China’s DiDi invests $100m in Indian hotel chain OYO’s $1b round: Report

Ritesh Agarwal. Photographer: Samyukta Lakshmi/Bloomberg

A couple of months after Singapore-based ride-hailing firm Grab invested $100 million in OYO Hotels & Homes, Chinese ride-hailing giant Didi Chuxing has reportedly put in $100 million in the hospitality firm.

According to a report in The Economic Times, the investment made through DiDi-controlled entity Star Virtue Investment is part of Oyo’s recently-closed $1 billion round that valued the company at $5 billion.

The Gurgaon-based company’s latest $1-billion financing was led by existing investor SoftBank Vision Fund, which invested $800 million into the company. The round was also joined by Sequoia Capital, Lightspeed Venture Partners and Greenoaks Capital.

Gurugram-based unicorn startup Oyo has raised a total of $1.6 billion across multiple funding rounds till date, according to Crunchbase.

Oyo and DiDi are both backed by SoftBank and are likely to find synergies in their plans to expand within Asia, especially in China. The investment by Grab, also part of SoftBank’s portfolio, was also seen as a way of paving the way for mutual growth in Southeast Asia.

According to the news report, DiDi will partner Oyo as it expands to new geographies and may deepen its strategic partnerships as they both grow globally. A majority of the capital raised in the latest round is likely to be earmarked for Oyo’s China operations. The company has also announced investments to the tune of around $100 million towards a planned expansion in Indonesia, along with $20 million for Malaysia and $50 million for the Philippines.

Oyo is present in multiple countries, including China, Malaysia, the UK, Nepal, Indonesia and the Philippines, besides India. Most recently, it was said to have opened an office in Dallas and started to renovate motels and no-frills hotels around Texas.

Also Read:

Singapore’s Grab confirms $100m investment in SoftBank-backed OYO Hotels

OYO expands to Indonesia, earmarks $100m investment

SoftBank-backed Oyo’s much-anticipated Chinese expansion runs into a wall

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.