OYO buys hotel brand Qianyu in 1st China acquisition: Report

Gurugram-based hospitality startup OYO Rooms has acquired mid-scale Chinese hotel brand Qianyu Islands, as per an Entrackr report. The transaction had completed last week and will mark the startup's first acquisition in the country, the report added. Established in 2017, Qianyu is reportedly backed by investors including Gaochun Capital and Didi Chuxing-backer Wang Gang, among others.