OYO Hotels to raise $1.5 billion in latest round of funding
1 min read . Updated: 07 Oct 2019, 01:38 PM IST
Premium- RA Hospitality Holdings will infuse approximately $700 million as primary capital in OYO Hotels and Homes
- This is part of Series-F funding in OYO
NEW DELHI : Hospitality firm OYO Hotels and Homes on Monday said it will raise $1.5 billion as part of a latest round of funding which will be utilised for expansion in the US and strengthen its vacation rentals business in Europe.
As part of a Series-F funding, RA Hospitality Holdings will infuse approximately $700 million as primary capital in the company, with the balance $800 million being supplemented by other existing investors, OYO Hotels and Homes said in a statement.
A significant part of the funds will be diverted towards continued growth in OYO's fastest-growing market - the United States, and in strengthening the company's position in the vacation rentals business in Europe, it added.
OYO Hotels and Homes Founder and CEO (Global) Ritesh Agarwal said the company has the continued support of its investors like Softbank Vision Fund, Lightspeed and Sequoia Capital to its commitment of "making #LivingTheGoodLife a reality for over 3.2 billion middle-income people around the world".
"With the Competition Commission of India (CCI) approval now in place, the company will get a capital infusion of approximately USD 1.5 billion for this mission, supported by me and other shareholders," he added.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
