Print Edition - 2018-09-26  |  Money Digest

Indian hotel chain OYO to raise $1 billion

NEW DELHI

Sep 26, 2018-

Hotel chain OYO Hotels said on Tuesday it would raise $1 billion from existing investors, including Japan’s Softbank Group, to grow its business in India and China, and expand into new international markets. In the latest funding round, which could value OYO at about $5 billion, it has already raised $800 million from investors led by Softbank’s Vision Fund, the world’s biggest private tech investor, and Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital. The investors have committed to invest an additional $200 million, OYO said. Markets such as Southeast Asia and the Middle East offer the budget accommodation provider the potential to expand, OYO’s founder and Chief Executive Officer Ritesh Agarwal said. (REUTERS)

Published: 26-09-2018 09:09

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