OYO to raise $1 billion in funding from SoftBank, others

NEW DELHI: Hospitality firm

OYO

Tuesday announced a capital raise of $1 billion (around Rs 7,280 crore) in a fresh round of funding led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund for further expansion.


The funding round also saw participation from other existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital.

The company has already raised $800 million, and has further commitment of $200 million, OYO said in a statement.

"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.

"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 and CEO Ritesh Agarwal said.