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