Cash in Bank, an industry-first initiative, OPENs at OYO

Cash in Bank, an industry-first initiative, OPENs at OYO

Through this facility, we will  provide better renovation assistance to asset owners in the form of easy to avail, hassle-free and collateral-free trade advances within 48 hours

In April 2019, we launched a year-long commitment—OPEN (OYO Partner Engagement Network)—with the objective of supporting our 9000+ asset owners across India in their journeys with OYO. To build on this commitment, today we announced the second big initiative under this programme—Cash in Bank (CiB) facility. Cash in Bank is an industry first initiative for our asset owners across India to help them get easy access to quick, hassle-free and collateral-free business advances to upgrade or renovate their buildings. Through this initiative, our asset owners will be able to create a never seen before “Chic, Pop, Energetic” look and feel that can further help them improve the guest experience and improve the direct and repeat rate that’s already approximately 90%.

OPEN was introduced with 3 key announcements—6 core partner promises, an upgraded Co-OYO app for our asset owners to monitor progress and a dedicated microsite for stronger interaction and engagement amongst our asset owner community in India. The launch of Cash in Bank facility is the result of our continuous engagement with our asset owners across the country. Many of whom, asked us to help them with financing expansions apart from the existing arrangement of securing loans from banking and non-banking financial institutions at discounted rates.

Here are the features of the Cash in Bank (CiB) facility:

  • All new buildings which are part of our hotel chain in India (less than 2 months old) and all our existing buildings (OYO Rooms, Spot on and Capital O brands only) are eligible to apply for Cash in Bank facility.
  • Asset owners can use a CiB Calculator, powered by data and AI capabilities, which will instantly and accurately tell them whether their buildings are eligible for advance along with the applicable charges. This calculator will also provide our asset owners with the maximum amount eligible for their building.
  • To cover any financial risks involved in an unsecured, collateral-free business advance, we will charge a minimal service fee from our asset owners.
  • CiB will ensure that our asset owners are able to meet their fiduciary requirements for renovations and upgradation work within 48 hours without the need for any supporting collateral.

We are on a mission to create quality living spaces and make it accessible and affordable for millions of our customers and we cannot do this without the active support and encouragement from our asset owner partners. We place immense trust in our 9000+ strong hotel community across nearly 260 cities in India and aim to continue to innovate and provide the necessary support and assistance to our growing entrepreneurial network.

 

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