OYO raises around ₹1,460 crore in Series G funding round
OYO's parent company, Oravel Stays Ltd, has raised ₹1,457 crore in its latest funding round. This marks the conclusion of the Series G funding round for it. The IPO-bound firm had earlier raised ₹1,040 crore and ₹416.85 crore in the same series. The additional equity issuance was approved by an overwhelming majority of shareholders, during an Extraordinary General Meeting (EGM) held on August 8. The newly acquired capital is set to bolster OYO's growth and aid its global expansion plans.
Valuation remains consistent at $2.4 billion
OYO's valuation remains consistent at $2.4 billion, matching the valuation from the first Series G tranche issued to InCred in July. The investment is being done through Compulsory Convertible Preference Shares (CCPS), each priced at ₹29. InCred Wealth led the recent fundraise, with contributions also coming from J&A Partners - the family office of Mankind Pharma promoters - and ASK Financial Holdings.
OYO to issue additional shares following fundraise
In total, an additional 35,86,98,276 shares will be issued at ₹29 per share. InCred will be issued 2,62,84,483 stocks for their investment of around ₹76 crore, on top of their recent investment of ₹416.85 crore. Patient Capital Investments Pte Ltd will receive 28,62,06,897 shares for their investment of ₹830 crore, J&A Partners will receive 4,13,79,310 stocks for their investment of ₹120 crore; and ASK Financial will receive up to 48,27,586 shares for their investment of ₹14 crore.
Shareholders approve increase in authorized share capital
During the EGM, shareholders also approved an increase in the company's authorized share capital from ₹1,341 crore to ₹1,631 crore. Additionally, the appointment of Sumer Juneja as a Non-Executive Director on Oravel's Board was approved with 99.99% votes. Juneja is the Managing Partner and Head of EMEA & India at SoftBank Investment Advisors, and will join Oravel's Board as a nominee of Softbank Vision Fund.
