SoftBank confirms acquisition of ZO Rooms by OYO Rooms

first_imgOYO Rooms investor, Soft Bank has confirmed the much speculated acquisition of ZO Rooms by the budget hotel aggregator.SoftBank has listed the transaction in its most recent financial report. However, the Japanese investment company hasn’t disclosed the value of the acquisition.This acquisition will clearly put OYO Rooms on the top in this space with a significant margin. The acquisition comes after Zostel Hospitality, the promoters of ZO Rooms, failed to raise additional funds for further growth from their existing investors or bring in new investors. Zo Rooms raised roughly $35 million from Tiger Global and Orios Management in 2005.All of ZO Rooms listed properties have been transferred to OYO, with many ZO employees also having joined OYO already. While the details of the acquisitions are still awaited from the companies in question, there are reports that the acquisition formalities will be completed soon.last_img