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Oyo opens 100 hotels in partnership with Softbank in Japan

The SoftBank-Oyo partnership, Oyo Hotels Japan, opened hotels in over 50 Japanese cities, including Tokyo, Osaka and Kyoto

twitter-logo Reuters   Bengaluru     Last Updated: October 25, 2019  | 11:14 IST
Oyo opens 100 hotels in partnership with Softbank in Japan
The SoftBank-Oyo partnership, Oyo Hotels Japan, opened hotels in over 50 Japanese cities, including Tokyo, Osaka and Kyoto.

Indian hospitality unicorn Oyo's Japanese arm has launched operations in over 100 hotels across the East Asian nation in a joint venture with majority investor SoftBank Group Corp, as the company looks for a path to profitability.

Softbank has been struggling to raise money for a second investment fund after the failed public offering of office-rental company WeWork - one of its marquee investments - and due to questions about the profitability of others such as Oyo and taxi aggregator Uber.

The Japanese tech giant has already invested nearly $1 billion in Oyo.

The SoftBank-Oyo partnership, Oyo Hotels Japan, opened hotels in over 50 Japanese cities, including Tokyo, Osaka and Kyoto, Oyo said in a statement on Thursday.

It was not immediately known how much either of the companies have invested in the partnership, but a person aware of the development said SoftBank and its Vision Fund will have a 50% share in the venture.

Also read: Why OYO Hotels' recent funding round seems like a face-saving act of SoftBank

Also read: Slowdown Blues: Toyota Kirloskar floats voluntary retirement scheme for Karnataka plant employees

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