As per the report, OYO Rooms has raised the funding from existing investors, including Japan’s Softbank, 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,” a person close to the development told HT.
Mail sent to OYO did not elicit any response.
OYO Rooms was founded in 2013 by Ritesh Agarwal. Started from a single city, OYO touched 100-city mark last year. Currently, there are more than 170 cities including all metro cities where OYO has expanded its networks to offer over 60,000 rooms.
It recently acquired rival Tiger Global backed Zo Rooms, but the same wasn’t officially confirmed by either OYO or Zo Rooms.
Previously, OYO had raised funding from VentureNursery and a seed round from Lightspeed Venture Partners and DSG Consumer Partners in 2014, and later it raised INR 30 Cr. from Sequoia Capital in October 2014.
In March 2015, it raised over $25 Mn in a funding round led by San Francisco-based Greenoaks Capital and Lightspeed and Sequoia at a valuation of $100 Mn. In August 2015, OYO Rooms raised $100 Mn funding led by SoftBank Corp and Lightspeed Venture Partners, Sequoia Capital India and Greenoaks Capital.
In January 2016, OYO marked its entry in the Southeast Asian market with the launch in Malaysia. Last year, a number of startups including Wudstay Hotels, FabHotels, Treebo Hotels and GoStays emerged in the market as OYO’s competitors.
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