IndusLaw has assisted Indian hotel chain OYO in raising $1 billion from existing investors, including Japan’s Softbank Group and Chinese ride-hailing giant Didi Chuxing.
With funding of $100 million, Didi Chuxing recently became the last investor to join the round, which OYO will use to grow its business in India and China, and expand into new international markets.
In the latest funding round, which could value OYO at about $5 billion, the investors were led by Softbank’s Vision Fund, the world’s biggest private tech investor, and included Lightspeed Venture Partners (LSVP), Sequoia Capital, Greenoaks Capital and Singapore’s Grab.
Founded in 2013, OYO partners with independent and small hotel owners and works with them to standardize the rooms and services before selling the OYO-branded rooms to travellers through its website and other travel partners, Reuters reported.
OYO has hotel rooms in more than 350 Indian cities, and in countries such as China, Malaysia and Nepal. It recently entered Britain with plans to sign up 300 independent hotels before 2020.
The IndusLaw team was led by partner Avimukt Dar.
Softbank was advised by Morrison & Foerster (led by partner Amit Kataria) and Cyril Amarchand Mangaldas (led by partner Shishir Vayttaden) while LSVP and Greenoaks Capital were represented by Gunderson Dettmer (led by partner Jonathan C. Pentzien). Themis Law Associates (led by partner Amritha Salian). and a team from AZB & Partners (led by Niladri Maulik) acted as the legal counsel for Sequoia.
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