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<ul><li>Oyo has received an undisclosed amount of funding from <keyword id="719382" type="COMPANY" weightage="20" keywordseo="Airbnb">Airbnb</keyword> in a series E round. </li><li>The strategic investment will see both Oyo and Airbnb collaborate on various projects. </li><li><keyword id="2550719" type="PERSON" weightage="20" keywordseo="OYO-Rooms">Oyo Rooms</keyword> had also announced its home rental service in Japan on Monday.</li></ul>US-based home renting startup AirBnB has reportedly picked up a stake in Oyo Rooms. In a series E funding whose details are undisclosed, AirBnB has invested in the Indian hospitality unicorn. According to earlier <a href="https://www.businesstoday.in/current/corporate/airbnb-in-talks-to-invest-100-200-million-in-oyo-report/story/329283.html">reports</a>, AirBnB had been looking at investing anywhere between $100 million-$200 million in the Indian startup. “As the 6th largest hotel chain operator in the world, we at, OYO Hotels &amp; Homes, are committed to offering our guests and travelers around the world, great quality living spaces. We are happy to have Airbnb as our partner in this vision,” said Maninder Gulati, Global Chief Strategy Officer at OYO Hotels &amp; Homes. Gulati further said that Airbnb’s strong global footprints and access to local communities will open up new opportunities for OYO Hotels &amp; Homes to strengthen and grow while staying true to our core value proposition. According to sources, the funding development from Airbnb comes as a strategic <keyword id="7485728" type="UNKNOWN" weightage="20" keywordseo="Investment-in-OYO">investment in Oyo</keyword>. Both Oyo and Airbnb are looking at opportunities to collaborate on a range of projects, including making OYO accommodations available on the Airbnb platform. “India has approximately 410 million millennials, that’s more than the entire population of the US. This group increasingly makes up for the dominant segment of consumers and is looking for new and authentic travel experiences. We are working towards achieving 1 billion Airbnb users in the next 10 years and India will play an important role in helping us achieve that goal,” Nathan Blecharczyk, co-founder of Airbnb had told Business Insider on March 13. Oyo Rooms has been growing at a fast rate, expanding its business territories beyond India. Having successfully expanded in China and several South East Asian markets, on Monday, Oyo also announced that it’s expanding in Japan with Oyo Life – an apartment rental service. An official statement from the company said that the company has already received over 11,000+ pre-registrations and has touched an occupancy of over 114% at the time of launch itself. See Also: <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a> <a href="https://www.businessinsider.in/exclusive-airbnb-may-defer-its-ipo-plan/articleshow/68392360.cms">'We have not decided if we will go public in 2019': Airbnb cofounder hints at IPO timing</a>

Airbnb picks up a stake in its Indian rival Oyo Rooms

Founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> has invested Rs 830 crore through his Singapore-based entity Patient Capital in <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword>'s latest <keyword id="20080855" type="General" weightage="20" keywordseo="funding-round" source="keywords">funding round</keyword> -- wherein the <keyword id="21745043" type="General" weightage="20" keywordseo="travel-tech-platform" source="keywords">travel tech platform</keyword> raised Rs 1,457 crore, sources said. Post the equity dilution in the <keyword id="22756111" type="General" weightage="20" keywordseo="Series-G-funding" source="keywords">Series G funding</keyword>, Agarwal's holdings will increase from 29.97 per cent earlier, to 32.57 per cent post the investment, sources told PTI. According to sources close to the transaction, "Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company's prospects. The investment is backed by Singapore-based family offices." <keyword id="20517346" type="General" weightage="20" keywordseo="Oravel-Stays-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Oravel Stays Ltd" meta.hostid="261" meta.entityid="Oravel Stays Ltd">Oravel Stays Ltd</keyword>, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round. The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8. The additional fundraise values the company at USD 2.4 billion, as the first Series G tranche issued to InCred in July. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The capital will be used to support OYO's growth and its global expansion plans, sources said.

