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Tuesday, Nov 19, 2019

OYO to raise $1 billion through SoftBank fund, investors for expansion

The company has already raised $800 million, and has further commitment of $200 million, OYO said in a statement.

business Updated: Sep 25, 2018 14:37 IST
Press Trust of India
Press Trust of India
New Delhi
A worker cleans the entrance of a hotel, next to the signboard for OYO Rooms at Fort Kochi, Kerala.
A worker cleans the entrance of a hotel, next to the signboard for OYO Rooms at Fort Kochi, Kerala. (Reuters File Photo)
         

Hospitality firm OYO Tuesday announced a capital raise of $1 billion (around Rs 7,280 crore) in a fresh round of funding led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund for further expansion.

The funding round also saw participation from other existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital.

The company has already raised $800 million, and has further commitment of $200 million, OYO said in a statement.

“In the last 12 months, we have increased our international footprint to five countries - India, China, Malaysia and Nepal, and more recently in the UK.

“With this additional funding, we plan to rapidly scale our business in these countries, while continuing to invest further in technology and talent,” OYO Founder & CEO Ritesh Agarwal said.