Oyo’s existing investors such as Greenoaks Capital, Sequoia Capital and Lightspeed Venture Partners did not participate in the funding. This will be SoftBank’s fresh investment in an Indian start-up after SoftBank’s former executive Nikesh Arora’s exit from the company.
This is buoyed by an increase in booked room-night transactions by 15 times in the first quarter this year. OYO Rooms currently has a network of 5,855 partner hotels in 170 cities of India with a total room capacity of 68,300.
Truecaller has launched an SDK called TrueSDK, that will let app developers verify users via their phone numbers and login using their Truecaller profiles. The SDK, which will also enable developers to update a user’s information, has launched with 12 partners including CarDekho, Quikr, OYO Rooms and ixigo. As of now the SDK is Android only and is available to registered third party apps. Truecaller mentions that the SDK will require user permission before verifying their identities. The SDK is free for developers to use.
Silicon Valley based Sequoia Capital has raised a $920 million fund to further invest in Indian companies.Sequoia’s Fund V closed around more than a month ago. This is the largest fund raise by any VC till date. In 2015 April, Sequoia had raised $210 million to its existing $530 million-India fund. Altogether, the total assets in India are more than $3 billion. The companies included in Sequoia’s portfolio are Oyo Rooms, Zomato, Freecharge, JustDial, Grofers, Craftsvilla etc.
Budget-hotel aggregator Oyo Rooms is planning to buy rival Zo Rooms, which is struggling to raise a fresh round of funds. The overture from Oyo Rooms follows the entry of large online travel firms MakeMyTrip, Yatra Online and Goibibo into the budget hotel segment. As per reports, Oyo approached Zo Rooms last month with a buyout offer to widen its lead in the budget hotels space.
Hyperlocal delivery startup Grofers, has raised $120 million from Japan’s SoftBank Corp. This funding round would be one of the largest at this stage raised by any Indian tech startup. For SoftBank, this would be its 5th investment in India over the past year after Snapdeal, Ola, Housing and budget hotel aggregation platform Oyo Rooms.
The MoU will be signed to train 3,00,000 workers across 150 cities in the next three years, at the NSDC which operates under the aegis of Ministry of Skill Development and Entrepreneurship. Tourism and hospitality is one of the 29 skill sectors identified by the government of India as a priority area for skill development. MSDE has been tasked with the vision of creating a skilled India. It is aided in these initiatives by its functional arms like NSDA, NSDC, NSDF and 33 SSCs as well as 187 training partners registered with NSDC.
IT department has sent letters to the aggregators such as Foodpanda, Oyo Rooms and Airbnb asking whether they are paying service tax. This seems to be part of a ‘friendlier’ approach to alert service providers of their potential liability, in line with the Centre’s desire for a non-adversarial tax regime that’s more welcoming to investors. Excluding the newly included Swachh Bharat tax, all services attract tax at the rate of 14 %.
Room rental service Zo Rooms has raised $30M from existing investors Tiger Global Management and Orios Venture partners. The new round is surprising considering that Zo Rooms had raised $5M just last month. The new fund will be used to expand to other cities. Zo Room’s competitor Oyo Rooms recently raised $100M funding, a huge round compared to Zo Room’s funding round.
SoftBank has invested Rs 630Cr ($100M) in online aggregator of budget hotels OYO Rooms. Existing investors Lightspeed Venture Partners, Sequoia Capital India and Greenoaks Capital also participated in this investment round. The plan is to compete against its rival Zo Rooms, which is back by Tiger Global. OYO Rooms expects to expand its network to 50,000 rooms across 100 cities.