Hotel-aggregator OYO shocked everyone by raising $250 Mn in the past. Post that round of funding OYO secured another $10 Mn from China Lodging Group Limited.
According to few sources, Oravel Stays that owns and operates OYO is looking to raise $500 Mn – $ 800 Mn in its next round of funding. It is currently operating 70,000 rooms, spread over 230 cities in India, Nepal and Malaysia. In South India alone, OYO manages 16,000 rooms in Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, and Kerala.
‘They are trying to strengthen our presence in India. At the same time, they are also trying to accelerate their international expansion. In a couple of years, we can see more International destinations added to OYO portfolio’, said an insider.
Currently, the company has raised $551.6 Mn excluding an ‘undisclosed seed’ fund from Lightspeed Venture Partners and DSG Consumer Partners. Softbank, Sequoia Capital, and Lightspeed Venture Partners have been its existing key investors.