OYO raises money from Didi Chuxing
OYO raises money from Didi Chuxing

OYO raises money from Didi Chuxing

Budget hospitality chain OYO has raised $100 million (Rs 709.4 crore) from Chinese ride-hailing firm Didi Chuxing to close its ongoing $1 billion investment round, shows filings with the Registrar of Companies. As part of the $1 billion investment round, $900 million has already been invested by Japanese conglomerate SoftBank, Singapore ride-hailing company Grab and others. Under the $1 billion round, OYO had raised $800 million in September last year from SoftBank and other investment firms including Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital. The round valued the Ritesh Agarwal-led firm at $5 billion. In December 2018, the Gurugram-based start-up raised $100 million from Grab to take the overall amount of the round to $900 million. Run by Oravel Stays Pvt. Ltd, OYO has been on an expansion spree and is currently present in 500 cities across eight countries: India, China, Malaysia, Nepal, UK, UAE, Indonesia and the Philippines. It currently operates over 13,000 franchised or leased hotels and over 6,000 homes as part of its chain. In India, OYO is present in over 180 cities with more than 8,700 properties. Agarwal, founder and group CEO at OYO, had said that a significant part of the $1 billion will go towards its China business.

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