Oyo, the Indian hospitality startup has grown big and has been venturing into various overseas markets. The largest of these ventures has been into China as it is operating more than 1000 hotels with the help of around 20,000 employees in the country. Japan’s Softbank has been the support behind Oyo’s entrance into China.
In China, the company is getting a good response and the Chinese internet major, Didi Chuxing is keen to invest around $1.1 billion along with WeWork. The amount will be divided as $600 million for Oyo Global’s China unit and $500 million for the home company Oyo India.
The investments will take the valuation of Oyo to over $4.5 billion. The company is interested in China as the hotel industry is largely untapped especially in tier 2, tier 3 and tier 4 cities of the country. Oyo is also looking towards exploring the UK and US market after China success.