SoftBank is not so soft on Indian Startups without Nikesh Arora – Funds Oyo
Good news for Indian Startups. SoftBank is still open to the idea of funding Indian startups without Nikesh Arora. Oyo rooms recently filed documents with the registrar of companies confirming the claim of Rs 413 crores in funding from SoftBank.
Surprisingly the budget hotel aggregator’s existing investors, Greenoaks Capital, Sequoia Capital and Lightspeed Venture Partners did not take part in this round of funding. Currently it is a bad situation in terms of startups getting funded, but there is always light at end of the tunnel.
SoftBank, several VC firm such as Tiger Global Management, DST Global, Falcon Edge Capital and Steadview Capital, among others, have reduced funding in Indian startups this year because of concerns about the valuations of startups.
SoftBank under Nikesh Arora invested in Snapdeal, Ola and Housing. Between October and December 2014, SoftBank invested about $1 billion in these three companies and committed another $10 billion to India in the next 10 years.
This is SoftBank’s first investment in an Indian startup without Nikesh Arora, who stepped down on 21st June 2016.
With this fresh funding Oyo hopes to complete its expansion and take on the likes of Treebo Hotels to be the top player in India.