OYO gets $10-million funding from Chinese firm
Startups in India fetch investments from China
Hotel aggregator OYO raises an additional $10-million in funding from Chinese hotel management firm China Lodging Group. This comes less than a week after OYO announced a $250-million funding round. This report came from the company’s headquarter at Gurgaon.
Let’s take a quick look at the salient features from the deal:
- The Shanghai-headquartered Chinese company has a current market capitalisation of $6.88 billion
- It has invested as part of OYO’s D series financing round, led by OYO’s existing backer SoftBank through its $100-billion Vision Fund
- Though the exact amount was not disclosed, it is believed to have invested at the same valuation of $850-900 million as SoftBank
- China Lodging Group, also called Huazhu Hotels is a multi-brand hotel group
- As on June 30th this year, the company has a total no. of 612 hotels
With Chinese investors setting their foot in the Indian soil, do you think it would be beneficial for the startups based out of India?
Do let us know.
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