OYO in touch with Hilton, Accor?

DELHI: Budget hotel room aggregator OYO has tried reaching out to global hotel chains like Hilton Worldwide and Accor, a move that could signal OYO’s plans to change its market strategy, according to sources familiar with the developments.

When contacted, an OYO spokesperson said it was a best practice sharing meeting as representatives of the hotel industry and that there was nothing consequential.

But sources aware of the matter said OYO was looking at seeking inventory from a chain like Accor, a discussion that did not materialise, given the branded differentiated positioning of the chain. Accor declined to comment on the matter.

ET had reported in July that OYO raised a fresh round of funding worth Rs 413 crore through a proposed rights issue of shares to existing shareholders, according to documents filed with the Registrar of Companies. According to the filing, the post money valuation of the start up was pegged at Rs 3129 crore or about $ 460 million.


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