India-based Oyo Hotels & Homes has teamed with Biz2Credit, an online financing resource for small businesses, to provide working capital and commercial real estate loans to existing and potential hotel partners across the United States.
The company said the partnership with Biz2Credit will aid its efforts to provide hotel owners with fast financing for renovation, redesign, infrastructure upgrades and investment in technology for improved revenue management and operations.
“We are excited about partnering with Biz2Credit to support our asset partners across the United States with their financing requirements,” said Abhinav Sinha, COO and operating partner for Oyo Hotels & Homes, USA. “Biz2Credit is one of the best-known, longest-established and most-successful companies in the FinTech space. They are an important strategic partner for Oyo as we pursue our expansion plans in the U.S. and elsewhere while staying true to our commitment to our real estate partners by putting skin in the game. We are certain that through this partnership, our asset partners will be able to benefit from Oyo’s tech-enabled and data science-backed world-class expertise in interior design and renovations and revenue management.”
Biz2Credit uses technology to connect small business owners with financing options based on each potential customer’s business profile. All transactions are conducted in a price-transparent online environment.
“This will be a mutual referral agreement in which Biz2Credit will also refer its hotel clients to Oyo for potentially opening new Oyo properties,” said Biz2Credit CEO Rohit Arora,. “We are proud to partner with a growing global hospitality company that has brought its successful business model to the real estate owners across the United States. Biz2Credit helps streamline the financing process and saves time, effort and cost in order to get business owners the best financing options available today."
Oyo already has attracted investment from Airbnb, SoftBank Vision Fund, Greenoak Capital, Sequoia Capital, and Hero Enterprise. The company’s founder, Ritesh Agarwal, recently signed a $2 billion primary and secondary management investment round, allowing him to increase his stake in the business.