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Companies

Oyo pledges $800m to upgrade hotels in India and China

SoftBank-backed unicorn uses enlarged war chest to bolster presence

An Oyo hotel in Noida, near New Delhi. (Photo by Akira Kodaka)

NEW DELHI -- Flush with funds, low-cost hotel startup Oyo plans to invest $800 million to bolster its presence in India and China, the two countries it describes as "home markets."

"In the next 10 months, we are going to invest 14 billion rupees ($200 million) in India alone," Aditya Ghosh, Oyo's CEO for India and South Asia, told reporters here on March 12. This amount will go toward upgrading hotels, investing in technology and spending on employees, among other uses, Ghosh said.

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