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Summary-
- OYO Hotel Group is currently in advanced discussions to raise an estimated INR 1,000 Cr funding boost, after withdrawing its IPO documents from SEBI earlier this month.
- Oyo will host an extraordinary general meeting (EGM) to approve a fundraise on Tuesday, June 18th at 6:30 pm PT/9:30 am ET.
- OYO Hotels and Resorts is reported to be in advanced talks to raise a fresh funding round of about INR 1,000 Cr, after having recently withdrawn its IPO application.
ET reported, citing sources, that family offices of leading Indian corporate executives such as Ramesh Juneja and Rajeev Juneja – promoters of Mankind Pharma – and stock market expert Anand Jain are expected to purchase stakes in the hotel chain.
Reports has reached out to OYO for comments regarding their decision. Our story will be updated based on their responses. Last month, OYO officially withdrew its IPO documents from SEBI market regulator.
OYO Hospitality was established by Ritesh Agarwal in 2012 to offer convenient and cost-effective accommodations worldwide. Their products and solutions currently cover over 177,000 hotel and home storefronts globally in India, Europe and Southeast Asia – while boasting 40 integrated products and solutions with customers operating over 170,000 hotel and home storefronts globally.
OYO Hotels will host an Extraordinary General Meeting (EGM) on June 18 (Tuesday), to approve its proposed fundraise of approximately INR 500 Cr.
According to reports, In May the travel tech unicorn was in negotiations to raise a fresh funding round at an estimated valuation of just under $2.3 Bn – 77% lower than when they last raised external capital at $10 Bn valuation. To facilitate negotiations between family offices and Incred, raising around $80Mn-$90Mn at this lower valuation may have required broker talks between family offices and Incred.
OYO achieved profitability for the first time ever during 2023-24 (FY24), reporting an estimated net profit of more than INR 100 Cr, according to founder and CEO Ritesh Agarwal.
Agarwal announced on social media platform X that OYO recorded its eighth consecutive quarter with positive EBITDA for FY24 in Q4 FY24 and that SoftBank-backed startup had cash reserves totalling approximately INR 1,000 Cr as of December 31.
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