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One of the leading VC globally, is pouncing upon every big opportunity to make sure they are able to position themselves well on time, in India before India takes on its scheduled growth in coming years. We all know what Softbank went through in the failed Snapdeal and Flipkart merger and in retaliation funded additional $ 2 billion fund to Flipkart from its $100 Billion Vision Fund.
Softbank now eyes Oyo and as series D funding Oyo raises $250 million ( INR 16.25 Lakh Crores) from $100 Billion Vision Fund as well as from existing investors like Sequoia India, Lightspeed Venture Partners and Greenoaks Capital along with Hero Enterprise.
What is $100 Billion Vision Fund
Softbank has decided to allocate $100 billion investment primarily to fund its existing portfolio companies in India. Companies like Flipkart, Grofers, Ola, and Oyo have grown into manifolds and with such dynamics Softbank will have to dedicate funds exclusive to its its backed portfolio companies to have uninterrupted growth. Apart from funding the existing companies, “the Vision Fund will also focus on “technologies of the future” such as the Internet of Things, artificial intelligence, machine learning, robotics, and satellites.”
The fund is currently managed by SoftBank Group founder and CEO Masayoshi Son and Rajeev Misra who is holding the position of CEO of $100 billion vision fund. The fund was launched in October 2016.
Speaking on the development Justin Wilson, SoftBank’s Board representative on OYO said, “OYO has solidified its position in India as the leading accommodation brand for consumer affordability and high-quality standards. We’re excited to continue to support OYO as they further expand their position in India and bring the OYO promise of affordability and elevated hospitality to other markets around the world.”
In an official statement Oyo said “ The funds raised will also enable the budget hotel marketplace to bring additional resources to accelerate enhancement of customer experience and strengthen its technology stack.”
Recently Oyo rooms launched “Townhouse” a premium stay facility as Oyo was experiencing a segment of users looking to pay for luxury however it didn’t have any product which could match their desire. Oyo is also working coherently in engaging customers for their valuable feedback to better their services since it realised that hospitality and consumer satisfaction are linked much closely than it appears.