Oyo Hotels & Homes announced its latest $1.5 billion Series F funding, with its founder and Chief Executive Ritesh Agarwal putting in $700 million to the company.

The Softbank-backed hotel startup is considered India’s second-most valuable company today. Given the fresh new funding, the company now values $10 billion.

Oyo Hotels & Homes F Funding
Image from Top Hotel News

Agarwal injected millions of funds to increase his stake in the company, which is now Asia’s largest hotel chain. The remaining funding came from existing investors like Lightspeed Venture Partners, Sequoia India, and Softbank Group.

Expand Footprints In US and UK

According to reports, Oyo plans to use the funding to expand its operations to the United States and the UK. With the continued support of investors, it is likely to make the goal possible, and open chains at the said countries.

Last year, the company opened its doors to the Chinese market, with 590 rooms. In the United States, it also has a presence in the 21 states and 60 cities. Oyo also acquired Hooters Casino Hotel in Las Vegas for $135 million. In the same month, it also invested in the rental business in Europe and acquired Leisure Group for $415 million.

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Agarwal said, “[The] continued support of our investors like Softbank Vision Fund, Lightspeed, Sequoia Capital, is a testament to the love, trust, and relentless support of our asset owners and customers.”

To date, the company operates in 80 markets, with 1.2 million rooms in total. The hotel chain also employs about 20,000 people and a strong balance sheet of $2 billion across all verticals. Oyo plans to execute new plans to ensure a clear path of profitability in the hospitality sector.

In addition to the existing investors of the hotel chain, it also announced Airbnb’s entry to the investment round.

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