Softbank bullish on Indian start-ups; invests in Oyo
Softbank continues to make big ticket investments in Indian start-ups and it has now invested nearly US$ 250 million in online hotel booking firm Oyo
Despite some false starts, Japanese conglomerate Softbank continues to be bullish about India’s start-up ecosystem and is making big ticket investments through its arm Vision Fund.
In its latest, Softbank has led a round of about US$ 250 million investment in the online hotel aggregation firm Oyo.
This comes close on heels of its massive investment of US$ 2.5 billion in India’s leading online market place Flipkart in August, the biggest ever in India’s internet space. Softbank had earlier invested US$ 62 million in Oyo in August last year.
Softbank’s earlier investments in online marketplace Snapdeal did not work as expected as the valuation of the latter dropped steeply.
Oyo was launched in 2013 by entrepreneur Rithesh Agarwal and it currently operates in more than 230 cities across India, Malaysia and Nepal. It has till now raised US$ 436 million and with the fresh infusion of funds, Oyo aims to add more rooms in India and abroad and take on rivals such as Make My Trip and Trivago.