NEW DELHI: Hospitality firm OYO Friday said it has entered into a joint venture (JV) with Yahoo Japan Corporation to make a foray into the housing rental market in Japan, targeting the young population.
Through the JV, named as OYO Technology & Hospitality Company, Japan, OYO will bring its housing rental product from India -- OYO Living -- rechristened as OYO LIFE to Japan from March 2019, OYO said in a statement.
"Japanese entrepreneur and former Japan market leader for Handy and Booking.
com, Hiro Katsuse, has been appointed as the CEO of the newly formed joint venture company," it added.
OYO LIFE will target the young and growing population of Japan, starting with students and young professionals, the statement said.
"This new entity will be focused on creating unique living experiences for the Japanese citizens, students, and young professionals, looking for good quality affordable accommodations, starting with our fully managed homes brand - OYO LIFE," OYO Hotels and Homes CEO and founder Ritesh Agarwal said.
OYO is already the most preferred brand in the budget to mid-segment hospitality space in several markets like India and China, where its operational expertise in identifying, transforming and managing properties has helped the company gain significant momentum, and it is certain that it will deliver great value in the Japanese market, he added.
Expressing similar sentiments, Yahoo Japan CEO Kentaro Kawabe said the company is really happy to partner with OYO through this joint venture.
"With our local know-how, online distribution network and marketing support, OYO LIFE will soon emerge as the most preferred abode for the Japanese citizens and visitors in the country," he added.
OYO currently has over 13,000 franchised or leased hotels and over 6,000 homes in its network.