wordpress blog stats
Connect with us

Hi, what are you looking for?

OYO Rooms secures Rs 150 crore funding from Greenoaks Capital and others

OYO Rooms

Branded budget hotel rooms marketplace OYO Rooms has secured Rs 150 crore* or $20 million in a funding round led by Greenoaks Capital and other existing investors. The Gurgaon-based startup has expanded aggressively in the past six months, growing from 30 hotels to 200 and from one city to 10. By the end of this year, OYO plans to list 1,000 hotels, the report added.

OYO Rooms operated as Oravel.com and pivoted its business from an Air BnB clone following operational issues. Founded in 2012, Oravel allowed users to search for short stay rooms and apartments in India. Users could list their serviced apartments, boutique properties and villas and travelers can book these properties from the site. Later the company shifted focusing on its budget hotel chain OYO Rooms.The company had temporarily scaled down operations after two senior executives on the tech side had left the company.

In May, Oravel had raised funding from DSG Consumer Partners, apart from Lightspeed Venture Partners. It was rumoured that Lightspeed Ventures had invested Rs 4 crore in the company at that time.  Oravel had raised its seed funding from angel investors which included Shravan Shroff, founder of Fame Cinemas, and Ravi Kiran, former CEO – South East & South Asia – Starcom MediaVest Group and angels Anand Ladsariya, managing director of Everest Flavours, Amit Patni, co-founder and chairman of Nirvana Venture Advisors and Bharat Banka, CEO of Aditya Birla Private Equity invested in the firm.

Recently, OYO Rooms was in the news for infringing on competitor Stayzilla’s trademarks on Google Adwords and companies took to Twitter to settle the issue.

*Update: An earlier version of the story had said that OYO Rooms had raised Rs 125 crore, based on a report on The Economic Times. OYO Rooms issued a statement clarifying that it had raised Rs 150 crore.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