Japan's SoftBank to invest $100M in budget platform Oyo Rooms

Branded budget hotel network Oyo Rooms, which raised $25 million from Lightspeed Ventures, Sequoia Capital, Greenoaks Capital and DSG Consumer Partners in March, could be receiving $100-million in funding from Japanese telecom and internet giant SoftBank.

Softbank, an existing investor in e-tailer Snapdeal, taxi-hailing service Ola and realty portal Housing.com, is looking to pick up a 25-30-percent stake in the startup founded by Ritesh Agarwal.

Softabank is investing in programs that allow useres to perform on-demand bookings without waiting for a reply from a host, and they can check in and out instantaneously instead of waiting at a reservation desk.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

OYO Room rates are inclusive of taxes and are equipped with air-conditioning, TV, free unlimited Wi-Fi, washrooms and complimentary breakfast.

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