Oyo Entices Virus-Stricken Hotels in Japan With Cash
- SoftBank-backed startup offering a lump sum for joining
- Oyo struggled to expand in Japan after entering in early 2019
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Oyo Hotels, one of the largest startups in SoftBank Group Corp.’s portfolio, is promising cash to hotels in Japan that join its platform as bookings plunge in the coronavirus-stricken country.
The Indian startup, looking to get more hotels into its network and expand its reach, will pay new members a lump sum equal to a proportion of their past year’s revenue, the company said in a statement on Friday. Dubbed Oyo Partner Support Program, the offer is available immediately and will run indefinitely, the company said without giving further details.