Oyo in talks for entering the assisted-living sector

hotel room aggregator giant based out of India, Oyo, is in talks over whether or not the company will enter the assisted-living sesctor through its New Real Estate Businesses arm, a channel that includes co-living vertical for millennials, Oyo Life.

The SoftBank-backed hospitality chain, valued at around $5 billion during its last round of equity financing, may venture into the space through its New Real Estate Businesses arm, which includes Oyo Life.

“Assisted living for senior citizens could be a natural extension for our business,” said CEO of Oyo’s New Real Estate Businesses, Rohit Kapoor, who joined the startup in November. He also serves as director on Antara Senior Living, a Max India Group initiative that focuses on people over the age of 60.

Elder services care could be a potentially lucrative space for interested players in India. The country’s elderly population is set to touch 300 million by 2050, accounting for 18% of the overall population, according to a study by CII. In comparison, elder care services market is estimated to reach $1,900 billion worldwide by 2026, growing annually at 8.5% during the period, revealed data from global research agency Persistence.

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