Oyo has raised $800 million in a funding round led by SoftBank Vision Fund, with participation from existing investors Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital. It has received a commitment of an additional $200 million, summing up the final investment to $1 billion. However, it is unclear as to when the additional $200 million will be issued. Oyo will invest a significant part of the newly raised funds — approximately $600 million — into its China operations. It will also deploy the capital in existing markets, expand into new international markets and recruit new talent. Internationally, Oyo operates in China, Malaysia, Nepal and began operations in London this month. The company claims to have over 10,000 hotels in over 350 cities globally. The homegrown company also claims to have over 1,25,000 rooms in India and over 87,000 rooms in China. Oyo is adding 40,000-45,000 rooms every month between China and India, the company’s founder and CEO Ritesh Agarwal told Business Standard. Agarwal told the publication that Oyo will also use the newly raised funds to explore newer businesses. Oyo's spokesperson told MediaNama that the company is now valued at $5 billion, making it the most valued hospitality company in the country, according to a report by Business Standard. OYO’s previous funding With this funding, OYO has raised a total of $1.45 billion (including the $200 million commitment) in nine rounds of funding, per CrunchBase data. This round of investment comes after Oyo, in September 2017, raised $250 million in a Series D round led by SoftBank…
- MediaNama Daily: It’s not you, it’s your data January 28, 2023
- Why is Google not fully complying with India’s orders, MapmyIndia CEO asks January 27, 2023
- Unique Identification Authority of India working on age verification through e-KYC January 27, 2023
- Views: Why India’s “indigenous” smartphone operating system BharOS is overhyped January 27, 2023
- Here’s why Twitter employees’ access to its ‘God Mode’ function is a problem January 27, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...