Great performance in India led to $1 bn funding in OYO: Ritesh Agarwal

Hospitality firm OYO Tuesday announced raising USD 1 billion (around Rs 7,280 crore) in a fresh round of funding led by Japan's SoftBank group for further expansion in India, China and other countries. Commenting on the development, OYO founder and chief executive Ritesh Agarwal said: "In the last 12 months, we have increased our footprint to five countries -- India, China, Malaysia, Nepal, and more recently in the UK. With this additional funding, we plan to rapidly scale our business in these countries, while continuing to invest further in technology and talent."