OYO raises $1 billion at a reported valuation of $5 billion
OYO Rooms is raising $1 billion from existing investors SoftBank and Sequoia Capital among other investors, reportedly at a valuation of $5 billion. About $600 million of the funds would be poured into China, where OYO began operations 10 months ago. OYO was launched five years ago by then 19-year-old college dropout Ritesh Agarwal as a single hotel in Gurugram.