• Monday, August 15, 2022

Business

Indian Hospitality Firm Oyo Raises £760.55 Million to Fund Overseas Projects

Oyo is an Indian hospitality company for booking cost-effective standard hotel rooms.(Photo: PHILIPPE HUGUEN/AFP/Getty Images).

By: Radhakrishna N S

In a bid to expand its business to China and other parts of the world, Indian start-up Oyo has raised £0.76 billion (£760.55 million). Oyo is an Indian hospitality company for booking cost-effective standard hotel rooms. The existing investors including SoftBank Vision Fund, Sequoia Capital, and Lightspeed Venture Partners have sanctioned £608.44m, with assurance for another £152.11m, the company said in a statement on Tuesday (25). About £456.33m of the sum will be pushed into China where the company started its operation only 10 months ago. The funding values the company at £3.80bn, sources said. Indian youth, Ritesh Agarwal, a 24-year-old college…

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