Oyo, the Indian based budget hotel chain and booking platform has decided to concentrate on its growth in India, Southeast Asia as well as Europe, and has decided to reduce the focus in the US and China markets.
A lot of experts had been saying from quite some time that Oyo needs to abandon its reckless and over-ambitious expansion plans and get things sorted out in its growth strategy. This advice seems to have started having an effect now.
Oyo will not fully withdraw from the American and Chinese markets. Rather it will not pursue aggressive growth and expansion in these markets. Instead it will try to ramp up its focus in the Indian, European and Southeast Asiann markets.
Ritesh Agarwal, Oyo’s founder and CEO, said, “While we still continue to operate in China and grow, but at the same time, our capital allocation strategy is designed to double down in markets with market leadership as well as high economic strength.”