The startup said it had separately secured more than $300 million from regional partners to acquire real estate and fund its conversion costs for ongoing projects.
The new investment will be used to build out its personalization and recommendation engine, expand its marketing team and launch desktop and Android versions of the app.
It is already part of the TMC's Dash Mobile platform.
OYO Near You will begin in Delhi and the surrounding region and then be launched in eight more Indian cities.
The average cancelation rate in 2014 was 32.9% and increased to 39.6% in 2018. It reached a high of 41.3% in 2017.
For the seventh consecutive year, urban hotels (16.8%) achieved greater growth in spa department profits compared to resort properties (9.8%).
And although younger generations are driving the evolution, the demographic of poshtel bookers is diverse.
Booking.com only saw a 10% increase in review volume, generating 28.3 million reviews. In third place is Tripadvisor with 11.3 million.