Oyo raises $100 million
At a time when venture capitalists and angel investors are reluctant to park their money in Indian startups, Oyo Rooms has raised $100 million in its fifth round of funding.
The hotel rooms aggregating platform has raised the money from existing investors, including Japan’s Softbank, and an international sovereign fund, a person with knowledge of the deal said. Other investors are Sequoia Capital, Lightspeed Venture Partners, Greenoaks Capital, DSG Consumer Partners and Venture Nursery.
“The term sheet has been signed and the company is looking at expanding its operations domestically,” the person said.
In the three years since it was founded, Oyo has emerged as the largest aggregator of hotel rooms in India. It has 65,000 rooms in 5,500 hotels across 177 cities. The company has already raised a total of $125.65 million in four rounds earlier. It recently acquired rival Zo Rooms, which made almost similar revenue, and was funded by Tiger Global.