After raising $800 Million from the SoftBank, The Budget hotel chain OYO has now secured another $100 Million round led by the Chinese ride-hailing giant Didi Chuxing.
The latest fund will now be going to be used for the expansion in China, where the OYO has done a commendable job. A significant part of the fund secured will also be used for the operations in India.
This investment marks the OYO closing of $1 Billion round that was revealed last year valuation of $5 Billion.
According to the report which has been revealed, Star Virtue Investment that is controlled and maintained by the Didi Chuxing has made an investment in the OYO. The investment could be a strategic partnership as both the companies are looking to grow across the globe.
OYO Jiudian – the company China Operation is as of now present in 300 cities with more than 5000 hotels and 260000 rooms. The entity runs a mix of franchised and leased properties in China.
Apart from China, OYO has also forayed into some of the several countries in the span of just 12 months. Started with Dubai, it then picked South Asian and European markets for further expansion.
Picture Credits: OYO