Oyo will invest Rs 500 crore to add 35,000 rooms in Uttarakhand. The rooms will be spread across the states in cities like Dehradun, Mussoorie, Rishikesh, and Haridwar. The company has not given a timeline on when it will add these rooms.
Oyo now claims presence in over 350 cities with 10,000 hotels in India, Nepal, China, Malaysia, and the UK. The homegrown company also claimed last month to have over 1,25,000 rooms in India and over 87,000 rooms in China.
In its latest funding round, the company last month raised $800 million from SoftBank Vision Fund and other existing investors, most of which will be invested in expanded Oyo’s China operations. After the funding, the company stood valued at $5 billion.
Legal tussle with Zostel
Earlier this week, the Supreme Court appointed an arbitrator between Zostel and Oyo. The two have been embroiled in a legal war across multiple courts, ranging from issues like data theft to acting in bad faith. Accusations flew from both sides after merger talks between the two broke down.
Now, an arbitrator will decide whether the arbitrator agreement signed by the two stands. If it does, the companies will have to fight out their disputes in a private arbitration setting instead of in open court.