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Indian hotel-booking startup Oyo raises $1bn led by Softbank

Japanese group pours $800m into India’s market leader headed by college dropout

Oyo has emerged the market leader India with more than 125,000 rooms as it sought to streamline room bookings in the country’s disorganized lodgings market.   © Reuters

MUMBAI (NewsRise) -- Indian hotel-booking startup Oyo Hotels is raising as much as $1 billion from investors led by Japan's SoftBank Group, underscoring the growing investor interest in the country's startups.

Oyo, founded by Ritesh Agarwal, a college dropout, raised $800 million in the latest round from SoftBank Investment Advisers and existing investors Lightspeed Venture Partners, Sequoia Capital, and Greenoaks Capital, the company said in a statement. It also received investment commitment for an additional $200 million, it said.

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