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Ritesh Agarwal’s Oyo Rooms raised $1 billion to fund expansion into China and other global regions in the funding round led by SoftBank Vision Fund, the world’s largest private technology investor who invested 800 Million dollars Joining SoftBank are other existing investors — Sequoia Capital, Lightspeed Venture Partners and Greenoaks Capital. The fundraiser includes an additional commitment of 200 million dollars.
“With this additional funding, we plan to rapidly scale our business in these countries, while continuing to invest further in technology and talent,” Agarwal said in the statement. “We will also deploy fresh capital to take our unique model that enables small hotel owners to create quality living spaces, global.”
This funding round makes OYO India’s third most valued startup after Flipkart, prior to its acquisition by US retail behemoth Walmart earlier this year, and One97 Communications, which owns and operates digital payments platform Paytm.