Branded hotel aggregator OYO has raised an additional $10 million in funding from Chinese hotel management firm China Lodging Group, less than a week after it announced a $250-million funding round.
The Nasdaq-listed, Shanghai-headquartered Chinese company , which has a current market capitalisation of $6.88 billion, has invested as part of OYO’s series-D financing round, which was led by the latter’s existing backer, SoftBank, through its $100-billion Vision Fund, and which also saw the entry of Hero Enterprise, the Sunil Munjal-led company in its investor cap table.
“This partnership will allow us to facilitate, strengthen and build a global market leading hospitality business. It will combine the technology strengths and operations expertise of OYO with China Lodging Group’s extensive coverage and strong development capability in China,“ Ritesh Agarwal, Founder of OYO said.
OYO has, in its inventory, 70, 000 rooms across 230 cities in India and the number of hotels it controls is around 8500. And with OYO expecting the mid-market accommodation business in India would be worth $20 billion in 3 years from now. Obviously, OYO wants to cash in on this lucrative segment to the maximum extent feasible.
