OYO Rooms raises $100 mn from SoftBank, others

Online aggregator of budget hotels, OYO Rooms on Monday said it has raised $100 million (about Rs 630 crore), led by SoftBank Group. The funding round also saw <g data-gr-id="15">participation</g> of existing investors Greenoaks Capital, Sequoia Capital and Lightspeed India. OYO will use the latest round of funding to implement new customer experience initiatives and build technology products, it said in a statement.

Launched in 2013, OYO has a presence in over 70 cities with 12,000-plus available rooms. Its rivals include Tiger Global-backed Zo Rooms and Fabhotels.com (formerly Casa2Inns). "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," OYO Rooms founder and CEO Ritesh Agarwal said. One can book hotel rooms with complimentary breakfast and Wi-Fi with 24x7 customer service support.