India-based budget hotel booking platform Oyo Rooms has raised $100m in fresh capital from existing investors including telecommunications and internet company SoftBank, the Hindustan Times reported yesterday.
Sequoia Capital, Lightspeed Venture Partners, Greenoaks Capital, DSG Consumer Partners, accelerator Venture Nursery and an unnamed sovereign wealth fund also contributed to the round.
Founded in 2012, Oyo Rooms lets users book a room at more than 5,000 partner hotels across 175 cities. It takes over between 10 to 15 rooms in existing budget hotels and standardises them, providing amenities such as internet access and high quality linen.
The new funding will enable the company to further boost its operations in India. It also launched in Malaysia in January 2016.
SoftBank previously led Oyo’s $100m series B round in August 2015. Lightspeed, Sequoia and Greenoaks also participated in that round, having previously supplied approximately $25m in series A funding in March 2015.
Lightspeed and DSG took part in a $500,000 seed round in 2014, following an earlier seed round of undisclosed size in 2012 that was backed by Venture Nursery, of which Oyo is a graduate, and assorted angel investors.