After disrupting India’s hotel industry to a great extent, homegrown startup OYO has now set its sight big on its next target: China.
After disrupting India’s hotel industry to a great extent, homegrown startup OYO has now set its sight big on its next target: China. Five-year old online hotel room aggregator OYO has announced $1 billion fundraising programme, from prominent Japanese investor Softbank and others, primarily to expand its operations in China and other countries.
The fresh round of funding was led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund, OYO said in a statement. While the company has already raised $800 million along with an additional commitment of $ 200 million, it said.
“In the last 12 months, we have increased our international footprint to five countries – India, China, Malaysia and Nepal, and more recently in the UK,” the company said. “With this additional funding, we plan to rapidly scale our business in these countries, while continuing to invest further in technology and talent,” OYO Founder & CEO Ritesh Agarwal said.
The existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital also participated in the funding round.
Last week, OYO had said it plans to hire over 2,000 technology experts and engineers by 2020. “With another 2,020 experts joining us by 2020, we will continue to invest in technologies like artificial intelligence, machine learning, and IoT, that will make curated guest experiences at every price point a reality, while ensuring sustainable incomes for partners and livelihood opportunities for several Indians,” OYO Founder & CEO Ritesh Agarwal said.