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Softbank-backed Oyo Hotels earmarks US$800M for China, India expansion

Oyo Hotels & Homes is allocating US$800 million for its plan to expand in China and India, The Nikkei Asian Review reported, citing executives of the SoftBank Group Corp.-backed hospitality chain operator.

Aditya Ghosh, Oyo Hotels' CEO for India and South Asia, said the India-based unicorn will invest 14 billion rupees in India over the next 10 months for hotels upgrade and investments in technology and employees.

In China, Ritesh Agarwal, Oyo Hotels' founder and CEO, said the company committed to investing close to US$600 million over an unspecified time period, according to the March 12 report.

Aside from China and India, Oyo Hotels is also planning to further expand in Southeast Asia and the Middle East. The company with a US$5 billion valuation also has operations in Malaysia, Nepal, the U.K., United Arab Emirates, Indonesia, Saudi Arabia and the Philippines.

Oyo Hotels closed a US$1 billion fundraising in February.

As of March 12, US$1 was equivalent to 69.64 Indian rupees.