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OYO raises USD 250 mn in fresh round of funding

Friday, September 08, 2017

Online hotel aggregator OYO today said it has raised USD 250 million (over Rs 1,600 crore) in a fresh round of funding led by its existing investors and Hero Enterprise.

The company plans to use the funds to expand its presence in India and South-East Asia, OYO said. "We have raised USD 250 million in a fresh round of funding led by existing investors SoftBank through SoftBank Vision Fund, Sequoia India, Lightspeed Venture Partners and Greenoaks Capital. Hero Enterprise has also joined as a new investor," OYO Founder and CEO Ritesh Agarwal told PTI. The funds would be used to expand presence across India and in other international markets in South-East Asia. The company is already present in Malaysia, he added. "The funding shows investor confidence in our unique business model and in our view and vision of the hospitality industry," Agarwal said.

The funds will be used for "higher penetration in the markets that we are present in and to expand in the new markets, customer service, research and development, training and also on technology", he added.

The company will also deploy capital to take its business model to international markets which are characterised by a similar supply-demand imbalance in real estate and hospitality, Agarwal said. The company had earlier raised USD 186 million in three rounds of funding.

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