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Oyo to Launch Japan Hotels in SoftBank Joint Venture

Oyo to Launch Japan Hotels in SoftBank Joint Venture

SoftBank has already invested nearly $1 billion in Oyo.

By Reuters | Updated: 24 October 2019 17:25 IST

Oyo to Launch Japan Hotels in SoftBank Joint Venture

Indian hospitality unicorn Oyo's Japanese arm has launched operations in over 100 hotels across the East Asian nation in a joint venture with majority investor SoftBank Group, as the company looks for a path to profitability.

SoftbBank has been struggling to raise money for a second investment fund after the failed public offering of office-rental company WeWork - one of its marquee investments - and due to questions about the profitability of others such as Oyo and taxi aggregator Uber.

The Japanese tech giant has already invested nearly $1 billion (roughly Rs. 7,100 crores) in Oyo.

The SoftBank-Oyo partnership, Oyo Hotels Japan, opened hotels in over 50 Japanese cities, including Tokyo, Osaka and Kyoto, Oyo said in a statement on Thursday.

It was not immediately known how much either of the companies have invested in the partnership, but a person aware of the development said SoftBank and its Vision Fund will have a 50 percent share in the venture.

© Thomson Reuters 2019

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