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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>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

<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

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

Hospitality major <keyword id="7036155" type="COMPANY" weightage="20" keywordseo="OYO-Hotels-Homes">OYO Hotels &amp; Homes</keyword>' valuation has reached the $9 billion-mark, according to industry sources. The development comes after the latest fundraise of ₹54 crore or $7.31 million from <keyword id="145884" type="DOMAIN" weightage="20" keywordseo="Hindustan-Media-Ventures-Ltd">Hindustan Media Ventures Ltd</keyword>. In a regulatory filing with the Ministry of Corporate Affairs, OYO said that it has raised ₹54 crore ($7.31 million) at a share price of $58,490 as part of its <keyword id="10872902" type="UNKNOWN" weightage="20" keywordseo="series-f1-round">Series F1 round</keyword>. With over 50 products and more than 500 microservices, the company plans to utilise the capital in strengthening its technology stack for delivering an improved partner and customer experience. <keyword id="183958" type="DOMAIN" weightage="20" keywordseo="Hindustan-Media-Ventures">Hindustan Media Ventures</keyword> subscribed to OYO's Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) for cash at an issue price of ₹43.20 lakh per Series F1 CCCPS for an aggregate consideration equivalent to ₹54 crore to Hindustan Media Ventures Limited on a private placement basis. The growth in valuation comes after it dropped to $8 billion last year from $10 billion in November 2019. OYO Hotels &amp; Homes is also backed by investors including the SoftBank Vision Fund, <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, <keyword id="860456" type="PERSON" weightage="20" keywordseo="Lightspeed-Ventures">Lightspeed Ventures</keyword>, Airbnb, and Hero Enterprise, amongst others. In October 2019, OYO announced that it had raised $1.5 billion, as part of its Series F funding round. As a part of this round, RA Hospitality Holdings' infused approximately $700 million as primary capital in the company, with the balance of $800 million being supplemented by other existing investors. When contacted Abhishek Gupta, Chief Financial Officer, OYO Hotels &amp; Homes told: "We are delighted to welcome HT <keyword id="283616" type="DOMAIN" weightage="20" keywordseo="Media-Ventures-Ltd">Media Ventures Ltd</keyword>. as an investor in OYO. Their support will help us to further build on our unique technology stack for small hotels and homeowners across the world." He said that OYO is on a steady path of resurgence in 2021, the company is seeing signs of recovery in its core markets of India, Europe, and Southeast Asia while sustaining gross margin dollars at pre-Covid levels. "Despite the pandemic, the company's valuation has held through and we believe this will only improve as the guests across the world gradually begin to travel again," Gupta said. Piyush Gupta, Group CFO, HT Media Ventures Ltd, said: "We are extremely excited to partner OYO in its mission of supporting owners and operators of small and independent hotels and homes through its pioneering technology. We look forward to working with the company's management as it continues to add value to the experience of its asset partners and guests alike." Hindustan Media Ventures is promoted by HT Media Ltd which holds 74.4 per cent stake in the company. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms">Apple’s new Find My feature updated to prevent stalking as launch of the rumoured AirTags nears</a> <a href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-makes-a-bumper-debut-on-stock-exchanges/articleshow/81342578.cms?upcaceh=2">Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a>

OYO's valuation climbs again — hits $9 billion after its latest fundraise of $7 million

<ul class="summary-list"><li>SoftBank-backed hotel chain startup Oyo is set to cut about 5,000 people, or 17% of its workforce, in the wake of the coronavirus outbreak.</li><li>In an interview with Bloomberg published Wednesday, Oyo's CEO Ritesh Agarwal said the move would leave the firm with around 25,000 staff worldwide - down from around 30,000 as of January.</li><li>Agarwal admitted the coronavirus outbreak has "hit us" in China, describing it as a "tough time for our hotel partners." </li><li>Oyo's downsizing comes as SoftBank's portfolio of startups faces growing pressure to prioritize profitability.</li><li>Business Insider has approached Oyo for comment.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>SoftBank-backed hotel chain startup Oyo is set to axe thousands of jobs as the coronavirus outbreak begins to bite.In <a href="https://www.bloomberg.com/news/articles/2020-03-04/softbank-backed-oyo-to-cut-about-5-000-jobs-in-broad-overhaul">an interview with Bloomberg published Wednesday</a>, Oyo's CEO Ritesh Agarwal said the move would leave the firm with around 25.000 staff worldwide - down from around 30,000 as of January.Citing anonymous sources, the publication added that staff based in China, the US and India will be fired, including roughly 3,000 China-based employees. Agarwal admitted the coronavirus outbreak has "hit us" in China, describing it as a "tough time for our hotel partners." Oyo's downsizing comes as SoftBank's portfolio of startups faces growing pressure to prioritize profitability over expansion - especially in the wake of WeWork's <a href="https://www.businessinsider.com/wework-ipo-fiasco-adam-neumann-explained-events-timeline-2019-9?r=US&amp;IR=T">calamitous, ultimately canceled IPO</a> last year.Masayoshi Son's SoftBank was an early backer of Oyo and has continued to invest heavily in the company.In its latest funding round - a SoftBank-led Series F in October 2019 - <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10?r=US&amp;IR=T">Oyo raised $1.5 billion</a>, with $700 million of that coming from Agarwal himself.Business Insider has approached Oyo for comment.