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> has announced a Joint Venture with <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> Corp and Softbank Vision fund to launch <keyword id="7496028" type="UNKNOWN" weightage="20" keywordseo="Oyo-Hotels-Japan">Oyo Hotels Japan</keyword>. </li><li>Softbank has been an investor in OYO since 2018.</li><li>OYO had recently announced its funding from Airbnb as well.</li></ul>Indian hospitality <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> OYO has announced its partnership with Japan-based SoftBank Corp and the SoftBank Vision fund to expand its business in Japan. The new venture called Oyo Hotels Japan will be led by Prasun Chaudhary, one of OYO's founding members. OYO had recently announced its housing rental service in Japan called Oyo Life. The company’s official statement said that their business in Japan would “empower small and independent asset owners in Japan with its rapid transformation capabilities and integrated hotel / ryokan management system powered by advanced AI technology.” Softbank has been a loyal supporter of OYO. The Japanese investment firm has been one of OYO's investors since 2015. It was Softbank's investment that led OYO into the Indian unicorn club with a $5 billion valuation in September 2018, a huge jump from the $900 million valuation it had until then. OYO which had expanded its business in China in 2017 had already made China one of its biggest markets. Now, with its entry into Japan it aims to get closer to its dream of being the <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">world’s biggest hotel chain.</a> “OYO is already the most preferred brand in the budget to mid-segment hospitality space in several global markets, where our operational expertise in revenue management, and distribution, through both offline and online channels, has helped us gain significant momentum,” said <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, Group CEO &amp; Founder, OYO Hotels &amp; Homes. OYO had recently announced a strategic investment from global giant Airbnb. See Also: <a href="https://www.businessinsider.in/home-renting-giant-airbnb-invests-in-indian-unicorn-oyo-rooms/articleshow/68670636.cms">Airbnb picks up a stake in its Indian rival Oyo Rooms</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a> <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a>

OYO partners with Softbank to create a joint venture for its Japan business

Hotel aggregator <a href="http://www.businessinsider.in/searchresult.cms?query=Oyo+Rooms&amp;sortorder=effectivedate">Oyo Rooms</a> is in talks with <a href="http://www.businessinsider.in/searchresult.cms?query=SoftBank&amp;sortorder=effectivedate">SoftBank</a> to raise about $300-500 million in what could be the biggest financing in <a href="http://www.businessinsider.in/searchresult.cms?query=startups&amp;sortorder=effectivedate">startups</a> since November 2015. A successful fund raise may value <keyword id="2550719" type="UNKNOWN" weightage="100" keywordseo="OYO-Rooms">Oyo Rooms</keyword> at $1.2 billion and propel it into the unicorn club where <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm&amp;sortorder=effectivedate">Paytm</a> are present. 
 Existing and new investors may take part in the fundraising round, where <keyword id="2808667" type="UNKNOWN" weightage="100" keywordseo="OYO">Oyo</keyword> is getting a pre-money valuation of $700-750 million, an official with knowledge of the developments told ET. 
 The funding from the Masayoshi Son-led company will come through <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> Vision Fund — $100 billion fund which has investments from Saudi Arabia’s sovereign wealth fund and Apple. 
 The funding will help Oyo further expand its network of 7,000 <keyword id="6368036" type="PERSON" weightage="100" keywordseo="Hotels">hotels</keyword> and 70,000 rooms in 200 Indian cities. Key to expansion plans will be its new initiative called Townhouse, which targets the mid-premium segment as compared budget segment for Oyo Rooms. The startup is taking properties on lease in order to control customer experience in Townhouse Properties, four of which have already opened in Delhi and Gurgaon area. 
 
According to a source, Oyo is looking forward to introduce 200-250 Townhouse properties across the country by end of the year. The company has also started international expansion, first with Malaysia and will expand to other geographies. 
 
The large capital infusion will give Oyo Rooms the muscle to compete with rivals like the Makemytrip-Ibibo combine as well as counter newer threats from overseas players like Priceline-owned Bookings.com, said investors tracking the space.

