OYO raises $50M from InCred at $2.38B valuation: Report
Hospitality unicorn OYO will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans.
Gurugram-based hospitality unicorn has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment.
According to RoC filings accessed by Entrackr, the firm will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans.
OYO's Board passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore, or $50 million, stated the filing.
Last month, ET reported that the firm is in talks to raise a fresh round of funding of approximately Rs 1,000 crore ($120 million), primarily from the family offices of prominent Indian corporate executives and stock market experts
VC funding into Indian startups rises by 45% in H1 2024
Earlier, OYO Founder Ritesh Agarwal posted on X that the company had a profit after tax (PAT) of nearly Rs 100 crore in FY24 and marked its eighth consecutive EBITDA-positive quarter.
OYO clocked an adjusted EBITDA of Rs 888 crore ($107 million) for the full fiscal year, up from Rs 274 crore ($33 million) in FY23. In FY24, the company added about 5,000 hotels and 6,000 homes globally.
The firm is expected to refile its IPO papers after the conclusion of the ongoing round in which OYO is likely to raise more capital.