Oyo Rooms has raised $61.3m from existing investors likely to include SoftBank, as it looks to expand its branded budget hotel experience across India and into adjacent sectors.
Oyo Rooms, an India-based budget hotel room aggregator backed by telecom and internet group SoftBank, secured $61.3m in equity financing last week as two of its competitors are also at various stages of raising cash, suggesting the sector is going through a boom time right now.
Oyo received the cash from undisclosed existing investors at a pre-money valuation of $400m, according to the Economic Times, which reported it also set to buy back $9m of shares from an existing…
