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OYO raises $250 million in latest financing round

Hero Enterprise joins as new investor in OYO

Friday, September 8, 2017, 10:20 Hrs  [IST]
HBI Staff |New Delhi

OYO, India’s largest network of budget hotels, has raised $250 million (INR 1600 crore) in a Series D financing round led by SoftBank through SoftBank Vision Fund with participation from existing investors Sequoia India, Lightspeed Venture Partners and Greenoaks Capital. Hero Enterprise has also joined the round as a new investor.

Speaking about the development, Ritesh Agarwal – Founder & CEO, OYO said, “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. We will also deploy fresh capital to take our made-in-India business model to international markets which are characterised by a similar supply-demand imbalance in real-estate and hospitality.”

Sunil Kant Munjal, Chairman, Hero Enterprise, added, “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. We are delighted to join other marquee investors in OYO’s exciting journey towards becoming a global brand.”

 
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