OYO snags USD10 million and strategic partnership with Chinese hotel firm
Fresh from a bumper funding round which snagged $250 million, Indian budget hotel aggregator OYO has secured $10 million from a major Chinese hotel firm.
China Lodging Group’s $10 million funding will kick off a strategic alliance between the two companies.
They will work together sharing expertise and ‘projects of mutual interest’ at this stage.
"We are very excited about this partnership — both in terms of potential opportunities and existing synergies through our complementary strengths and capabilities," said OYO CEO Ritesh Agarwal.
"Addressing consumers in India and China – two of the world’s fastest-growing markets – through our combined strengths opens up a very large and significant growth opportunity."
NASDAQ-listed China Lodging operates more than 3,000 hotels across China predominantly as franchised or managed franchises.
The company is currently valued at more than $6 billion.
After announcing $250 million in fresh funding recently, OYO said it plans to expand in Southeast Asia and other Asian markets.
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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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