Oyo Rooms likely to raise up to $500 million funds from SoftBank

<a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate">SoftBank</a> is going to lead the $250 million funding round of <a href="http://www.businessinsider.in/searchresult.cms?query=oyo+rooms&amp;sortorder=effectivedate">Oyo Rooms</a>, which will take the online hotel booking platform’s valuation to $850 million. ET reported the size of <keyword id="2550719" type="UNKNOWN" weightage="20" keywordseo="OYO-Rooms">Oyo Rooms</keyword>’ latest <a href="http://www.businessinsider.in/searchresult.cms?query=funding&amp;sortorder=effectivedate">funding</a> round is half of the $500 million proposed by <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>. After the fresh round of funding, SoftBank will have 42% ownership. "Seeing what has played out at <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, many early investors are wary of SoftBank taking large ownerships in their portfolio companies. But Oyo hasn't been able to shore up capital from external investors, which is why they have opted for half of what was committed by SoftBank," a person privy to the transaction told ET on the condition of anonymity. The investment in Oyo will come through the newly launched $100-billion SoftBank Vision Fund, which is eyeing opportunities in technology ventures globally. A SoftBank spokesperson told ET, "We do not comment on portfolio companies and especially around fund-raising efforts. We are very happy with Oyo's progress in general and commend the team." Oyo may still be trying to get an external investor to come into this round, a source told ET. The hotel aggregation segment in India has gone through consolidation post a slug of capital coming into companies like Oyo and the Tiger Global-backed Zo Rooms, which shut down last year.

Oyo Rooms’ valuation to touch $850 million, this will be the size of its funding

<ul><li>After being valued at between $850-$900 million at the end of last year, <keyword id="2550719" type="COMPANY" weightage="20" keywordseo="OYO-Rooms">OYO Rooms</keyword>, is now worth five times more than that courtesy a $1 billion funding round led by <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword>’s Vision Fund. </li><li>Infact, with its latest valuation of a little under $5 billion, the Gurugram-based company is now the most valuable hotel chain in South Asia. </li><li>OYO’s founder, 24-year old Ritesh Agarwal, will use the funds to continue the hotel operator’s overseas expansion as well as making further inroads in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. </li></ul>After being valued at between $850-$900 million at the end of last year, OYO Rooms, which was founded in May 2013 by 24-year old Ritesh Agarwal, is now worth five times more than that courtesy a $1 billion funding round led by Softbank’s Vision Fund. Infact, with its latest valuation of a little under $5 billion, the Gurugram-based company is now the most valuable hotel chain in South Asia, easily leapfrogging the Taj and Oberoi chains, which are valued at around $2 billion and $1.2 billion, respectively. It is also the country’s second-most valuable startup after Paytm. Flipkart has been ruled out of consideration following its acquisition by Walmart. Solid growth While it’s latest funding round could be an indication of the valuation bubble that India’s startup ecosystem finds itself in, the company has recorded a commendable level of growth since its founding. It currently offers nearly 211,000 rooms in 350 cities in five countries. It has about 8,500 hotels across 230 cities India with around 87,000 rooms in 171 cities in <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>. This marks an impressive turnaround for a company that was struggling with vacancies and complaints of poor customer service just a few years ago. This caused it to shift gears from the AirBnb model of connecting customers with hotel operators to a franchising model. Through its Townhouse brand, which was launched in early 2017, OYO Rooms focused on offering budget hotel experiences to customers in properties that were fully operated by the company employees. Hence, it got full control of its inventory of rooms in order to improve the customer experience. Under the latest funding round, OYO will receive around $800 million upfront with an additional commitment of $200 million. Softbank was joined by OYO’s existing investors Sequoia Capital and Lightspeed Ventures in the latest round. What will OYO use the money for? The investment will help OYO Rooms accelerate its overseas expansion. It has been expanding its operations outside India into China as well as Southeast Asian countries like Indonesia, Thailand and Malaysia and also it has its sights set on Europe and West Asian markets like the UAE. Earlier this month, Agarwal told Reuters that he planned to invest $5 million to launch <a href="https://uk.reuters.com/article/uk-britain-hotels-oyo/indias-largest-hotel-chain-oyo-to-expand-into-britain-idUKKCN1LZ1FX">in 10 cities in the UK</a> by 2020. OYO plans to offer 5,000 hotel rooms by then, backed by a staff of 100 people. The company is set to open its first two properties in London next month. However, the bulk of OYO’s financial resources will be focused on its two main markets - India and China. Agarwal reportedly plans to invest an additional $600 million in gaining further ground in China, especially in Tier-4 and Tier-5 towns.

