In brief: Oyo to invest $50m in the Philippines

Oyo, an India-based hospitality company, plans to invest US$50 million in the Philippines to strengthen its Southeast Asia foothold. Oyo will put up 21 hotels in the cities of Manila, Tagaytay, and Cebu, and expand to 10 cities by 2020.

The company has been on an expansion spree after it received US$1 billion in funding from Japan’s SoftBank Vision Fund last September. Earlier, Oyo also announced a US$100 million expansion in Indonesia.

Source: Livemint