Pune: OYO Rooms today announced that it has raised USD 100 million, led by the SoftBank Group, with participation from existing investors – Greenoaks Capital, Sequoia Capital and Lightspeed India.
Launched in 2013, OYO has grown to become India’s largest branded network of hotels and is today present in more than 70 cities with 12,000 plus available rooms. For customers looking for a place to stay, OYO offers a three-tap booking app, convenient payment channels, high quality reliable experience and services, and 24X7 customer support. In India’s highly fragmented hotel industry, OYO empowers unbranded hotels to increase revenues by providing access to technology, operational best practices and a national ecosystem of vendors and sales channels.
OYO will use the latest round of funding to implement new customer experience initiatives, build innovative technology products, and extend its domination in this space which it has pioneered
Ritesh Agarwal, Founder and CEO of OYO Rooms said, “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 standardized experience – the OYO experience, to anyone, anywhere looking for a place to stay when not at home. We are excited to have global investors like SoftBank partner with us in this vision. Their experience in building innovative companies globally will bolster our efforts to grow into one of the world’s most trusted hotel businesses.”
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