OYO raises Rs 1,457 crore from investors in series G funding round
Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round, sources said.
This fund raise concludes the Series G funding round. The IPO-bound unicorn had earlier raised nearly Rs 1,040 crore and Rs 416.85 crore in the same series.
According to different documents accessed by PTI, the additional equity issuance was approved by 99.99 per cent shareholders in an EGM held on August 8.
The capital will be used to support OYO's growth and its global expansion plans, sources said.
The additional fund raise values the company at the same valuation of USD 2.4 billion, as the first Series G tranche issued to InCred in July, a source said.
The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, 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 ...