OYO has experienced substantial growth in its corporate client base during the first half of 2023, according to its Business Travel Trends Report 2023. The hospitality chain added approximately 2,800 new corporate clients during this period, representing a 12% year-on-year increase from the 2,471 corporate clients served in the same period in 2022. Additionally, OYO reported a 20% growth in revenue from business travel compared to the previous year.
The report highlights that Hyderabad leads the trend, with 660 new corporate clients added, followed by Gurugram with 593 clients, Delhi with 343 clients, Bengaluru with 315 clients, Mumbai with 282 clients, Kolkata with 268 clients, and Pune with 218 clients. Hyderabad also contributed the most to revenue growth, followed by Pune, Delhi, Gurugram, and Bengaluru. Other business hubs like Noida, Lucknow, Kochi, Jaipur, Chennai, and Coimbatore also contributed to this growth.
The surge in corporate clients is driven by demand from various sectors, including startups, film production houses, travel management companies, small- and medium-sized enterprises, and traditional business houses and conglomerates. OYO’s emphasis on premium brands like Townhouse, Townhouse Oak, and Collection O has provided corporate clients with a range of stay options across India.
A recent report by American Express India in collaboration with the Centre for Economics and Business Research found that 77% of Indian businesses intend to increase their travel budgets in 2023 compared to the previous year. Additionally, 79% of the businesses surveyed used business travel data analytics for travel booking and expenditure management.
“OYO’s Business Accelerator division has serviced over 8,929 corporate clients since January 2021. Growth in corporate accounts can be attributed to our focus on partnerships and collaborations,” said Varun Jain, Chief Operating Officer-India Business, OYO.
“By actively engaging with businesses and travel managers, we have gained valuable insights into the evolving needs of the corporate travel landscape. This approach has empowered the company to design innovative solutions that simplify the booking process, enhance cost savings, and ensure a seamless travel experience for corporate guests,” he added.
