Startup City Magazine

Japanese SoftBank Group Invests $100 Million in Buget Hotels Chain OYO Rooms

Bengaluru: OYO Rooms, a Gurgaon-based budget hotel chain, raises $100 million in Series B funding round led by SoftBank Group of Japan. Existing investors of OYO, Greenoaks Capital, Sequoia Capital and Lightspeed Venture Partners also contributed to the round. The company plans to improve its customer experience, enhance the technological offerings and launch other initiatives to accelerate its business growth. Prior to this, the company had also raised $25 million in Series A round from the same trio of investors in March this year and $650,000 from DSG Consumer Partners and Lightspeed Venture Partners in May last year.

Ritesh Agarwal, a Thiel Fellowship winner, started OYO rooms in 2013. OYO is India’s largest network of hotels which renders quality hotels at a very reasonable price. The company claims to have listed over 12,000 rooms in 70 cities across India, including Delhi, Bengaluru, Hyderabad, Chennai, Goa, Kolkata, Mumbai and Gurgaon. The company also operates Android and iOS-based mobile app through which the customers can book the rooms at any location of their preference.

Earlier this year, OYO’s competitor startup, Stayzilla had raised $20.5 million from Nexus Venture Partners and Matrix Partners in February, while ZoRooms had raised $15 million in its Series A funding from Tiger Global and Orios Venture Partners in July.

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