Softbank-backed Oyo said on October 22 that it has entered into the long-term housing rentals category with the launch of Oyo Living.
“OYO Living was conceptualised based on the feedback and demand from our customers and asset partners. We saw this as a huge opportunity and decided to leverage our hospitality experience to offer a first of its kind end to end fully managed living experience,” said CEO and Founder Ritesh Agarwal.
Piloted in mid-2018, Oyo Living offers residents fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services.
Each accommodation includes Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and round the clock care-taking for monthly rental charges starting at Rs 7,999, per bed.
“All the spaces under this new category are optimised for asset duality, common area functionality, and privacy. Oyo Living will also offer comfortable spaces for reading books, work-from-home desks, yoga and meditation zones, facetime, and skype corners, among others,” said chief growth officer at Oyo, Kavikrut.
Under Oyo Living, the company takes complete control of the property of an asset owner and will be responsible for maintenance and professional upkeep.
Oyo is present in over 350 cities across the world with over 12,000 asset partners in India, China, Malaysia, Nepal, the UK, the UAE and Indonesia. Oyo Living, however, is currently be available only in India.
Last month Oyo raised $800 million in a funding round led by SoftBank Investment Advisers (SBIA) with participation from Lightspeed Venture Partners, Sequoia and Greenoaks Capital.
The company received a commitment of additional $200 million, bringing the total funds to $1 billion in the round.
