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OYO raises USD 10 mn from hospitality major China Lodging Group

Wednesday, September 13, 2017, 15:00 Hrs  [IST]
HBI Staff | Mumbai

According to a Business Standard report, Hospitality firm OYO on September 13, 2017 said China Lodging Group has signed an agreement to invest USD 10 million (over INR 63 crore) as equity in the company. OYO had recently raised USD 250 million in a funding round led by Softbank Vision Fund.

As per the Memorandum of Understanding (MoU), a partnership will combine the technical strengths and operational expertise of OYO with China Lodging Group's extensive coverage and strong development capability in China, OYO said in a statement.

Commenting on the pact, OYO founder & CEO Ritesh Agarwal said: "We are very excited about this partnership - both in terms of potential opportunities and existing synergies through our complementary strengths and capabilities."

"The MoU signifies the shared aspirations of China Lodging Group and OYO to explore growth opportunities in the global hospitality industry and to create synergies by working together," said Jenny Zhang, CEO, China Lodging Group.

Under the terms of the pact, China Lodging Group and OYO will explore initiating knowledge and technology sharing projects of mutual interest to enable a co-learning opportunity in the fields of technology and hospitality among other things, the statement said. This could include an exchange programme for employees, sharing of technology and intellectual property, it added.

"The partnership is also expected to leverage benefits from economies of scale, not limited to, sourcing and procurement and joint loyalty programmes", the statement said.

(Source: Business Standard)

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