OYO’s parent company, Oravel Stays Ltd, has successfully raised ₹1,457 crore from a consortium of investors in its latest funding round, sources reveal. This funding, which is part of the Series G round, aims to fuel OYO’s growth and global expansion plans.
Funding Details
The recent raise includes nearly ₹1,040 crore in the Series G round, following an earlier ₹416.85 crore raised in the same series, concluding the round. According to documents accessed by PTI, the additional equity issuance was approved by 99.99% of shareholders in an Extraordinary General Meeting (EGM) held on August 8.
The company’s valuation remains steady at USD 2.4 billion, consistent with the valuation from the first Series G tranche issued to InCred in July. The funds are being raised through Compulsory Convertible Cumulative Preference Shares, priced at ₹29 each.
Key Investors
The funding round saw significant contributions from:
- InCred Wealth: Leading the recent fundraise, InCred will be issued 2,62,84,483 shares, investing approximately ₹76 crore in addition to the ₹416.85 crore recently invested.
- Patient Capital Investments Pte Ltd: Investing ₹830 crore for 28,62,06,897 shares.
- J&A Partners (Mankind Pharma family office): Investing ₹120 crore for 4,13,79,310 shares.
- ASK Financial Holdings: Investing ₹14 crore for 48,27,586 shares.
Corporate Developments
During the EGM, shareholders approved an increase in the company’s authorised share capital from ₹13,41,13,59,300 to ₹16,31,13,59,300. The appointment of Sumer Juneja, Managing Partner and Head of EMEA & India at SoftBank Investment Advisors, as a Non-Executive Director on Oravel’s Board was also approved with 99.99% votes. Sumer will join as a nominee of the Softbank Vision Fund.
OYO’s latest funding round sets the stage for ambitious growth and expansion, reinforcing its position in the global hospitality market.
