Companies News

India's largest hospitality company extending business to China

Source: Xinhua | 2018-09-30

India's largest hospitality company Oyo Rooms is to put 600 million U.S. dollars to China's hospitality network, according to India's Financial Express News.

Developing quickly in India by concentrating on middle-class travellers, the company has secured funding commitments of 1 billion U.S. dollars from investors led by Japan's SoftBank at a valuation of about 5 billion U.S. dollars.

Most of the new funds will be used to fund its growth in China, where Oyo launched last November, according to the report. The company aims to sustain its pace of expansion in China, where it focuses on rooms priced at 22-36 U.S. dollars, well below the price range of most branded chains.

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