Hospitality firm OYO Hotels and Homes on Monday said it will raise $1.5 billion as part of the latest round of funding which will be utilised for expansion in the US and strengthen its vacation rentals business in Europe.
As part of Series-F funding, RA Hospitality Holdings will infuse approximately $700 million as primary capital in the company, with the balance $800 million being supplemented by other existing investors, OYO Hotels and Homes said in a statement.
A significant part of the funds will be diverted towards continued growth in OYO's fastest-growing market—the United States, and in strengthening the company's position in the vacation rentals business in Europe, it added.
OYO Hotels and Homes Founder and CEO (Global) Ritesh Agarwal said the company has the continued support of its investors like Softbank Vision Fund, Lightspeed and Sequoia Capital to its commitment of "making #LivingTheGoodLife a reality for over 3.2 billion middle-income people around the world".
"With the Competition Commission of India (CCI) approval now in place, the company will get a capital infusion of approximately $1.5 billion for this mission, supported by me and other shareholders," he added.