Placeholder canvas

OYO Rooms grab another $90mn funding from SoftBank

Date:

Gurgaon: In a huge rise for India’s largest budget hotel aggregator, OYO Rooms is closing another $90-million financing round.

According to reports, the funding is led by its largest shareholder, SoftBank. OYO has already received $61 million, and the rest would be pumped in soon.

In a RoC (Registrar of Companies) filing by OYO in June, the company had claimed to be raising Rs 413 crore through a proposed rights issue of shares and was also looking to buy back shares worth Rs 60 crore from certain undisclosed investors. OYO declined to comment for this story.

The report suggests that the fresh capital is going to be used to strengthen OYO’s new offering – Flagship, which leases properties and services them for better experience. Flagship has over 70 operational properties currently.

ALSO READ: Amity students stage protest after student’s suicide after being barred from exams

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Orry Faces Backlash After Declining Handshake At Event

Internet sensation Orry, famed for his wild antics and...

From Deepfake Concerns To India’s AI Mission PM Modi Interacts With Bill Gates

New Delhi: Prime Minister Narendra Modi engaged in a...

NewsMobile Morning Brief

Actor Govinda Joins Eknath Shinde’s Shiv Sena Ahead Of...

Gangster-Turned-Politician Mukhtar Ansari Dies Of Cardiac Arrest

Banda: Gangster turned politician Mukhtar Ansari passed away at...