After entering into Dubai last month, SoftBank-backed budget hotel aggregator Oyo has now launched its operations in the fourth overseas market. The company has launched operations in China and is currently showing seven properties in the largest city of Guangdong Province – Shenzhen. It is also looking for properties in cities like Beijing and Shanghai, as reported by Entrackr. The company has presence in Malaysia and Nepal as well.
Gurugram-headquartered company has partnered China Lodging Group to enter the Chinese market. In September 2017, Oyo had raised $10 million from China Lodging Group and signed a five-year memorandum of cooperation in Shanghai.
Since its inception in 2013, Oyo has raised a total funding of about $442 million from investors like Softbank, Sequoia Capital, Lightspeed Venture and Hero Enterprise among others. Last year, the firm also secured around $250 million from its existing investor SoftBank and Hero Enterprise at an estimated valuation of $850 million-$900 million.
At present, OYO claims to operate 8,500 hotels and 70,000 rooms in more than 230 cities in India.
Not only Oyo, another SoftBank funded ride-hailing Unicorn Ola also has been testing the overseas market with operations in Australia, Sri Lanka and Bangladesh.