OYO, a budgeted hospitality chain has now secured $100 million (around Rs. 732 crores) in a fresh funding round from the Singapore-based ride-hailing company, Grab. OYO is operated by Oravel Stays Pvt Ltd.
On the basis of the back-of-the-envelope calculations, OYO has been valued at $4.3 billion in this funding round. But, what is not clear is whether this is a part of a larger funding round.
Earlier, in September 2018, OYO announced that it would raise $1 Billion in a fresh funding round from its existing investors led by Softbank. The round valued the company at $5 Billion. OYO revealed at that time that it would utlize the funds for expanding its operations in China.
OYO has a presence in several overseas markets including Malaysia and Indonesia. It started its operations in Malaysia in 2016 and then subsequently entered Indonesia, the United Kingdom, and the United Arab Emirates.
This year OYO has also acquired a few startups, which include online marketplace Weddingz.in, AblePlus Solutions Pvt. Ltd, and Novascotia Boutique Homes, a service apartment company.
Source: Techstory
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