Oyo enters Japan’s house rental biz via JV with Yahoo

BENGALURU: Hospitality major Oyo Rooms has formed a joint venture (JV) with Yahoo in Japan to enter the country’s house rental market. This would be the first international market for Oyo’s house rental business under Oyo Living after it forayed into this line of business last year in India. It has hired former Booking.com executive of Japan — Hiro Katsuse — as CEO for the new venture.The company is also likely to expand into its core proposition of hospitality there as Japan is set to host the Olympics next year.
Oyo Technology & Hospitality Company Japan is the JV entity that will house Oyo’s rental business there, rechristened as Oyo Life. This comes at a time when the Gurugram-based company has been expanding at a fast pace across international markets like China, US, UK and others. Much like India, the company will be targeting young and growing population of Japan, starting with students and professionals.
“This new entity will be focused on creating unique living experiences for Japanese citizens, students, and young professionals, looking for good quality affordable accommodations, starting with our fully managed homes brand — Oyo Life,” said Oyo Rooms founder and CEO Ritesh Agarwal.
“With our local knowhow, online distribution network and marketing support, Oyo Life will soon emerge as the most preferred abode,” said Yahoo Japan CEO Kentaro Kawabe.