Consumer-focused investment firm DSG Consumer Partners has exited India-based, corporate-backed short-term accommodation platform Oyo, DealStreetAsia reported on Monday.
Oyo runs an online platform that connects to a network of branded hotels across India. It closed its latest funding round at $1bn last month having begun raising money for it in September 2018, and DSG confirmed it exited in December.
A DSG spokesperson told DealStreetAsia: “DSG Consumer had invested in Oyo back in 2014 and has successfully cashed out this December,” and an executive familiar with the investment told the site DSG had made a four-times return on its investment.
Oyo’s first corporate backer, telecommunications firm SoftBank, invested in 2015 as part of a $100m series B round that included Sequoia Capital India, Greenoaks Capital and Lightspeed Venture Partners. The latter took part in the same $500,000 seed round as DSG in 2014, and DSG also backed a $25m series A in 2015.
The company has raised a total of $1.45bn from investors that also include ride hailing services Didi Chuxing and Grab, hotel manager China Lodging Group and Venture Nursery, while SoftBank’s stake is held by its Vision Fund.