SoftBank-backed hotel startup Oyo will cut 5,000 staff as coronavirus bites

OyoOyo CEO Ritesh Agarwal<ul class="summary-list"><li>Oyo, <a href="https://www.businessinsider.com/softbank-backed-oyo-layoffs-2020-1">the Indian budget hotel startup backed by SoftBank</a>, is laying off sales employees in the U.S., two sources directly familiar with the cuts told Business Insider. </li><li>Layoffs will impact mainly sales personnel and sales support staff at Oyo's US headquarters in Dallas and other sales hubs.</li><li>The layoffs come just weeks after the startup cut 1,800 jobs across its larger offices in India and China.</li><li>The buzzy startup was <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">widely considered one of the "crown jewels" in SoftBank's portfolio</a> after <a href="https://www.businessinsider.com/softbank-masayoshi-son-vision-fund-portfolio-founders-wework-zume-fair-2019-12">the implosion at coworking startup WeWork</a>. It had raised more than $3 billion in funding and was valued at $10 billion.</li><li>This is the<a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1"> latest of job cuts hitting SoftBank-backed startups as the investor pushes its companies to prioritize profitability over growth</a>.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Oyo, <a href="https://www.businessinsider.com/softbank-backed-oyo-layoffs-2020-1">the Indian budget hotel startup backed by SoftBank</a>, is laying off a significant number of its sales and support staff in the US, two sources directly familiar with the cuts told Business Insider. The job cuts come three weeks after the Gurugram, India-based startup said it was eliminating 1,800 jobs at its much larger offices in China and India. Company leaders had described the layoffs as part of a reorganization, consolidating jobs in an effort to juice the company's revenue.It was not immediately clear how many jobs were cut and which offices were affected. Spokespeople for SoftBank and Oyo did not return Business Insider's request for comment. Oyo's layoffs come as other SoftBank-backed companies also restructure with a new focus on profitability. <a href="https://www.businessinsider.com/heres-how-many-people-have-been-laid-off-at-softbank-companies-2020-1">A Business Insider review of SoftBank's portfolio</a> found 2,600 job cuts across Oyo, Rappi, Getaround, and <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">Zume in the first week of January, </a>and more than 7,000 layoffs in the last year across 14 companies. The total number of cuts doesn't include groups of employees like WeWork's 1,000 janitorial staff who are being outsourced in the US and Canada.In a memo sent to Oyo staff on Wednesday that was seen by Business Insider, chief operating officer Abhinav Sinha cited sustainable growth as the reason for sweeping cuts. He wrote that many roles will become "redundant" under a new business plan that prioritizes profitability over growth. "We will be primarily redirecting resources from sales and sales support functions to functions that build our operational capabilities like revenue management, data science &amp; machine learning, engineering, and other areas," Sinha wrote in the memo.Sinha continued: "These decisions have been really difficult to make. But I am confident that these are the right decisions for the business today."Oyo's US layoffs occurred in two rounds, said two sources with knowledge of the layoffs. Sinha traveled to the US to deliver the news about the first set of cuts in an all-staff meeting in Dallas on January 22, and further layoffs came on January 29, said one source.The second round of layoffs will mostly affect sales personnel and sales support staff, according to the memo. The startup announced an expansion into the US market in a <a href="https://www.prnewswire.com/news-releases/oyo-hotels-the-young-hotel-startup-to-invest-300-million-in-the-us-brings-great-living-spaces-to-more-than-10-states-300871517.html">press release</a> last year, setting up a second headquarters in Dallas and offices in Chicago, Miami, New York, San Francisco, and Seattle.One source told Business Insider that the startup moved its headquarters from a WeWork location in Dallas in January. A LinkedIn search found that several sales employees in Dallas had indicated they departed the company in January, but it is not clear whether those employees were part of the larger layoffs made public Wednesday.The memo seen by Business Insider said that affected employees will receive "all possible assistance and support," but did not detail a severance package. The source familiar with the layoffs said employees were offered up to three weeks' severance pay.<h2>Questionable business practices fueled massive growth</h2>Following the implosion at coworking startup WeWork, <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">Oyo was considered SoftBank's saving grace among its portfolio of cash-burning</a> companies.The startup had raised more than $3 billion in funding since its founding in 2014, though its latest round included $700 million from founder and chief executive Ritesh Agarwal to buy back shares from existing investors Lightspeed Venture Partners and Sequoia Capital. The deal raised Oyo's valuation to $10 billion. <a href="https://www.businessinsider.com/softbank-masayoshi-son-vision-fund-portfolio-founders-wework-zume-fair-2019-12">SoftBank has been on the startup's capital table since 2015</a>.Oyo used some of that money for staff expansion, much of it in India, per job postings analyzed by alternative data company Thinknum. In the US, the company has had fewer than 20 job postings since July and is now down to less than 10.Globally, Oyo's job postings have dropped steeply in the last year, from August's high of 775 to 23 currently. Oyo's premise is relatively simple and based on similar short-term rental or hotel booking startups in the United States, and <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">has been called "SoftBank's jewel in India"</a> for being one of the country's most valuable private companies.Customers can book hotel rooms in more than 80 countries through an app by marketing local hotels as Oyo franchises. The startup then fronts the costs associated with overhauling the often-struggling hotels, including adding things like WiFi and updated interior decorations. In turn, Oyo takes a percentage of every booking. But the <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">New York Times reported</a> earlier this month that the startup, and Agarwal in particular, have engaged in questionable business practices to accelerate growth, a common theme among some of SoftBank's hottest investments. The investigation showed that Oyo rented thousands of rooms at unlicensed hotels and guesthouses, and let police and other officials use the service for free to avoid trouble with the authorities.Do you work at Oyo or another SoftBank-backed startup and want to share your story? Contact this reporter via encrypted messaging app Signal at +1 (331) 625-2555 using a nonwork phone, email at mhernbroth@businessinsider.com, or Twitter DM at @megan_hernbroth. <h3>NOW WATCH: <a href="https://www.businessinsider.com/hydrogen-fuel-cell-cars-teslas-biggest-threat-2019-12">Why hydrogen cars will be Tesla's biggest threat</a></h3>

