By Inc42 Media
OYO’s parent Oravel Stays Ltd has reportedly raised INR 1,457 Cr in Series G funding round from a host of investors
The company secured close to INR 1,040 Cr as part of the new funding round which follows an earlier raise of INR 416.85 Cr in the same series
The additional fundraise now marks the company’s valuation at $2.4 Bn, as the first Series G tranche issued to InCred in July
OYO’s parent Oravel Stays Ltd has reportedly raised INR 1,457 Cr in its latest fundraise from a host of investors.
As per PTI’s report, the company has secured close to INR 1,040 Cr in its Series G funding round which follows an earlier raise of INR 416.85 Cr in the same series and concludes the round.
With the fresh infusion, OYO
looks to support its growth and global expansion plans.
Inc42 has reached out to OYO for comments on the development. The story will be updated based on the response.
According to the documents accessed by the PTI, the additional equity issuance was approved by 99.99% shareholders in an extraordinary general meeting held on August 8 (Thursday).
The additional fundraise now marks the company’s valuation at $2.4 Bn, as the first Series G tranche issued to InCred in July, a source confirmed in the report.
The news report said that the investment is made through compulsory convertible cumulative preference shares, priced at INR 29 per share, consistent with the valuation of the recent raise in Series G.
The funding round includes contributions from InCred Wealth, who led the recent fundraise as well as J&A Partners, the family office of Mankind Pharma promoters and ASK Financial Holdings, the report added.
Founded in 2012 by Ritesh Agarwal, OYO is a hospitality service company that aims to provide easy-to-book and affordable accommodation to customers around the world. The company claims to offer over 40 integrated products and solutions in more than 35 countries including India, Europe, and Southeast Asia.
The development of fundraise comes after the Delhi NCR-based hospitality unicorn officially withdrew its IPO (initial public offering) documents from the market regulator SEBI, as of May 17.
OYO reported its first full year of profitability in the financial year 2023-24 (FY24), posting a net profit of about INR 100 Cr, founder and CEO Ritesh Agarwal claimed.
Taking to social media platform X, Agarwal said OYO logged its eighth straight quarter of positive EBITDA in Q4 FY24. He added that the SoftBank-backed startup’s cash reserves stood at around INR 1,000 Cr at the end of the year.