Oyo raises Rs 54 crore is sequence F1 funding spherical from Hindustan Media Ventures

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

Indian hospitality chain of leased and franchised motels, properties and dwelling areas Oyo has raised Rs 54 crore from Hindustan Media Ventures as a part of Series F1 spherical, in keeping 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 means of personal placement, in keeping with the submitting to Registrar of Companies.

The contemporary fundraising by the hospitality start-up got here at a time when it’s 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 12 months, Oyo, which has buyers 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 means of the unprecedented occasions.

Operating on an asset-light chain of motels and trip properties, Oyo has over 43,000 motels and 1.5 lakh properties around the globe in its community. The firm operates in over 800 cities in 80 nations, 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 announces ESOPs of Rs 130 cr for all furloughed employees impacted by COVID-19 ; kinds exigency fund for workers)

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

With inputs from PTI.

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