OYO Rooms

Oyo Rooms Receive $90 Million from SoftBank

OYO Rooms, India’s renowned Budget hotel aggregator has received around $90 million funds from SoftBank Group Corp.

In this round, OYO hasn’t received any funds from existing investors include Greenoaks Capital, Light speed Venture Partners, and Sequoia Capital.

As per the report of TOI, OYO raised a sum of $90 Million funds in this round which is further divided into two tranches managed by SoftBank Corp. In the first tranche, $62 Million were raised, however, in the second part, the remaining $29 Million, also led by SoftBank is a combination of debt and equity.

The company expected to receive around $100 Million for the current round through an offered accurate issue of shares to its prevailing shareholders. The firm also planning to purchase back shares from current investors for almost $9 Million.

Oyo Rooms

Founded by Ritesh Agarwal in 2013, OYO claims to function in around 170 cities in India with 68,300 rooms across 5,855 partner hotels. By the end of 2016, the company aims to triple the number of partners.

Since 2014, SoftBank has supported Indian start-ups included Snapdeal, an e-commerce platform, Ola (ride-hailing service) and Housing (real estate website).

SoftBank invested about $1 billion between the periods of October to December 2014, in these three firms and has planned to invest $10 billion in India in coming 10 years.

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