OYO Raises USD 50 Mn from InCred Wealth for Expansion Plans The raised funds will support OYO's growth, global expansion, and enhanced business plans.
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Gurugram-based hospitality unicorn OYO has secured INR 416.85 crore (approximately USD 50 million) from InCred Wealth and Investment.
According to RoC filings accessed by Entrackr, the funds will support OYO's growth, global expansion, and enhanced business plans.
OYO's Board approved the issuance of 14,37,41,379 Series G CCPS at INR 29 each to raise INR 416.85 crore, or USD 50 million.
Last month, ET reported that OYO is also in talks to raise an additional INR 1,000 crore (USD 120 million), primarily from the family offices of prominent Indian corporate executives and stock market experts.
Founder Ritesh Agarwal recently announced a profit after tax (PAT) of nearly INR 100 crore in FY24, with OYO achieving its eighth consecutive EBITDA-positive quarter.
The company added about 5,000 hotels and 6,000 homes globally in FY24. Following this funding round, OYO plans to refile its IPO papers.
