OYO’s B2B revenue increases 80% in 2019; adds these many new clients

Hospitality company OYO Hotels & Homes on Tuesday announced 80 per cent increase in revenue from its business-to-business (B2B) or corporate customers in 2019 on a year-on-year basis. Currently, OYO’s corporate channel called OYO B, which counts Utkarsh Small Finance, Byju’s and Extramarks Education among its more than 8,400 clients, has a share of more than 30 per cent in the group’s total revenue. Such corporates, “have successfully realized up to 30 per cent savings in their travel costs,” the company said in a statement without disclosing the amount details.

With 30 per cent share in the company’s revenue, OYO B has been a key component of Ritesh Agarwal-led firm’s growth globally. “We welcomed over 4,000 new corporations in 2019,” said Gaurav Ajmera, Chief Operating Officer, India & South Asia, OYO Hotels & Homes. OYO is working to customize its offerings as per client’s requirements both in terms of in-room amenities or technology and service-based solutions.

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The company claimed hassle-free GST invoicing, dedicated dashboard to track payments. mobile app with a built-in approval flow and custom budget limits, early check-ins and late check-outs, round-the-clock support with dedicated escalation matrix and free cancellations for Non-Bulk and Non-Peak bookings among the offerings for B2B clients. OYO competes with business offerings from Treebo, FabHotels etc.

The growth comes amid developments at OYO related to backlash from hotels in the past few months over alleged unfair business practices by the company and employee layoffs in China and India even as Agarwal is looking to drive the business towards profitability in 2020. “Increase efficiency while focusing on core businesses and rationalizing growth avenues, focus on profitable locations and buildings and avoid growth that dilutes our margins and further reduce operating costs,” were among the priorities for this year shared by Agarwal in an email to employees recently.

Source: Financial Express