OYO has recorded over 150 per cent growth in travel agency enrollment in the fiscal year 2023.
A total of more than 5,300 travel agencies across India worked with OYO in FY23, compared to approximately 2,100 travel agencies in FY22. The growth is equally distributed across all regions in India and supported by travel agencies of different sizes and scales.
OYO has a network of over 17,000 hotels globally. A large portion of these hotels are in India and spread across 400 cities in India. OYO’s booking data reveals that travel agents prefer the mid-premium brands from its portfolio, such as Townhouse Oak, Townhouse, Collection O, and Capital O. This is one of the factors contributing to OYO Hotel’s recent announcement of doubling its premium hotel count in India.
Outstation bookings score is high for Goa hotels among beach destinations, Jaipur hotels and Udaipur hotels for heritage tourism. Same city bookings are high for hotels in Delhi and Chandigarh in North India, Mumbai in West, and Bangalore followed by Hyderabad in South India.
“Collaborating with travel agencies is not just about expanding our reach, it’s about cultivating a partnership that fosters mutual growth,” said Varun Jain, Chief Operating Officer-India Business, OYO, about the development. He added, “They play a crucial role in our business growth by distributing our hotel inventory more efficiently to a larger pool of guests, understanding market trends, customer preferences, and help us improve our offerings and services. We also ensure continuous revenue growth for our travel agency partners with innovative offers and schemes”.
According to OYO, the growth in travel agency enrollments can also be attributed to travel resurgence in India over the last few years, which widened the business opportunities for them. As per the Indian Tourism Statistics Report released in September 2022, India witnessed 677.63 million domestic tourist visits in 2021 recording an 11.05 per cent increase from 2020. In FY22, the total number of domestic visitors recorded a 98 per cent YoY growth.
The Economic Survey released in January this year also revealed that the hotel occupancy rate in November 2022 was about 68 per cent to 70 per cent, reaching the average pre-pandemic level of 2019-20.