OYO Rooms, the Indian Budget Hotel Marketplace, has closed an investment of $100M (Rs 630 crore) from Japanese conglomerate SoftBank. The other existing investors Sequoia Capital India,GreenOaks Capital and Lightspeed Venture Partners were also present in this round of investment
“The reason why we chose SoftBank was their ability to back early leaders and make them dominant leaders forever,” said Ritesh Agarwal, 21, founder and chief executive officer of OYO Rooms.
OYO plans to use this fund to expand its network to 50,000 rooms across 100 cities by the end of this year. Currently, it has over 10,000 rooms in over 800 hotels in 40 major business and travel destinations
In the Indian budget hotels space, OYO faces competition with Wudstay Hotels, Zen Rooms, Zip Rooms, FabHotels and GoStays. With this space spicing up, startups are focusing more towards mid and budget segments of the market
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