OYO gets $250 mn finance led by SoftBank Vision Fund

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New Delhi, Sep 7 (IANS) Hotel room aggregator OYO has raised $250 million (Rs 1,600 crore) in a Series D financing round led by SoftBank through SoftBank Vision Fund, a company statement said here on Thursday.

The existing investors Sequoia India, Lightspeed Venture Partners and Greenoaks Capital also participated. Hero Enterprise has also joined the round as a new investor.

“We are now focusing on further accelerating network coverage to consolidate our leadership in economy through OYO Rooms and mid-market category through Townhouse brands. We will also deploy fresh capital to take our made-in-India business model to international markets which are characterised by a similar supply-demand imbalance in real-estate and hospitality,” said Ritesh Agarwal – Founder and CEO, OYO.

“OYO has solidified its position in India as the leading accommodation brand for consumer affordability and high quality standards. We’re excited to continue to support OYO as they further expand their position in India and bring the OYO promise of affordability and elevated hospitality to other markets around the world,” said Justin Wilson, SoftBank’s Board representative on OYO.

OYO now operates in 230 cities across India, Malaysia and Nepal.

–IANS

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