OYO raises $250 m from SoftBank

Our Bureau Mumbai | Updated on January 10, 2018

Expansion OYO founder and CEO Ritesh Agarwal said the capital infusion would fund the company’s network expansion in India and abroad

Hospitality aggregator looks to add 10,000 rooms every month

Hospitality company OYO has raised $250 million (₹1,600 crore) in a fresh financing round led by SoftBank.

Existing investors Sequoia India, Lightspeed Venture Partners and Greenoaks Capital also participated in the Series D funding, which also saw the entry of Hero Enterprise.

OYO’s founder and CEO Ritesh Agarwal said OYO intends to add 10,000 rooms to its network each month.

“Over 95 per cent of OYO’s demand comes through our own channels with no commissions to pay, and the business has a solid growth outlook. The fresh capital infusion will support our organic expansion to newer markets in India and abroad. It will also enable us to bring additional resources to accelerate enhancement of customer experience and strengthen our technology stack,” he added.

Softbank’s investment was made through its $100-billion SoftBank Vision Fund, which was announced by the Japanese telecom major to invest in emerging companies worldwide. The investment in OYO is the Fund’s second major fund infusion into India after the $2.5 billion investment in Flipkart, made in August.

Published on September 07, 2017

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like