Gurgoan-based OYO Rooms, a marketplace for budget hotels, has raised Rs 125 crore in a funding round led by San Francisco-based Greenoaks Capital and existing investors, Lightspeed and Sequoia at a valuation of $100 million. The firm has previously raised funding from Venture Nursery, Lighspeed Venture Partners and DSG Consumer Partners, and in October 2014 it had secured Rs 30 crore from Sequoia Capita.
The startup was launched three years back, and has expanded aggressively in the past six months, growing from 30 hotels to 200 and from 1 city to 10. Currently, it has hotels in Delhi, Mumbai, Bengaluru, Pune, Goa, Noida, Jaipur, Manesar, Gurgaon and Hyderabad. The startup has served over 1,00,000 customers till date. By the end of this year, OYO plans to add 1,000 hotels across the country on its platform.
OYO registered 45,000 rooms nights in February, translating to an average of about 1,600 rooms nights a day.
Recently, it was in public fight with Stayzilla on social network Twitter over trademark infringement. However OYO Rooms claims that, it don’t compete with Stayzilla. They are a network of branded hotels like Ola for hotels.
Online travel company, Stayzilla raised a $20 million in Series B round of funding from Nexus Capital & Matrix Partners in February 2015.