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Oyo raises Rs 54 crore is series F1 funding round from Hindustan Media Ventures – Business News , Firstpost


The contemporary fundraising by the hospitality begin-up got here at a time when it is slowly recovering from the affect of coronavirus pandemic.

Indian hospitality chain of leased and franchised accommodations, properties and dwelling areas Oyo has raised Rs 54 crore from Hindustan Media Ventures as a part of Series F1 round, in accordance with a regulatory submitting by the corporate. Hindustan Media Ventures Limited subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) of the face worth of Rs 100 every for money at a difficulty value of Rs 43.2 lakh per Series F1 CCCPS aggregating Rs 54 crore by way of non-public placement, in accordance with the submitting to Registrar of Companies.

The contemporary fundraising by the hospitality begin-up got here at a time when it is slowly recovering from the affect of coronavirus pandemic.

In December 2020, the corporate had laid off 300 staff, primarily from renovation and operations departments.
In September final yr, Oyo, which has traders like SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Airbnb and Hero Enterprise, is reported to have liquidity of about USD 1 billion in money and money equal that offers it the room to navigate the enterprise by way of the unprecedented instances.

Operating on an asset-mild chain of accommodations and trip properties, Oyo has over 43,000 accommodations and 1.5 lakh properties world wide in its community. The firm operates in over 800 cities in 80 international locations, together with the US, Europe, UK, India, Middle East, Southeast Asia, and Japan. The hospitality agency, OYO was based in 2013 by Ritesh Agarwal.

(Also Read: Oyo pronounces ESOPs of Rs 130 cr for all furloughed staff impacted by COVID-19 ; types exigency fund for workers)

(Also Read: OYO takes measures to mitigate COVID-19 affect, provide high quality hospitality expertise)

With inputs from PTI.

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