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India’s Largest Branded Network of Hotels, OYO Rooms, raises $100mn SoftBank is the leading investor
India’s Largest Branded Network Of Hotels, OYO Rooms, Raises $100mn SoftBank Is The Leading Investor. 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.
New Delhi: 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.”
About OYO Rooms
OYO Rooms is India’s largest branded network of hotels founded by Ritesh Agarwal, India’s first graduate of the Thiel Fellowship, a program started by Paypal founder, Peter Thiel. OYO
Rooms currently operates in more than 70 of India’s cities including Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad, Goa, Chennai, Kolkata and others. OYO’s presence includes major metros, regional hubs, top leisure destinations, as well as pilgrimage towns. The company’s vision is to become the most preferred and trusted hotel brand for both customers as well as partner owners and is backed by the world’s leading investors including the Softbank Group,
Greenoaks Capital, Sequoia Capital and Lightspeed India.
OYO Rooms promises comfortable premium delightful stays with features such as an air conditioned room, complimentary breakfast and Wi-Fi with 24x7 customer service support.
Guests can use the OYO Rooms App (over 500,000 downloads) for booking rooms as well as order beverages and request room service. Hotel owners who partner with OYO Rooms see a significant increase in occupancy levels, get access to the world’s first tablet based property management apps and become part of a brand that is recognized and most loved by travelers nationwide.
OYO Rooms has received several national and international accolades including Business
World Young Entrepreneur Award, TIE Lumis Business Excellence Awards, India International
Travel Mart Award and Lufthansa ET Now Runway to Success Award.
