SoftBank invests $100M in OYO Rooms

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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Akash Boaz

Akash Boaz

Akash is a Startup Enthusiast and an Entrepreneur by Heart. He is usually High on Tech and loves being a Life Hacker. Apart from being a Gamer by passion and a Foodie by choice, Akash loves to write about the Startup Ecosystem Stories. In addition to being a Management Consultant, he is also the Editor at Geekopedia
Akash Boaz

Akash Boaz

Akash is a Startup Enthusiast and an Entrepreneur by Heart. He is usually High on Tech and loves being a Life Hacker. Apart from being a Gamer by passion and a Foodie by choice, Akash loves to write about the Startup Ecosystem Stories. In addition to being a Management Consultant, he is also the Editor at Geekopedia

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