OYO has added approximately 2800 new corporate clients from January to June 2023. OYO had added 2471 corporate clients in the same period last year recording 12% YOY growth. OYO also recorded 20% revenue growth from business travel compared to the same period in the previous year, reflecting its dedication to delivering value and convenience to corporate clients.
The report also reveals that Hyderabad has emerged as the leading city, adding 660 corporate clients, followed by Gurgaon with 593 clients, Delhi with 343 clients, Bangalore with 315 clients, Mumbai with 282 clients, Kolkata with 268 clients and Pune with 218 clients. Many other business hubs such as Noida, Lucknow, Kochi, Jaipur, Chennai and Coimbatore have also contributed to the growth. Hyderabad has also contributed the most towards revenue growth followed by Pune, Delhi, Gurgaon and Bangalore.
The growth is led by strong demand from startups, film production houses, travel management companies, small and medium scale enterprises, and traditional business houses & conglomerates.
OYO’s focus on premium brands such as Townhouse, Townhouse Oak and Collection O has helped corporates with multiple stay options across India.
Business travel in India is witnessing sustained growth over the last one year. A recent report by American Express India with the Centre for Economics and Business Research says that 77% of Indian businesses expect to increase their travel budget in 2023 compared with 2022. The report also indicated that 79% of Indian businesses surveyed used business travel data analytics to assist with travel booking and expenditure.
The growth in line with global business travel growth. A report by Global Business Travel Association, in collaboration with Visa, says that business travel spending would surpass its pre-pandemic level of $1.4 trillion by 2024, boosted by an acceleration in return of in-person meetings and events. The MICE (Meetings, Incentives, Conferences and Exhibitions) segment also contributed towards the growth as work-related travel became critical for many businesses.
Commenting on the development, Varun Jain, Chief Operating Officer-India Business, OYO said “OYO’s Business Accelerator division has serviced over 8929 corporate clients since January 2021. Growth in corporate accounts can be attributed to our focus on partnerships and collaborations. By actively engaging with businesses and travel managers, we have gained valuable insights into the evolving needs of the corporate travel landscape. This approach has empowered the company to design innovative solutions that simplify the booking process, enhance cost savings, and ensure a seamless travel experience for corporate guests”.
Expressing satisfaction over association with OYO, Jafar MK, Travel Head, Cult Fit Healthcare Private Limited in Bangalore said “We have been associated with OYO since 2018 and excited to be a part of this growth journey. Accommodation partnership with OYO for our corporate business trips has helped us enhance the travel experience for our employees. We get plenty of convenient and reliable lodging options through OYO’s extensive network of properties“.
Customers choose OYO’s platform for many reasons, including unique inventory and availability of hotels, quality of accommodation, the price of its offerings, ease of use of its app, personalization, the trust and safety of the OYO platform and the quality of its customer support through Yo! Chat, end-to-end proprietary customer support platform.
