Oyo Rooms raises Rs 400 crore led by Softbank

Oyo Rooms is closing a nearly $90 million (nearly Rs 598.74 crore) fund raising deal from Softbank, news reports said. 

According to a report, the capital raising deal is in two tranches, the first $61 million (nearly Rs 405.8 crore) of which has reached the company. The next tranche, equity-debt mix will reach the company soon. 

According to a report by Mint, "none of the existing investors -- Greenoaks Capital, Sequoia Capital and Lightspeed Venture Partners -- participated in the funding."

Oyo's funding has been left unchanged at $400 million (Rs 2661.1 crore).

The fund raising comes at a time when venture capital firms and investors have gone slow on putting money into Indian start ups. Softbank, Oyo Room's biggest investor has put in about $1 billion in India last year alone, and is planning to invest about $10 billion more over the next ten years. Since the beginning of this year, along with other firms, Softbank has also gone easy on investing in any new start-ups.