OYO Rooms raises Rs 150 cr from Lightspeed, Sequoia, Greenoaks

The budget hotel brand has an inventory of more than 200 hotels in 10 cities booking 50,000 room nights every month

OYO Rooms, a fast growing budget hotel brand, has raised Rs 150 crore from Lightspeed, Sequoia and Greenoaks Capital, the company has disclosed.

OYO Rooms has an inventory of more than 200 hotels in 10 cities booking 50,000 room nights every month. The company claims it is well poised to aggressively expand its network to 1000 hotels in 25 cities by this year end.

Ritesh Agarwal, CEO of OYO Rooms said, “Our vision is to offer the ‘OYO Rooms experience’ to every business, leisure and pilgrim traveler across 100 cities through a network of 10,000 hotels. We welcome Greenoaks as a partner and are very excited to work with them. Our current investors- Lightspeed, Sequoia and DSG have been great partners in helping us build and scale the company.”

Neil Mehta, Managing Director and Founder of Greenoaks Capital said: “We believe OYO Rooms has an incredible opportunity to solve major pain points for hotel owners and customers by leveraging technology to deliver a consistently great experience in the budget hotel space. We are especially excited about the team at OYO and could not be more proud to partner with them on this exciting journey.”