OYO Rooms raised $250 million Serie D led by Softbank

OYO Rooms raised US$250 million Series D funding led by SoftBank's Vision Fund. Hotel aggregator headquartered in Gurugram operated by Oravel Stays Pvt. Ltd. on Thursday said it has raised fresh funds from investors in the latest round led by Vision Fund is a division of Japanese conglomerate SoftBank Group.

Tinuku OYO Rooms raised $250 million Serie D led by Softbank

Existing investors like Sequoia India, Lightspeed Venture Partners and Greenoks Capital also participate in funding rounds, while Hero Enterprise joins as the newest investor. OYO Rooms was founded by Ritesh Agarwal in 2013 and currently operates in 230 cities in India, Malaysia and Nepal.

The company said it will use the funds to expand its business into international markets and will partly be invested in expansion in Southeast Asia. OYO entered Malaysia and Nepal in January and April this year.

"We are now focusing on extending network coverage to consolidate our economic leadership through OYO Rooms and mid-market categories through Townhouse brands," Agarwal said.

"We will also apply fresh capital to bring the business model from India to the international market by similar demand-supply imbalances in real estate and hospitality," Agarwal said.

The deal makes OYO a key company in Softbank's portfolio in India which also includes Paytm, Flipkart, Hike, Grofers and InMobi. The recent Vision Fund is also making the biggest new stakes in WeWork and Fanatics.