India-based franchising and hospitality company Oyo has forayed into Japan’s housing rental market through a joint venture with Yahoo Japan Corporation to form Oyo Technology & Hospitality Company.
Japanese entrepreneur and former Japan market leader for Handy and Booking.com, Hiro Katsuse, appointed as CEO of the newly formed company.
The joint venture will see Oyo bringing its housing rental product, Oyo Living, from India to Japan from March 2019. To be-christened as Oyo Life in Japan, the entity aims to enter the housing rental segment in the country by providing “upgraded living experiences at an affordable price”, targeting Japanese citizens, students and young professionals, the company announced in a statement.
As the latest addition to Oyo’s portfolio, Japan will make up the “third and potentially the largest home market” for the fast-expanding company, which counts India and China as its home markets, announced Ritesh Agarwal, CEO & founder, Oyo Hotels and Homes.
The partnership is expected to combine Yahoo’s marketing and distribution capabilities with Oyo’s ability to transform and manage rental housing properties with the help of technology.
In his newly appointed CEO role of Oyo Technology & Hospitality Company, Katsuse added: “With the launch of Oyo LIFE, we are all set to leverage Oyo’s hospitality experience to offer a first-of-its-kind, end-to-end fully managed housing experience. I look forward to leveraging our partnership with Yahoo! Japan and Oyo’s expertise from across the world to scale Oyo Life, a product built in Japan for Japanese customers.”
Pre-registration is now available for stays starting March, he announced.