Hospitality firm OYO Tuesday announced a capital raise of USD 1 billion (around Rs 7,280 crore) in a fresh round of funding led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund for further expansion.
Hospitality firm OYO Tuesday announced a capital raise of USD 1 billion (around Rs 7,280 crore) in a fresh round of funding led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund for further expansion. The funding round also saw participation from other existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital.
The company has already raised USD 800 million, and has further commitment of USD 200 million, OYO said in a statement.
"In the last 12 months, we have increased our international footprint to five countries - India, China, Malaysia and Nepal, and more recently in the UK.
"With this additional funding, we plan to rapidly scale our business in these countries, while continuing to invest further in technology and talent," OYO Founder & CEO Ritesh Agarwal said.
Meanwhile, Oyo and former Myntra co-founder Mukesh Bansal's health and wellness firm Cure.Fit bagged the first and second spots in the LinkedIn's 2018 top 25 start-ups list for India.
The world's largest professional network said in a statement that from consumer tech to health tech and logistics to hospitality, the 25 companies represent the thriving start-up landscape in India, which is the third largest start-up ecosystem in the world.
"The top start-ups list brings to light how these young companies are disrupting industries and attracting talent in India. The debut edition of the India list sees a diverse mix of consumer-driven businesses and business-to-business (B2B) start-ups across industries such as health and wellness, hospitality, fin-tech, and e-commerce," said Adith Charlie, editor - India, LinkedIn.
B2B companies comprise 50% of the list whereas 20% of the companies, Nineleaps (at number 10), Zapr Media Labs (17), BrowsterStack (18), SigTuple (20) and Exadatum (25) are deep technology companies. The annual ranking, LinkedIn said in a statement, is informed by the billions of actions taken by more than 50 million professionals on its network in India.
To be eligible, companies had to be independent and privately held, have 50 or more employees, be seven years old or younger and be headquartered in the country on whose list they appear. LinkedIn measured start-ups based on employment growth, engagement, job interest and attraction of top talent and the methodology time frame was from July 2017 through June 2018.
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