Indian hotel-booking startup Oyo Hotels is raising as much as $1 billion from investors led by Japan's SoftBank Group.
OYO Hotels was founded by a college dropout and Thiel Fellowship winner Ritesh Agarwal. OYO Hotels, based in Gurgaon, operates in 350 cities across five countries, with more than 125,000 rooms in India and over 87,000 rooms in China, where it began operations in June.
It said it would dedicate about 60% of the new funds to building out its business in China, where it is “still in the early stages” of growth. Apart from India, OYO also operates in Malaysia, Nepal and the U.K.Joining SoftBank are other existing investors — Sequoia Capital, Lightspeed Venture Partners and Greenoaks Capital.