OYO Rooms raises $100-mn funding

OYO Rooms,  an online aggregator of affordable hotels which started off its journey in 2013, on Monday said it has raised $100 million (about Rs 630 crore), in a round led by SoftBank Group.

The other participants in the funding include Greenoaks Capital, Sequoia Capital and Lightspeed India. OYO, a startup founded by 21-year-old Thiel Fellow Ritesh Agarwal, had raised $25 million last April.

“We are at the forefront of solving a problem of lack of predictability of experience across hotels in the country. Our vision is to provide a standardised experience — the OYO experience — to anyone, anywhere looking for a place to stay when not at home,” OYO Rooms founder and CEO Ritesh Agarwal said.

“The company is excited to have global investors like SoftBank partner with us in this vision. Their experience in building innovative companies globally will bolster our efforts to grow into one of the world's most trusted hotel businesses,” said Agarwal.

Using OYO Rooms apps, customers can book hotel rooms with complimentary breakfast and Wi-Fi with 24x7 customer service support.

Hotel owners who partner with OYO Rooms see a significant increase in occupancy levels and better visibility on their inventory, the company claimed.