OYO Rooms is the most valuable “hotel chain” in South Asia after Softbank investment

Japan’s <keyword id="280185" type="COMPANY" weightage="80" keywordseo="Softbank-Corp">SoftBank Corp</keyword> is planning to pick up 25-30% stakes in <keyword id="2550719" type="UNKNOWN" weightage="80" keywordseo="OYO-Rooms">Oyo Rooms</keyword>, which has emerged as the largest player in the fast growing online hotel booking space. 
 
Japan's telecoms and internet giant SoftBank has also held talks with Oyo Rooms for leading a massive $100 million or Rs 630 crore financing round in the company, people familiar with the matter told Times of India. 
 
If everything goes well, this would be the third institutional fund-raise for Oyo Rooms, which was founded by Ritesh Agarwal, a college dropout, as Oravel Stays three years ago. 
 
Softbank is an existing investor in e-tailer Snapdeal, taxi-hailing service Ola and realty portal Housing. 
 
People familiar with the matter, on the condition of anonymity, said Softbank is said to have put in a term sheet, a non-binding agreement between the company and the investor, but the final terms of the funding are yet to be closed. 
 
Sources told TOI that Tiger Global, one of the most aggressive and prolific backers of India's consumer internet story, had also discussed a potential investment in the Oyo Rooms but may have pulled out of the talks. 
 
When contacted by TOI, a Softbank Corp spokesperson in Tokyo said over an email, "We are not able to comment on this." 
 
Meanwhile, CEO of Oyo Rooms also did not offer any comments regarding the matter. 
 
Oyo is present across 15 cities with 4000 budget hotel rooms on its platform. Starting at moderate charges of Rs 999 per night, hotel owners that partner with Oyo see a significant spike in occupancy levels, the aggregator claims. 
 
In March, Oyo had raised $25 million from Greenoaks Capital, an investor in e-Commerce major Flipkart, with existing investors Sequoia Capital and Lightspeed Venture Partners also participating valuing it at $100 million. 
 
"We are seeing for the first time that technology is touching the lower income section so the Indian market will see lots of products and interests in these segments going forward," Rehan Yar Khan, general partner at Mumbai-based early-stage venture fund Orios Ventures told TOI. 
 
Founder of Oyo Rooms, Agarwal, who was chosen for the prestigious Peter Thiel Fellowship aims for Oyo to become the largest technology-enabled network of hotels in the world. 
 
He is also looking to expand its network to 1000 hotels in 25 cities by this year end.

