HospitalityBiz India
Hotels FoodService Operations Ministry Associations Equipment Editorial HR Technology Technology Advisory Board Community
Follow us on Facebook Follow us on Twitter instagram
    Home > F&B Overview > News

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)

Print News Email News Back
Bookmark to Add to NewsvineNewsvine Bookmark with Digg ItDigg
Add RSS to Add to Google Add to My Yahoo! Subscribe with Bloglines Subscribe
* Name :    
* Email :    
* Message :  
  H&R Johnson opens sixth Experience Store in India to service Customers, Architects & Designers as a one-stop-shop
  Beverly Wilshire launches Secret Rosé Garden for celebration of its 90th Anniversary
Receive the best of Hospitality content in your mailbox.
Weekly e-Newsletter
Events Calendar
Global Travel Mart for India
September 15-16, 2018, Vigyan Bhawan, New Delhi

FHRAI Annual Convention
September 20-22, 2018, Lucknow

Kerala Travel Mart (KTM)
September 27-30, 2018, Kochi, Kerala
© Copyright 2016 Saffron Synergies Pvt Ltd