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Zo Rooms secures fresh funding of $30 mn from Tiger Global, Orios Venture

Budget hotels marketplace Zo Rooms has
raised fresh funding of $30 million from existing investors, Tiger Global
Management and Orios Venture Partners.

This news comes weeks after rival OYO Rooms
bagged $100 million i
n fresh financing from Japan’s SoftBank. 

Budget hotels marketplace Zo Rooms has
raised fresh funding of $30 million from existing investors, Tiger Global
Management and Orios Venture Partners.

This news comes weeks after rival OYO Rooms
bagged $100 million i
n fresh financing from Japan’s SoftBank. 

The company will use this latest round of
financing to expand its presence across the country said two people with direct
knowledge of the developments, reports the Economic Times, citing sources.

“They (Zo Rooms) are addressing a big gap in the
market, and have managed to scale very rapidly. But there is competition, and
every company needs capital to counter that, while continuing to grow at a
certain pace,” one of the sources told the Economic Times.

New Delhi-based startup Zo
Rooms closed a $5 million from Tiger and Orios
in July this year.

The startup has also initiated talks with a
number of global private equity firms, sovereign and hedge funds, to raise a
much larger round of equity financing, expected to be in the range of $100 million,
reports the Economic Times, citing sources.

Zo Rooms, which started in 2015, is
currently battling it out with OYO Rooms to grab pole position in the
still-nascent online-led, budget accommodation marketplace sector.

The online budget hotels marketplace is
currently present in 35 cities across the country, and has about 500 hotels
listed on its marketplace, which cater largely to leisure and business traveler
segment. 

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