According to reports in Indian local media, India's hotel chain OYO Hotels & Homes recently gained an investment of USD100 million from Chinese ride-sharing giant Didi Chuxing.
It is said that Didi Chuxing implemented the investment via Star Virtue Investment and OYO's evaluation is USD5 billion.
Prior to this, OYO was seeking a round of financing of USD1 billion, leading by existing investor SoftBank's Vision Fund. Vision Fund already invested USD800 million in OYO. In addition, Singapore-headquartered ride-sharing company Grab invested USD100 million in OYO two months ago. With Didi Chuxing's new investment, OYO completed its financing target.
OYO will reportedly use USD60 million for Chinese subsidiary operation and the remaining USD40 million will be used for headquarters hiring and expense in other overseas markets such as Southeast Asia and UK.
At present, OYO runs businesses in UK, Southeast Asia, China and India and the company plans to develop the US market. Based on statistics released by the company in January 2019, OYO has over 5,000 hotels in 280 cities in China.