Oyo pumping USD800 million into India, China operations
Fast-growing budget hotel startup Oyo will start spending some of its billion-dollar funding to consolidate in its two key Asia markets
Oyo said it will pump $200 million into its Indian operations this year to upgrade hotels and improve technology.
The company’s ever-growing China joint venture will get even more, with up to $600 million to continue its expansion.
Oyo bagged more than $1 billion in new funding last year, led by Softbank, which tales its valuation to about $5 billion.
In the latest funding round, Oyo got $100 million from China’s dominant ride-sharing company Didi Chuxing, which unlocks a big new customer base for the company.
Didi Chuxing riders have access to Oyo bookings via the Didi app.
CEO Ritesh Agarwal says there is still plenty of cash to fuel further expansion in Southeast Asia and the Middle East.
Oyo just recently scored a joint venture partnership with Yahoo to launch services in Japan.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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