Japanese technology to investment company SoftBank Group and OYO, an Indian budget hotel booking startup, have bought a stake in rental apartment operator MDI.
The companies acquired an 80 percent stake in MDI for a total purchase price of more than $100 million.
Following the acquisition, OYO plans to list a portion of the 37,000 rooms operating under MDI management on its OYOLife room rental platform.
Furthermore, in the fiscal year ending March, MDI booked $1 billion in revenue.