Founded by Ritesh Agarwal in 2013, OYO started as Oravel Stays, rebranded to standardize budget hotels and franchising. The model includes a digital platform, quality standards, and easy franchise. Active global expansion began in 2015–2017, entering markets in China, Southeast Asia, and the UK. Significant investments from SoftBank and other investors led to a valuation of around $10 billion at its peak in 2019