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OYO raises $10 mn from hospitality major China Lodging Group

OYO recently raised $250 million in a funding round led by Softbank Vision Fund

Press Trust of India  |  New Delhi 

Oyo founder and CEO Ritesh Agarwal.
Oyo founder and CEO Ritesh Agarwal.

Hospitality firm on Wednesday said has signed an agreement to invest $10 million (over Rs 63 crore) as equity in the company.

had recently raised $250 million in a funding round led by

As per the Memorandum of Understanding (MoU), a partnership will combine the technical strengths and operational expertise of with China Lodging Group's extensive coverage and strong development capability in China, OYO said in a statement.

Commenting on the pact, OYO founder & CEO said: "We are very excited about this partnership - both in terms of potential opportunities and existing synergies through our complementary strengths and capabilities."

"The signifies the shared aspirations of and OYO to explore growth opportunities in the global hospitality industry and to create synergies by working together," CEO Jenny Zhang said.

Under the terms of the pact, China Lodging Group and OYO will explore initiating knowledge and technology sharing projects of mutual interest to enable a co-learning opportunity in the fields of technology and hospitality among other things, the statement said.

This could include an exchange programme for employees, sharing of technology and intellectual property, it added.

"The partnership is also expected to leverage benefits from economies of scale, not limited to, sourcing and procurement and joint loyalty programmes", the statement said.

OYO currently operates in over 230 cities across India, Malaysia and Nepal. China Lodging Group Ltd is a leading hotel operator and franchisor in China.

First Published: Wed, September 13 2017. 14:02 IST