OYO Rooms, India’s largest hospitality company, has attracted an investment of $100 million from Didi Chuxing, China’s largest ride-sharing company, reports Economic Times (ET).
This investment is part of the $1 billion financing round led by OYO's existing backer SoftBank, which put in $800 million. Didi’s latest investment values the startup at $5 billion.
“We are happy to confirm that we have officially closed our $1 billion financing round, of which $900 million was closed in quarter ending 2018. We have also received the balance $100 million as disclosed in the RoC filings,” said a company’s spokesperson.
Didi Chuxing, popularly known as Uber of China, has a valuation of $56 billion, and is reportedly looking at an IPO in early 2019.
OYO, which has plans to add over a million rooms across the globe in the next three to four years, has also lined up a $600 million investment in China. It is seeking to expand in the lucrative tourism markets of West Asia, South-East Asia and parts of Europe.
New Delhi-based OYO is already the largest hotel chain in Indonesia and plans to repeat the feat in Japan before the 2020 Tokyo Olympics.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.