KUALA LUMPUR: OYO Hotels, South Asia's largest hotel chain, has raised a total of RM4.13 billion from the latest round of funding to strengthen its position in China, maintain leadership position in India and expand into new markets.
The funding includes RM3.3 billion financing led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund, with participation from existing investors, namely Lightspeed Venture Partners, Sequoia and Greenoaks Capital, as well as RM827.14 million additional commitment from the four companies.
Founder and Chief Executive Officer Ritesh Agarwal said the additional funding would allow the company to rapidly scale its business while continuing to invest further in technology and talent.
“We will also deploy fresh capital to take our unique model that enables small hotel owners to create quality living spaces, global,” he said in a statement today.
Ritesh said the company would continue to explore newer businesses while remaining focused on both organic and inorganic growth similar to what it had done in the last 12 months which had increased the company's international footprint to five countries -- India, China, Malaysia, Nepal and the UK.
OYO Hotels is the pioneer of world's first full stack technology-led hospitality model and is currently present in more than 350 cities across India, China, Malaysia, Nepal, and the UK with over 10,000 franchised or leased hotels in its chain. - Bernama
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