Oyo launches accelerator program for first-gen hoteliers
- ByStartupStory | March 16, 2023
Oyo, the hospitality technology platform, announced on Thursday the launch of an accelerator program designed to offer financial aid, mentorship, and guidance to chosen small hotel owners who are first-generation entrepreneurs. The program is open to hotel proprietors who have more than five operational hotels.
According to Oyo, the accelerator program will onboard over 200 properties in important business cities across India, including Bengaluru, Hyderabad, and Chennai in the southern region, Delhi, Gurugram, and Noida in the northern region, Kolkata and Siliguri in the eastern region, and Mumbai in the western region.
Oyo initiated the pilot phase of the program two weeks ago and has already onboarded four hoteliers, two in Hyderabad, and one each in Kolkata and Delhi. These hoteliers manage more than 50 properties collectively across the three cities.
As per the company statement, “Oyo’s accelerator program will offer various benefits to selected hoteliers, including financial aid, access to a wide network of over 15,000 corporate accounts and 10,000 travel agents across India, mentorship, and guidance. Additionally, the program will provide dedicated relationship managers to support hoteliers and closely monitor hotel-level dynamic pricing”.
Oyo’s accelerator program primarily aims to expand the presence of its brands, including Townhouse Oak, Oyo Townhouse, Collection O, and Capital O.
The company intends to increase the number of premium hotels in India in 2023, and this program is aligned with that objective. The focus of the initiative is to onboard more premium hoteliers under its brands.
According to Anuj Tejpal, Oyo’s Chief Merchant Officer, “the company has encountered several hoteliers with exceptional business acumen and growth potential but limited capital and resources to expand their businesses”. In the past, Oyo has supported such hoteliers to the best of its abilities. However, it has realised that a more focused and targeted approach is necessary to encourage and support many more small entrepreneurs. The accelerator program is a part of this initiative to assist hoteliers in their growth journey”.
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