OYO hotels has today announced the acquisition of Weddingz.in, India’s largest wedding banquet company. The acquisition is a bold step towards OYO expanding its playfield to real estate sector and realizing its vision of becoming a global real estate brand while continuing its dominance on India's hotel market. Weddings banquets, being a fragmented, low yield, broken customer service business is a befitting opportunity for OYO to use these capabilities and create a dominant brand in this industry.
Globally, the wedding industry has grown to become a $500 billion market and OYO's sharp focus on global expansion will support its debut in disrupting these markets. “It’s thrilling that our very first acquisition in the wedding segment involves a celebrated and loved brand, Weddingz.in. What this partnership facilitates is combining OYO’s capabilities of asset management and technology with the scale Weddingz.in offers in India’s fragmented $40bn weddings industry. The company has a healthy scale of managing 1,500-plus wedding events per quarter, with an inventory size of over 40 banquets spread across Mumbai and Delhi,” Maninder Gulati, Chief Strategy Officer – OYO, said.
With more than 10 million marriages in India held annually, the segment holds immense potential for innovation, improvement and standardization of processes. Organizing a wedding is a goliath task and OYO aims to introduce efficiency and streamlining the process by offering a one-stop platform for all the needs, including beautiful and spacious venues, decorations, catering and a dedicated wedding planner so families can enjoy this crucial milestone in a hassle-free manner.
Sandeep Lodha, Founder, Weddingz.in, commented, ‘’We are delighted to join forces with OYO in its mission of creating quality and beautiful spaces. Weddingz.in was started with a similar mission of adding value to the wedding planning experience of people while introducing a structure to the industry and how banquets operated in the past and we’ve successfully achieved that in the past 3 years. In the coming months, we'll expand the offering to other cities in India and later to global markets. This alliance will work towards simplifying wedding planning for Indians while tapping the enormous opportunities this space offers.''