Hospitality company OYO announced the launch of its operations in Japan on Friday in a joint venture with Yahoo Japan Corporation to form OYO Technology and Hospitality Company. It also appointed Japanese entrepreneur Hiro Katsuse as the CEO (Chief Operating Officer) of the new entity.
OYO will also be taking its housing rental product OYO Living to Japan in March, where it will be re-christened as OYO Life. The business aims at the housing rental segment at the young population in the country of the rising Sun.
In a statement, the company said, "The joint venture between Yahoo Japan and Oyo will combine Yahoo's marketing and distribution capabilities with Oyo's ability to transform and manage rental housing properties with the help of technology."
Earlier this month the flourishing hospitality startup posted an over four-fold jump in its global sales on a year-on-year basis to $1.8 billion for the calendar year 2018 from its over 4.5 lakh fully controlled leased and franchised rooms. In the previous year, its revenue was at $0.4 billion.
On Wednesday, OYO launched its operation in Saudi Arabia signing deals with 50 hotels with over 3,000 rooms across seven cities. The operations there will follow the same franchise model with full inventory control that is similar to the one it follows in India.