Oyo plans to foray into student housing, co-living segments

SoftBank-backed Oyo Hotels & Homes is looking at entering into the co-living, student housing and co-working segments in order to expand its offering in India.

The hospitality chain is aiming to take up 100,000 beds across major cities by the end of 2019. Currently, the company operates 13,000 beds in select cities such as Delhi-NCR, Pune and Bengaluru.

Rohit Kapoor, CEO of OYO Life, said, "We want to capture the majority of the co-living and student housing market in the country. We are looking at stable rental assets for yield. Co-living and student housing will be under the OYO Life brand."

"The roll out of the co-living and student housing business will also see OYO Life entering the metros with each segment having a maximum of 250 beds, depending on the demographics. Globally, the world's accommodation market stands at 160 million rooms and is a $3.6 trillion opportunity and growing. With us capturing less than 1% of the larger pie, we are just scratching the surface," he added.

In earlier 2019, Oyo announced that it will be investing 1,400 crore for the India and South Asia business, as part of its effort to double its expansion plan across business segments.