New Delhi [India], Sept 7 (ANI): Budget-hotel chain OYO on Thursday announced that it has raised USD 250 million in a Series D financing round led by SoftBank, through SoftBank Vision Fund with participation from existing investors such as Sequoia India, Lightspeed Venture Partners and Greenoaks Capital.
The freshly-generated capital is to be channelised towards developing OYO's made-in-India business model on an international level as the company plans to expand its presence across South-East Asia. Additionally, OYO is looking to add 10,000 rooms to the network each month.
"In less than four years, OYO has become India's largest hospitality company in terms of network presence and inventory. Travellers and city-dwellers alike have embraced our offering of hassle-free and affordable stay accommodation, available anytime anywhere, at the touch of a button. 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," said Ritesh Agarwal - Founder and CEO, OYO.
Additionally, Hero Enterprise has also joined the round as a new investor.
"As a business family, we have always set new paradigms; so OYO's unique business model excites us. The differentiated thinking and ingenuity that Ritesh and his team bring to this industry gives us confidence that OYO can scale, innovate and set new benchmarks in customer experience," said Sunil Kant Munjal, chairman, Hero Enterprise.
Over 95 percent of OYO's demand comes through channels with no commissions to pay and the business has a solid growth outlook. The fresh capital infusion is also expected to support the organic expansion to newer markets in India and abroad, and enable the firm to bring additional resources to accelerate enhancement customer experience and strengthen the technology stack.
Launched in May 2013, OYO pioneered the use of technology in budget-hotel operations in India. It standardized hotel rooms across the country, making them available for booking via app, web, call centre and channel partners.
OYO apps enable faster, convenient and delightful experience for customers and hoteliers. OYO operates through OYO Rooms - the economy brand in the marketplace model and Townhouse - a managed hotel brand that combines experience and value for mid-market customers.(ANI)
This story has not been edited. It has been published as provided by ANI
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