OYO Rooms raises $100 mn led by SoftBank

OYO Rooms has raised $100 million, led by the SoftBank Group, with participation from its existing investors - Greenoaks Capital, Sequoia Capital and Lightspeed India, a company statement said here on Monday.

Launched in 2013, OYO is a network of branded budget hotels and is present in more than 70 cities with 12,000 plus available rooms.

"OYO will use the latest round of funding to implement new customer experience initiatives, build innovative technology products," the statement said.

"Our vision is to provide a standardized experience - the OYO experience, to anyone, anywhere looking for a place to stay when not at home. We are excited to have global investors like SoftBank partner with us in this vision," Ritesh Agarwal, founder and chief executive officer of OYO Rooms said.