Published on : Thursday, February 14, 2019
Chinese ride-hailing giant Didi Chuxing has invested U.S. dollars 100 million in OYO Hotels & Homes – the hospitality chain. It values OYO at a bout U.S. dollars 5 billion. The revenue came from Didi-controlled entity Star Virtue Investment.
SoftBank Vision Fund, has added U.S. dollars 800 million into the company. In 2018, OYO had received U.S. dollars 100 million from Singapore-based transportation major Grab. Didi’s investment is likely for OYO’s China business and its India operations.
Oyo Jiudian is present in 280 cities across China, operating more than 5,000 hotels and 260,000 rooms as per data released by the Gurgaon-based company last month. It runs a mix of franchised and leased properties there.
‘Ride comfortably with Didi, Stay comfortably with OYO.’ Didi will partner OYO as it expands into new geographies. Their strategic partnerships will deepen as they both grow globally.
OYO is present across the UK, Southeast Asia and China, in addition to operations in its home market. There have been reports about the company also foraying into the US.
Of the $1 billion that the company has raised in the current round, OYO has earmarked $600 million towards its operations in China, with the rest directed towards hiring and other overseas markets such as south-east Asia and the UK.