Oyo, a hospitality unicorn startup, has secured $6.9 million (approx INR 50 crore) in debt funding from MyPreferred Transformation, a joint venture between Oyo, Avendus Finance, and Japan-based SoftBank, reported Inc42.
The Gurugram-based unicorn startup will be utilizing the infused financials to lift up the quality of the living spaces by commencing more affordable housing for the Indian customers.
The SoftBank backed hospitality chain Oyo was started by Ritesh Agarwal in 2013. The startup was started from a single hotel to over 8500 hotels at present. It is the fastest growing network of hotels, offline and online.
At present, the hotel chain Oyo has over 18K hotels and 2.70 Lakh rooms in India and South Asia.
OYO has expanded from hotel aggregator to a franchise model with services to more than 800 cities across 74 countries US, Europe, UK, India, Malaysia, Japan and Indonesia, among others.
Some of the significant strong players in the hospitality startup include Yatra, Fabhotels,Treebo, MakeMyTrip, ClearTrip, and among others.