SoftBank says ‘moshi moshi’ to Oyo Rooms

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> announced the appointment of <keyword id="8358499" type="UNKNOWN" weightage="20" keywordseo="betsy-atkins">Betsy Atkins</keyword> on its board as an independent director. </li><li>Atkins as the CEO of <keyword id="8358498" type="UNKNOWN" weightage="20" keywordseo="baja-corporation">Baja corporation</keyword> which invested in companies like <keyword id="6363100" type="ORGANIZATION" weightage="20" keywordseo="yahoo">Yahoo</keyword> and <keyword id="6357395" type="UNKNOWN" weightage="20" keywordseo="eBay">eBay</keyword>. </li><li>Her expertise lies in scaling companies leading them to successful IPO and acquisitions. </li></ul>OYO announced the appointment of Betsy Atkins as independent director into its board. Atkins is the CEO of Baja corporation, where she has built three early stage funds, and invested in companies like Yahoo and eBay. Interestingly, Atkins’ expertise lies in scaling companies and leading them to successful IPOs and acquisitions. Her entry could all but confirm the many rumours that OYO might soon be heading for an IPO. “She is an expert at scaling companies through the hyper-growth stage and leading them to successful access to the public markets and acquisitions, which makes her a great addition to OYO, as the company moves towards its next phase of growth,” said Oyo in a press release. Having established itself in the Indian and Chinese markets, OYO is now investing heavily in the US market. Atkins joins Oyo’s board which has eminent people like Mark Schwartz, Vice Chairman of Goldman Sachs and Chairman of Goldman Sachs Asia Pacific; Munish Varma of SoftBank Vision Fund; Bejul Somaia ofLightspeed India Partners Advisors; and Mohit Bhatnagar of Sequoia Capital India Advisor on the board of OYO. ‘’OYO, with its unique asset-light business model and strong data capabilities, is creating something entirely new for the more than 3 billion middle-income travellers and city dwellers who need accommodations that meet their standards and also their budgets,” Atkins said.

Yahoo and eBay investor Betsy Atkins joining OYO’s board is a sign of the company’s IPO plans

Satya Nadella-run <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> is in advanced talks to invest in Airbnb-backed Indian budget hotel chain <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> at a valuation of $9 billion, the media reported on Friday. According to a TechCrunch report citing sources, a deal may close soon but the "proposed size of the investment is unclear". Both Microsoft and OYO declined to comment on the reports. The Ritesh Agarwal-run hospitality chain has Airbnb, Chinese ride-hailing giant Didi Chuxing and ride-hailing firm Grab as strategic investors. The news comes after OYO announced earlier this month that it has raised $660 million from global institutional investors as <keyword id="4462417" type="PERSON" weightage="20" keywordseo="tlb">TLB</keyword> (Term Loan B). A company statement had said that the offer was oversubscribed by 1.7 times and the company received commitments of close to $1 billion from leading institutional investors. "We are delighted by the response to OYO's maiden TLB capital raise that was oversubscribed by leading global institutional investors. We are thankful for the trust that they have placed in OYO's mission of creating value for owners and operators of hotels and homes across the globe," said Abhishek Gupta, Group Chief Financial Officer, OYO. The company said it will utilise these funds to retire its past debts, strengthen the balance sheet and other business purposes including investment in product technology, it said. OYO is the first Indian startup to be publicly rated by Moody's and <keyword id="82981" type="CITY" weightage="20" keywordseo="Fitch">Fitch</keyword>, two of the leading international rating agencies. The Microsoft deal "may also involve OYO shifting to use its cloud services," the report mentioned. OYO has aggressively been expanding its operations to several markets including Southeast Asia, Europe and the US in recent years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-mahindra-shares-price-jump-because-management-sees-a-10-plus-growth/articleshow/84882133.cms">Tech Mahindra shares surge as for the first time in over five years the management sees a 10% plus growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear(Tax) has planned major acquisitions and hiring for this year, in talks with investors to raise funds</a>

Microsoft is in advanced talks to invest in OYO at a valuation of $9 billion, say media reports

