Softbank leads $100 mn investment into budget-hotel aggregator OYO
Online aggregator of budget hotels, OYO Rooms has raised $100 million (about Rs 630 crore), led by SoftBank Group.
The funding round also saw participation of existing investors Greenoaks Capital, Sequoia Capital and Lightspeed
India.
OYO will use the latest round of funding to implement new customer experience initiatives and build technology products,
it said in a statement.
Oyo Rooms, CEO and founder, Ritesh Agarwal.
Launched in 2013, OYO has a presence in over 70 cities with 12,000-plus available rooms. Its rivals include Tiger Global-backed Zo Rooms and Fabhotels.com (formerly Casa2Inns).
"We are at the forefront of solving a problem of lack of predictability of experience across hotels in the country. Our vision is to provide a standardised experience," OYO Rooms founder and CEO Ritesh Agarwal said.
Using OYO Rooms apps, customers can book hotel rooms with complimentary breakfast and Wi-Fi with 24x7 customer service support. Hotel owners who partner with OYO Rooms see a significant increase in occupancy levels and better visibility on their inventory.
PTI
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