Oyo, the 'jewel' in SoftBank's startup portfolio, just announced more layoffs in the U.S. weeks after cutting thousands of jobs in India and China

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

<ul><li>Indian hotel aggregator <keyword id="2870818" type="PERSON" weightage="20" keywordseo="FabHotels">FabHotels</keyword> is raising ₹540 million from <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, according to the filings sourced by paper.vc. </li><li>FabHotels was launched by Adarsh Manpuria in 2014, just a year after OYO. </li><li>The hotel chain falls in budget hotel range.</li></ul>FabHotels, the Indian hospitality chain, is reportedly raising funds worth ₹540 million in a round led by Goldman Sachs, according to the filings sourced by paper.vc. The hospitality chain which mainly works on a franchisee model, has its presence in over 40 Indian cities with more than 500 <keyword id="6368036" type="UNKNOWN" weightage="20" keywordseo="hotels">hotels</keyword>. The service which falls under budget hotels, competes with the likes of Indian hospitality unicorn <keyword id="2550719" type="PERSON" weightage="20" keywordseo="OYO-Rooms">OYO Rooms</keyword>, and Treebo Hotels. "There appears to be a renewed interest in this sector and we believe that's a good thing. Oyo is over-capitalized for India and appears to be, for all practical purposes, focussed on China,” said paper.vc founder Vivek Durai. FabHotels was launched by Adarsh Manpuria in 2014, just a year after OYO had come into being. The funding comes at the right time as according to <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/fabhotels-plans-to-double-inventory-by-2019/articleshow/67063277.cms">reports</a>, FabHotels was looking to expand its reach and double its inventory to 20,000 rooms, by 2019. The hotel chain last raised a funding of $25 million in Series B round led by Goldman Sachs, and also saw participation from its existing investors Accel Partners. There were also reports that Treebo Hotels and FabHotels were holding early talks regarding a merger. See Also: <a href="https://www.businessinsider.in/oyo-acquires-amsterdam-based-leisure-group-from-axel-springer-for-415-million/articleshow/69138768.cms">OYO's $415 million acquisition of Amsterdam-based holiday home chain part of plan to become the world's largest hotel company</a> <a href="https://www.businessinsider.in/china-coliving-increased-rents-and-indian-startups-like-nestaway-coho-and-lemon-tree-hotels-hamstede-should-be-wary-of-it/articleshow/68668281.cms">China's experience with co-living should be a warning for tenants as well as companies in India</a>

FabHotels could take on OYO with a new investment

<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>

You Searched For "OYO latest funding round" and got 10 results

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

PTI

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

Dilsher Dhillon

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

BI India Bureau

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

PTI

OYO's valuation climbs again — hits $9 billion after its latest fundraise of $7 million

IANS

SoftBank-backed hotel startup Oyo will cut 5,000 staff as coronavirus bites

Charlie Wood

Oyo, the 'jewel' in SoftBank's startup portfolio, just announced more layoffs in the U.S. weeks after cutting thousands of jobs in India and China

Megan Hernbroth,Meghan Morris…

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

BI India Bureau

FabHotels could take on OYO with a new investment

Sanchita Dash

Airbnb picks up a stake in its Indian rival Oyo Rooms

Sanchita Dash

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