OYO and Meituan sign strategic agreement

It's only been a month since OYO Hotels & Homes had announced a partnership with Chinese online operator, Ctrip, and it is now entering another strategic partnership before the coals have even cooled.

OYO has announced a year-long strategic partnership with leading Chinese online services company Meituan that will see the SoftBank-backed company list its properties on the Meituan Hotels platform.

The announcement comes about a month after the Gurgaon-headquartered company had also announced a tie-up with Ctrip, a leading Chinese online operator, as it looks to go deeper in its the world’s second-largest economy, and one that it refers to as its second home market alongside India. 

The company did not share the financial terms of the partnership. 

In its statement, OYO said that under the terms of its partnership with Meituan, OYO Jiudian, its Chinese subsidiary, will list 8,000 properties on the latter’s platform, allowing it to drive consumer traffic, data operations brand promotions. 

"Our partnership with Meituan is a reflection of our commitment to providing quality living spaces to consumers and creating higher value for small- and medium-sized standalone hotel owners across China,” Sam Shih, Chief Operations officer at OYO Jiudian, said. 

Meituan, which raised $4.2 billion in its Hong Kong initial public offering last year, was reported to have pipped Ctrip in terms of domestic room nights booked, claiming 33.6% market share for Meituan versus 33% for Ctrip. 

“We have held strong the principles of opening up and achieving mutual wins. We wish to work with various kinds of partners to harness technological innovation and provide well-rounded services that satisfies our customers…,” Guo Qing, Vice President - Meituan Group, General Manager of Meituan Hotel, Meituan Ticketing and Meituan Vacation, said in the statement. 

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