11 Feb 2016, Mumbai: The news is finally confirmed ! Oyo Rooms has acquired its Rival Zo Rooms in an all-stock transaction. Oyo Rooms which has raised about $125 million till now is backed by Tiger Global , Orios Venture Partners and Softbank.
Zo Rooms was founded in 2013 by 7 co-founders Dharamveer Chouhan, Akhil Malik, Paavan Nanda, Tarun Tiwari, Chetan Singh Chauhan, Abhishek Bhutra and Siddharth Janghu. The 7 co-founders are not expected to continue as a part of the merged entity. 100 of Zo Rooms staff are also expected to be made redundant.
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