that rivals Airbnb. At the age of 23, he was named "youngest unicorn creator" along with Facebook founder Zuckerberg.
In September 2018, OYO, founded by Ritesh, received an E-round investment of US$800 million led by Softbank Vision Fund. The post-investment valuation of US$5 billion made it surpass the largest Indian hotel group in India in one fell swoop and become the largest and most valuable Indian hotel group in India. The tallest hotel.