OYO Full Form
OYO Full Form-What Is OYO? Oyo Rooms, also known as Oyo Hotels & Homes, is an Indian multinational hospitality chain of leased and franchised hotels, homes and living spaces. Founded in 2013 by Ritesh Agarwal.
OYO Full Form
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FAQs About OYO:
OYO was established as the charitable arm of the Oyo Hotels & Homes brand, to work towards ending the tragic cycle of poverty by building homes in India for the extremely poor. The brand has built over 4,000 homes across over 70 cities in India, including Kolkata, Jaipur, Guwahati and more. The Foundation One of the Foundation's stated goals is to provide shelter and basic amenities to the displaced.The Foundation works with local partners who are dedicated to finding the poorest of the poor in India. The Foundation builds homes for the homeless, those living in extreme poverty, and refugees who've lost their homes during natural disasters. It also provides livelihood opportunities, teaching basic skills like cooking, sewing, and cleaning.
The Oyo Foundation provides opportunities and access to education for underprivileged children across various age groups. Through various initiatives, the Oyo Foundation supports the quality of education of underprivileged children. The Oyo Foundation also offers psychological and academic support to at-risk children.The Oyo Foundation's impact can be seen in the communities they serve and the lives they touch. The Oyo Foundation believes that everyone has a responsibility to positively change the world around them. The Oyo Foundation, along with its staff, has improved the lives of over 1.5 million people over the past five years.
In an interview with Ritesh, he revealed that it was at the time when he was looking for the right mix of growth and philanthropy that the idea of Oyo started germinating. Oyo's biggest passion stems from philanthropy and empowering young entrepreneurs and giving them the right skills for the future. Ritesh shares that the vision of Oyo is to improve the quality of lives for as many people as possible. Ritesh discloses that the concept of building long-term relationships with the people in Oyo's area of operations has always been central to the philosophy of the company.
Today, we are in the middle of a social and digital revolution, a confluence of exponential technology, entrepreneurship and rapidly evolving trends that have never been experienced before. Amongst the emerging trends, one particularly stands out. It’s the rise of shared economy and its accompanying phenomenon of the sharing economy. The sharing economy is of two types. One, community driven sharing (formal and informal). Two, Platform-driven sharing (and focus on transparency). These share the commonality of being peer-to-peer or community driven. While many companies like Airbnb have announced that they are expanding their reach to Tier II and III cities, the sharing economy has entered the healthcare, education, mobility and supply chain segment. It is an age of consolidation.
In May 2017, Oyo launched its OYO Foundation, an initiative to create opportunities in education, skill development, health care, women’s safety and rural development. The vision of the foundation is to bridge the gap between supply and demand in the marketplace. It was created to give everyone an equal opportunity to achieve the highest degree of personal development, strengthen social relations and empower communities. It supports education through ‘Not-for-profit’ partnerships with various educational institutions to advance education for underprivileged children in rural India. The foundation also runs the Oyo CRAG Center which caters to the needs of rural women in Varkala, Kerala.