OYO Announces ‘Palette’ – A Premium Collection Of Resorts And Hotels For Discerning Travelers

New Delhi, 20th July 2023: OYO has unveiled a new brand named Palette, targeting luxury travellers with its high-end resorts and hotels. The company aims to enrich its premium property portfolio by providing upscale accommodations. As of their official declaration on July 18, These Palette resorts have been carefully positioned in sought-after leisure destinations all over India. This well-thought-out strategy aims to accommodate both business and leisure travellers in search of convenient getaways or relaxing staycations.

The existing premium portfolio of OYO includes various brands such as Townhouse Oak, OYO Townhouse, Collection O, and Capital O. The company has ambitious expansion plans, intending to add 1,800 new properties to this premium segment by the end of 2023. Specifically targeting the upscale hospitality market, OYO, backed by SoftBank, is determined to capture a significant market share in the premium hotel segment.

To introduce the Palette brand, OYO has initiated a pilot launch of 10 resorts in cities like Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru. Looking ahead, they plan to expand this venture by incorporating 40 more Palette resorts into their portfolio by the second quarter of FY 2024. The expansion will encompass cities such as Delhi-NCR, Kolkata, Amritsar, Shimla, Goa, Udaipur, Pune, Mussoorie, Srinagar, and Kochi.

Anuj Tejpal, the chief merchant officer at OYO, emphasized that the changing preferences of travellers, driven by increased disposable incomes, have led them to seek unique and memorable experiences beyond mere accommodation. As a result of this transformative mindset, OYO decided to expand its portfolio and launch the Palette brand.

Furthermore, in a bid to expand its presence in the hospitality market, OYO, led by Ritesh Agarwal, announced plans to incorporate 500 new hotels in the host cities of the upcoming men’s cricket World Cup in India earlier this month.

These recent developments by OYO are in line with the company’s preparations to go public. There has been a notable improvement in its financial performance, with positive cash flow achieved in the quarter ending March 2023, as revealed during a town hall meeting in April. OYO has taken a significant step towards becoming a public company by submitting its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) through the confidential filing route. This move signals the company’s progress in preparing for an initial public offering (IPO).