Indian hotel/room booking startup Oyo Hotels has raised USD 1 billion from multiple investors in a recent funding round, the company announced on Tuesday.
Existing investors including SoftBank Vision Fund, Sequoia Capital and Lightspeed Venture Partners have put in USD 800 million, with commitments for another USD 200 million, the company's press release said.
About USD 600 million of the total investment will be used in China where Oyo began operations 10 months ago.
Founded by Ritesh Agarwal in 2013, the company that began with one hotel in Gurgaon today claims to have 125,000 rooms listed in India.
“We will continue to explore newer businesses while remaining focused on both organic and inorganic growth. In the last 12 months, we have increased our international footprint to five countries - India, China, Malaysia, and Nepal, and more recently in The UK,” Agarwal said in a statement.
Oyo entered China in November 2017 and has expanded to 171 cities with 87,000 rooms. It is now in over 350 cities with 211,000 rooms.