<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">Oyo</keyword> wants to have 1 million <keyword id="18966" type="ORGANIZATION" weightage="20" keywordseo="Hotel">hotel</keyword> rooms in the next one-and-a-half years. </li><li>The hospitality unicorn had recently appointed <keyword id="229263" type="PERSON" weightage="20" keywordseo="Aditya-Ghosh">Aditya Ghosh</keyword>, former <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword> president, as its CEO of South Asia operations. </li><li>The company is focusing on international growth with plans to further enter into the European, Chinese, Malaysian and Indonesian markets. </li></ul>In 2013, a scrawny 20-year-old from Odisha set out to start a portal from where you could book hotel rooms online. Cut to 2019 and the 25-year-old <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword> is the founder of India’s unicorn startup <keyword id="2550719" type="PERSON" weightage="20" keywordseo="OYO-Rooms">Oyo Rooms</keyword>. It also has Aditya Ghosh, the former president of Indigo Airlines, on board and together, they intend to make Oyo the biggest <keyword id="150849" type="ORGANIZATION" weightage="20" keywordseo="hotel-chain">hotel chain</keyword> in the world. Oyo Rooms is already the largest hotel chain in South Asia. “We will have one million rooms inventory into our fold in the near distant future. I think, it should happen in a year and a half,” Ghosh told the news agency PTI on January 15. Ghosh is the CEO, South Asia operations. A million rooms will be about double its existing network of 450,000. Over the years, Oyo has put up its red-and-white logo in almost every other budget hotel in the country and has gone from being just an aggregator for hotel bookings to owning properties including Oyo Townhouse (budget hotels) and Oyo Living (coliving rental spaces). While Oyo had marked its first international debut in 2018 with Dubai, it has been focusing more on China, Europe, Malaysia and Indonesia. Agarwal has brought in Ghosh to drive the fast developing South Asia operations. In fact, the company’s fast expansion into the Chinese market saw it become one of the top 10 hotel chains in China in just one year of operations. Oyo Rooms <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-manages-more-rooms-in-china-than-in-india/articleshow/66725906.cms">reportedly</a> manages more hotels in China than in India. Oyo also has its eyes in Japan, taking stock of the large number of people that’s going to visit the country for the <a href="https://www.dnaindia.com/business/report-oyo-hotels-eyes-biggest-hotel-chain-tag-to-double-global-footprint-2707996">2020 Olympics</a>. The hospitality startup had turned into a unicorn in<a href="https://inc42.com/buzz/oyo-appoints-top-level-execs-to-drive-international-growth/"> 2018</a> after it received a funding of $800 million at a valuation of $5 billion. It has found backing from top investors like Softbank Group, Sequoia Capital, Lightspeed India among others. It has the money, it has the drive, and it certainly has room to grow fast and large. See Also: <a href="https://www.businessinsider.in/oyo-rooms-is-the-most-valuable-hotel-chain-in-south-asia-after-softbank-investment/articleshow/65964564.cms">OYO Rooms is the most valuable “hotel chain” in South Asia after Softbank investment</a> <a href="https://www.businessinsider.in/this-24-year-old-dropped-out-of-college-won-funding-from-peter-thiel-then-raised-480-million-for-his-startup/articleshow/65910683.cms">This 24-year-old dropped out of college, won funding from Peter Thiel, then raised $480 million for his startup</a> <a href="https://www.businessinsider.in/this-24-year-old-dropped-out-of-college-won-funding-from-peter-thiel-then-raised-480-million-for-his-startup/articleshow/65910683.cms">This SoftBank-funded startup was founded by a 24-year-old to glam up budget hotels, and it's just launched in the UK</a>

A 6-year-old Indian startup wants to be world’s biggest hotel chain

New Delhi, Mar 18 () Oravel Stays, the parent company of OYO, has received USD 807 million (around Rs 6,000 crore) from existing backer Soft Vision Fund and Ritesh Agarwal led RA Hospitality Holdings. In October 2019, OYO had said that it will raise USD 1.5 billion (nearly Rs 10,650 crore), as part of its latest round of funding, which will be utilised for expansion in the US and strengthening its vacation rentals business in Europe. As per a regulatory filing to the Ministry of Corporate Affairs, the company has received USD 807 million. It has allotted a total of 15,325 Series F compulsorily convertible cumulative preference shares (CCCPS) to the two entities, at a price of USD 52,643.22 per share, the filing said. When contacted, a OYO spokesperson in a statement said "this is a key development for OYO Hotels &amp; Homes, and additional funds will help the business achieve its strategic objectives for 2020, which include accretive and sustainable growth, operational excellence and investment in corporate governance and training". "This round has been financed by RA Hospitality Holdings and Softbank Vision Fund for a sum of USD 1.5 billion," the spokesperson said. As per the filing, Soft Vision Fund now has 46.42 per cent ownership on a diluted basis and RA Holdings has 23.74 per cent stake. AKT DRR

