OYO Life, the fully managed housing rental division of the OYO group, has entered the student housing segment by signing agreements with Indian Institute of Technology (IIT) Delhi and Plaksha University in Gurgaon to provide over 500 beds for their students.
The Gurugram-headquartered startup has priced the accommodation facility in the range of Rs 6,500-Rs 12,999 per bed per month. The company will provide amenities such as Wi-Fi, television, refrigerator, air conditioner, housekeeping, power backup and surveillance.
“With the growing student intake, especially in institutes in metropolitan cities and the consequent shortage of on-campus hostel facilities, the company is poised to tap the opportunity by providing fully managed, long-term rental solutions to students,” the company said in a statement.
Although OYO Life offers rental solutions to working professionals, it is also partnering with marquee institutes for student rentals space.
“We are confident that our growing presence in the student housing segment will enable us to scale to 100,000 beds by 2019-end,” said Rohit Kapoor, chief executive officer, New Real Estate Businesses, OYO.
OYO Life was launched in October 2018 for providing managed housing rental solutions and has operations in Delhi, National Capital Region (NCR), Pune, Bangalore and plans to expand operations into Hyderabad, Chennai, Kolkata and Mumbai.
As of August 2019, OYO Life owns and operates over 500 buildings and 30,000 beds and is adding 5,000 new beds every month.
Oravel Stays, the parent entity of OYO Hotels & Homes, has operations in over 230 cities across the country along with international hotels. OYO Homes also owns 112 hotels across 21 states and 60 cities in the US.
OYO was reportedly in talks to raise $750 million - $1 billion from Japan’s Softbank. The Competition Commission of India recently approved OYO founder Ritesh Agarwal’s $1.5 billion plan to buy back shares from early investors.