Hotel aggregator OYO has secured $250 million in Series D funding led by SoftBank Vision Fund. Existing investors Sequoia India, Lightspeed Venture Partners, and Greenoaks Capital participated in the round, while Hero Enterprise joined in as a new investor.
OYO recently moved to a full inventory option with its latest launch of a chain of hotels under the Townhouse brand. and the latest funding will help the startup scale its network and further invest in Townhouse. “We are developing capabilities to add 10,000 rooms to our network each month,” Ritesh Agarwal, Founder and CEO, OYO said in a statement.
“We will also deploy fresh capital to take our made-in-India business model to international markets which are characterised by a similar supply-demand imbalance in real estate and hospitality,” Ritesh added.
Though the company hasn’t specified the exact terms of the latest funding round, the investment is believed to value the Gurgaon-headquartered company at $850 million-$900 million, significantly higher than $460 million from the company’s last funding round in August 2016.
SoftBank is betting big on the Indian startups once again. After writing off its losses in Snapdeal, the Japanese investor pumped in $2.5 billion in rival Flipkart. Earlier, it had made a solo investment of $1.4 billion in e-commerce and payments company Paytm, which also has the backing of Alibaba.