Oravel Stays receives USD 807 mn from Soft Vision Fund, RA Hospitality

<keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">Oyo</keyword> Oyo CEO <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>. <ul class="summary-list"><li>Indian hotel platform Oyo has confirmed that CEO and founder Ritesh Agarwal will raise his stake in his company as part of a $1.5 billion financing round. </li><li>Agarwal is to acquire shares from Oyo's existing investors Lightspeed and Sequoia to increase his stake.</li><li>The deal will see Agarwal inject $700 million in fresh capital into his company, with a further $800 million coming from existing backers. In total, Oyo will raise $1.5 billion in fresh capital.</li><li>The deal comes as Oyo faces intensifying media scrutiny over its budget hotel platform, and after the canned IPO of another SoftBank-backed property firm, WeWork.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Ritesh Agarwal, chief executive and cofounder of budget hotel platform Oyo, is to raise his stake in the SoftBank-backed firm in a $2 billion <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> deal. The financing, announced on Monday, is an unusual move for a founder, and see the 25-year-old executive boosting his stake by buying shares from Oyo's existing backers Sequoia and Lightspeed. The two investors will remain shareholders and committed to the company. A spokesperson told Business Insider that Agarwal is financing the deal via support from "global institutionalized banks and his financial partners," without giving specific details. Along with the buyback, Agarwal and Oyo's backers will inject $1.5 billion of fresh capital into the business, with $700 million of that coming from Agarwal. The new funding values the firm at $10 billion. Read more: <a href="https://www.businessinsider.com/wework-uber-oyo-what-like-living-on-softbank-companies-2019-7?r=US&amp;IR=T">I spent 24 hours living on SoftBank services like Uber, WeWork, and Oyo. It revealed some flaws in Masayoshi Son's grand $100 billion investment vision.</a> Oyo is a fast-growing platform for budget hotels and operates on a franchise basis. The company turns failing local hotels into Oyo franchises, provides some capital to redecorate and ensure there's functioning WiFi, then sells those rooms through its booking platform. The promise to hotel owners is a boost in occupancy rates and revenue. The company has expanded to more than 80 countries, including China. It has more than 500,000 rooms on its platform, and says it's seen a 3.8 times increase in revenue growth year-on-year. It employs some 20,000 staff. The firm has raised more than $2 billion in total, giving it a massive war chest to fund its expansion. It has also attracted growing scrutiny from critics <a href="https://www.reuters.com/article/us-india-oyo-focus/as-softbanks-oyo-booms-some-indian-hotels-cry-foul-and-check-out-idUSKBN1WM075">and the press</a>, partly thanks to its apparent similarity to another <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> backed property business, WeWork. Scott Galloway, an NYU professor who has been heavily critical of WeWork, compared the two. "Just like WeWork, OYO is a REIT [real estate investment trust] with too much SoftBank capital," <a href="https://www.profgalloway.com/mdma">he wrote last week</a>. WeWork's CEO Adam Neumann announced <a href="https://www.businessinsider.com/wework-co-founder-adam-neumann-is-stepping-down-as-ceo-2019-9?r=US&amp;IR=T">at the end of September that he would step down</a> and the firm was forced to delay its IPO after an onslaught of negative press about the business model behind its core office sharing offering, its valuation, and unconventional company culture. Oyo's business has ballooned beyond budget hotel rooms <a href="https://www.oyorooms.com/officialoyoblog/2019/07/16/introducing-oyo-workspaces-a-better-way-to-work-for-everyone-in-india">to office-sharing</a>, student accommodation, high-end Airbnb-style "homes," upmarket business hotels, and <a href="https://www.oyorooms.com/officialoyoblog/2019/08/29/weddingz-in-launches-the-wedding-trunk-a-bi-annual-magazine-to-serve-as-the-perfect-wedding-guide">even magazine publishing</a>. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-use-ps4-xbox-controllers-iphone-ios13-2019-9">How to use PS4 And Xbox controllers with the iPhone</a></h3> <pre style="display: none;">function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</pre>

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