OYO flexes muscles with $250 million raise, looks beyond India
OYO's CEO Agarwal claims that 95% of its inventory is sold direct and the company is looking to develop capabilities to add 10,000 rooms a month to its platform.
OYO Rooms, the first and now largest technology-enabled branded online accommodation aggregator in India, has picked up another $250 million in a Series D round, bringing the total raised since its 2013 launch to $450 million.
The Series D includes a new investor – Hero Enterprises. Existing backers SoftBank, Sequoia India, Lightspeed Venture Partners and Greenoaks Capital also took part.
OYO has two brands – OYO Rooms operates in the budget segment while OYO Townhouse is aimed at the mid-market. Agarwal said that business is looking to develop capabilities to add 10,000 rooms a month to its platform.
The vast majority – 95% – of its inventory is sold direct, Agarwal claims.
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