Oyo, India’s celebrated hospitality platform will be using the funds towards continued growth in the US, and in strengthening the company’s position in the vacation rentals business in Europe.
“I am also happy to share that on a Y-O-Y basis, we have seen that not only are we operating profitably at the building level but at the same time our EBITDA has also improved by 50% (on a Y-o-Y basis),” said Ritesh Agarwal, founder and CEO (Global), OYO Hotels & Homes.
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.
Earlier in September this year, Oyo announced that the hospitality chain was stepping into the four-star hotels segment in India with the purchase of a 64-suite building in Ahmedabad for an disclosed amount.