Oyo Rooms, a unique concept of providing budgeted hotel rooms started in 2013 has become India’s largest hospitality company and has since grown to over 8,500 hotels in 230 cities in India, Malaysia, UAE, Nepal, China, and Indonesia.
OYO Hotels has raised $800 million from SoftBank Vision Fund and the company confirmed a funding of $200 million from its already existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital. The company’s expansion plan includes its entry into newer markets and its further investment in India and China operations. The company will direct approximately $600 million to fuel its growth in China, which is still in the early stages.
Ritesh Agarwal’s venture has become a $5 billion firm, surpassing Taj Hotels and Oberoi Hotels. In the recent interview, CEO said: “By 2023, we will be the world’s largest hotel chain, We want to convert broken, unbranded assets around the globe into better-quality living spaces”.