OYO Rooms Raises $62 Million From SoftBank
OYO Rooms getting bigger and better!
Founded in 2013 by Ritesh Agarwal, OYO Rooms raised a whopping $62mn from its existing investor- Japan’s SoftBank Group Corp. with no participation from other existing investors including Greenoaks Capital, Sequoia Capital, and Lightspeed Venture Partners.
Gurugram-based budget hotel aggregator OYO Rooms is India’s largest branded network of hotels spread across 213 cities with 6500+ hotels offering standardized stay experiences at an unmatched price. Although the startup was looking to raise over $100mn in this round of funding, OYO Rooms is yet in for greater success with the investment.
According to a TOI report, OYO is closing a $90mn in this funding round, split into two i.e. $62mn and $29mn- a mix of equity and debt that will again be led by SoftBank.
Brief Funding History
- OYO Rooms was initially funded by VentureNursery
- 2014- Gathered a seed round from Lightspeed Venture Partners and DSG Consumer
- October 2014- INR 30 Cr funding from Sequoia Capital
- March 2015- Raised over $25mn from Greenoaks Capital, Lightspeed, and Sequoia at a valuation of $100mn
The company has seen great success in the past couple years in terms of support from multiple investors and growth opportunities. Do you think OYO Rooms gets the recognition they deserve? Spread the word! Please share your thoughts in the comments section below.
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