BENGALURU: Premier online hotel booking startup, OYO 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.
It is known that Hero Enterprise has also joined the round as a new investor.
The investment is expected to help OYO accelerate network coverage to consolidate brand leadership in economy (OYO Rooms) and mid-market (Townhouse) segments.
According to Sunil Kant Munjal, Chairman, Hero Enterprise, “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.”
According to OYO’s blog page, “The fresh capital infusion will support organic expansion to newer markets in India. OYO will also deploy fresh capital to take its Made-in-India business model to international markets which are characterised by a similar supply-demand imbalance in real-estate and hospitality.