Skift Take
Oyo launched an accelerator program last year to support first-generation hoteliers. The credit facility boosts India's hospitality industry.
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Investment banker JP Morgan has extended a credit facility of INR 2 billion ($24 million) to hospitality chain Oyo, the Economic Times has reported. The funding aims to fuel Oyo’s accelerator program.
Oyo accelerator program: The program, which was launched in 2023, seeks to provide financial support, mentorship, as well as access to technology to first-generation hoteliers.
Last June, the company announced its plans to add 1,000 hotels in new markets as part of the accelerator program. The accelerator program currently supports more than 700 hotels.
Oyo's expansion: IPO-bound Oyo has been expanding its business. Earlier this year, it announced plans to add 400 new properties to push religious tourism. Oyo’s premium travel brand Palette is also set to expand with self-operated hotels this year. After the company denied reports of withdrawing its long-awaited IPO, it is anticipated to conclude this year, though the