Chinese ride-hailing giant Didi Chuxing has pumped US$100 million into India hospitality company Oyo.
The latest investment, which continues to value Oyo at about US$5 billion, comes two months after Singapore ride-hailing firm invested in the Indian unicorn for the same amount in Oyo in December 2018.
The latest investment has been made by Didi-controlled entity Star Virtue Investment, reported The Economic Times. This brings to a close Oyo’s US$1 billion financing round led by existing backer SoftBank Vision Fund, which has pumped US$800 million into the company, according to the same report.
Of the US$1 billion that the company has raised in the current round, Oyo has earmarked US$600 million to be channelled into its China business – Oyo Jiudian – with the rest going to other overseas markets such as India, South-east Asia and the UK.
Oyo had partnered with Didi for its foray into China in November 2017. According to data released by India-based startup company last month, Oyo Jiudian is present in 280 cities across China, operating more than 5,000 hotels and 260,000 rooms via a mix of franchised and leased properties.
Earlier this month, Oyo reported a more than three-fold jump in revenue for its India operations during the 2018 financial year. The company has projected a revenue of almost Rs15 billion (US$211 million) for the current financial year.