Oyo Expects Co-Working Business Revival
<span style="font-weight: 400;">Hospitality unicorn Oyo expects its co-living and co-working businesses to recover in a slow but steady manner, as demand inches back amid the ongoing pandemic.</span> <span style="font-weight: 400;">Oyo sees affordable and flexible solutions playing a key role in
Published -
Nov 17, 2020 5:00 AM
Hospitality unicorn Oyo expects its co-living and co-working businesses to recover in a slow but steady manner, as demand inches back amid the ongoing pandemic. Oyo sees affordable and flexible solutions playing a key role in the recovery of the shared working and living segments, and may slow down a bit in terms of growth and expansion, said Ankit Gupta, chief executive officer, Frontier (Oyo LIFE and Workspaces), Oyo India and South Asia. For its co-living business Oyo Life, the unicorn recently launched a 20% discount on monthly rent, starting from the fourth month of the long-term stay. With lowering rental yields, it has also been working with asset partners for a revenue-sharing model instead of traditional fixed lease and offering more value-added services and multi-brand partnerships ranging from laundry, shared mobility to up-skilling. Oyo Life operates in more than 200 buildings across nine cities, while Oyo Workspaces has 17 centres in seven cities. Oyo is seeing shoots of recovery though prices remain far from pre-covid levels, like other co-working operators who are offering either price discounts or flexible options to users, as people slowly return to workspaces.