Budget-hotels marketplace OYO rooms has closed a $100Mn funding round led by SoftBank Corp, and its existing investors Lightspeed Venture Partners, Sequoia Capital India and Greenoaks Capital.

We have earlier reported about this development. 

Ritesh Agarwal, who founded Oyo in 2013 plans to use the funds for increasing its network to 50,000 rooms across 100 cities by the end of this year. Currently, it has over 10,000 rooms in over 800 hotels in 40 major business and travel destinations

In past few months, number of startups have been launched in this particular space. Apart from Zo Rooms, Oyo competes with Wudstay Hotels, Zen Rooms, Zip Rooms, FabHotels and GoStays.

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