Hospitality company OYO raised a total of $800 million in the latest financing round led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund, with participation from existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital.
OYO has also announced that it had raised an additional cash influx of $200 million, bringing the total to $1 billion in this round. ” In last 12 months, the company had increased its international footprint in India, China, Malaysia, Nepal and the U.K,” said OYO founder Ritesh Agarwal.
The latest funding will be used to scale up the business in coming days. “We will deploy fresh capital to take our unique model that enables small hotel owners to create quality living spaces, global,” added Ritesh. The exclusive financial advisor of OYO’s latest funding round is Financial services company J.P. Morgan.
According to reports, a major share of the funding will be driven to strengthening OYO’s position in China.