Gurgoan-based OYO Rooms, a marketplace for budget hotels, announced that it has raised $100 million, led by the SoftBank Group, with participation from existing investors – Greenoaks Capital, Sequoia Capital and Lightspeed India. OYO will use the latest round of funding to implement new customer experience initiatives, build technology products, and extend its domination in this space which it has pioneered.
Launched in 2013, OYO has present in more than 70 cities with 12,000 plus available rooms. Currently, it has hotels in Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad, Goa, Chennai, Kolkata and others. By the end of this year, OYO plans to add 1,000 hotels across the country on its platform. Guests can use the OYO Rooms App (over 500,000 downloads) for booking rooms as well as order beverages and request room service.
The startup raised a Series A funding of $25 million in March 2015 from Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital Management. Oyo Rooms is competing with another venture like Stayzilla which raised a series B funding of $20 million from Nexus Capital & existing investors Matrix Partners.