The SoftBank-backed company has committed US$200M for the expansion of its Southeast Asia businesses over the next two years

Asia’s leading budget hotels aggregator Oyo Hotels & Homes has announced the appointment of Mandar Vaidya as CEO for Southeast Asia and the Middle East, effective August 1.

Vaidya will be responsible for driving business growth for Oyo across markets such as Indonesia, Malaysia, the Philippines, Vietnam, the UAE, and Saudi Arabia. The SoftBank-backed company has committed US$200 million investment for the expansion of its Southeast Asia businesses over the next two years.

Also Read: RedDoorz bags US$45M as its competitor OYO is fast expanding in Southeast Asia

“These two markets are crucial to our international expansion strategy and in a brief period of time, we are delivering high-quality accommodation experience to guests in Indonesia, Malaysia, the Philippines, Vietnam, UAE and the Kingdom of Saudi Arabia. Under Mandar’s leadership, we look forward to establishing a strong relationship with asset owners in these regions,” Ritesh Agarwal, group CEO of Oyo Hotels & Homes, said in a statement.

Vaidya is a qualified medical doctor, who also holds an MBA degree from Jamnalal Bajaj Institute. Prior to joining Oyo, he worked at McKinsey and Co, where he held roles across geographies, including, India, the UK and Singapore.

Oyo entered Southeast Asia in 2016 with Malaysia and has grown its presence to over 125 cities across Indonesia, the Philippines, Malaysia, and Vietnam. The company said it aims to add 2 million rooms under management in Southeast Asia by 2025. At the moment, Oyo has over 1,260 hotels and 32,600 exclusive rooms under management in Southeast Asia.

Recently, Oyo announced its plan to expand presence in 100 cities in Indonesia by the end of this year. As part of this, the company also committed US$100 million over the next five years.

Last month, Oyo’s competitor Singapore-headquartered RedDoorz announced US$45 million in Series B round of fund-raise, led by Qiming Venture Partners, alongside Jungle Ventures to aggressively pursue growth strategies to become a prominent player in Southeast Asia.

 

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