SoftBank-backed hotel aggregator OYO Rooms has reportedly acquired Tiger Global backed rival Zostel's Zo Rooms in an all-stock deal, as per SoftBank's earnings report. While the founders of Zo Rooms have quit the company, about 100 employees from Zo Rooms and Zostel have been outplaced in other firms. OYO Rooms was founded by Ritesh Agarwal in 2012.