New Delhi, Aug 3 : OYO Rooms has raised $100 million, led by the SoftBank Group, with participation from its existing investors – Greenoaks Capital, Sequoia Capital and Lightspeed India, a company statement said here on Monday.
The investors have been left surprised and struck mainly by Oyo’s rapid growth. The company started with a mere 4 properties in Gurgaon, now has a network spanning over 40 cities.
Post this funding, Oyo Rooms aims to build a 50,000 hotel network spanning across 100 cities by the end of this year. Oyo’s model, unique in itself, caught immediate attention of budding travellers. The startup partners with a select set of local hotels, and refurbishes their rooms with modern amenities like Wi-fi, Air conditioning etc. The company spends anywhere in between 10,000-20,000 to update a particular room. In another model, Oyo Rooms also ties up with hotel owners, to support the refurbishment costs.