Softbank-backed hospitality company Oyo has raised $100 million from Star Virtue Investment, an entity controlled by the Chinese cab-hailing giant Didi Chuxing, according to documents filed with the Registrar of Companies (ROC) and sourced from data intelligence firm PaperVC.
The funding took place on January 22 and is meant to be a part of the $1 billion round that Oyo announced in September.
Moneycontrol reported in November that Oyo was in talks to raise money from Didi Chuxing.
Interestingly, Softbank is also an existing investor in Didi Chuxing.
Oyo last raised $800 million in a financing round led by SoftBank Investment Advisers (SBIA) with participation from Lightspeed Venture Partners, Sequoia and Greenoaks Capital in September.
Even as the company is expanding overseas, it plans to aggressively focus on two core markets, India and China.
The Gurugram-based hospitality firm does business on a franchisee model, under which it offers customers rooms from exclusive properties that have either been leased by Oyo, or are run on a revenue-share basis.
It runs multiple properties across categories including economy, mid-scale, and upper mid-scale properties. It recently entered into luxury resort range under the brand name Palette.
Besides hotels, the company has also entered into the rental space. Last year, it announced the launch of Oyo Living under which it will offer customer long-term housing rentals starting at Rs 7,999.
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