OYO Rooms raises Rs 150-crore from investors for expansion

NEW DELHI: Budget hotel chain OYO Rooms has raised Rs 150 crore from investment firm Greenoaks Capital and its current investors Lightspeed and Sequoia for expansion.

The company, at present, has more than 200 hotels under its brand in 10 cities.

"OYO Rooms has raised Rs 150 crore from Lightspeed, Sequoia and Greenoaks Capital," the company said in a statement.

OYO Rooms Founder and CEO Ritesh Agarwal said: "We look to offer services to every business, leisure and pilgrim traveller across 100 cities through a network of 10,000 hotels."

The company follows the owners own and manage model in which it provides training, standardisation of the product and marketing of these hotels.

"We believe OYO Rooms has an incredible opportunity to deliver a consistently great experience in the budget hotel space," Greenoaks Capital Managing Director and Founder Neil Mehta said.

OYO Rooms' existing investors -- Lightspeed India and Sequoia Capital India -- believe that the brand will help in transforming unorganised economy stay segment in the country.

Established in 2013, OYO Rooms is present in 10 destinations including Delhi, Gurgaon, Noida, Bengaluru and Mumbai among others.