OYO forays into long-term housing rentals with OYO Living

OYO, India's newest unicorn, is certainly going places. Just weeks after raising $800 million in a round led by Softbank Vision Fund, the hospitality company has not only announced plans to expand its international footprint to UAE and Indonesia, but is also eyeing a whole new pie: the home rental segment. The Ritesh Agarwal founded company yesterday announced the launch of its new business, OYO Living, which is working with independent owners and large builders to lease out properties for long-term housing needs of young professionals and students.This new vertical will offer fully-managed shared residential spaces, in Noida, Gurgaon, Bengaluru, and Pune to begin with. Starting at Rs 7,999 per bed per month, each accommodation will comprise essential amenities like Wi-Fi connectivity, furnishings, television, regular housekeeping, power backup, CCTV surveillance and 24x7 maintenance. In other words, OYO Living aims to help residents save on brokerage, lock-in periods, and the hassle of searching house helps and support services involved while moving to a new residence. It has already onboarded over 35 properties with 2,000 beds, and plans to scale it up to about 50,000 beds in the next one year across the top-10 metros.