With the recent fund raise OYO enters the Unicorn Club

It's turning out to be a big year for the hospitality company OYO. It has been expanding its global operations by moving into China and the UK and will be profitable very soon. It has reportedly just entered the prestigious unicorn club. The Gurugram-based hotel chain, founded by 24-year-old college dropout Ritesh Agarwal in 2013, today announced that it has raised $800 million from Japanese telecom major Softbank through Softbank Vision Fund. As per the Media reports the company also received an additional funding of $200 million, taking the total fundraising to $1 billion.

About $600 million of the total will be plowed into China where Oyo began operations only 10 months ago. After this funding now the total valuation of this company is close to $5 billion.



Last year, OYO expanded its international operations to four countries - China, Malaysia, Nepal and, more recently, the UK. In less than a year since it entered into China, the company already has about 87,000 rooms across 171 cities. In total, it claims to be present in over 350 cities with over 10,000 asset partners.

So this funding is not a surprise.  Besides, SoftBank's CEO Masayoshi Son has long been raving about this company. In fact, in an investor presentation on August 6, he had even compared OYO's growth to the world's top hotel chains such as the Taj Group, Marriott and Hilton.

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