Hospitality startup is in talks to raise a fresh round of funding of approximately Rs 1,000 crore ($120 million), primarily from the family offices of prominent Indian corporate executives and stock market experts, according to a report by The Economic Times.
With this round, the startup’s valuation will rise by 72% from $9 billion in 2021 to $2.5 billion, subject to approval at its extraordinary general meeting (EGM) on Tuesday, said the report.
The potential investors for the latest fundraise include Anand Jain, a corporate strategy advisor; Ramesh
and Rajeev Juneja, promoter brothers of Mankind Pharma; and Utpal Sheth, a close associate of the late Rakesh Jhunjhunwala, it added.
Additionally, the firm is in the final stages of negotiations with Khazanah Nasional, a Malaysian sovereign wealth fund, which is seeking certain rights before finalising its investment.
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OYO may raise equity funds from institutional investors at $3-4B valuation: Ritesh Agarwal
Incred Wealth is aiding OYO in pitching the fundraise to a group of high net-worth individuals and has created a special purpose vehicle to issue shares in OYO’s parent company to the participating family offices, said the report.
Last month, the company had posted a profit after tax (PAT) of nearly Rs 100 crore in FY24, marking the eighth consecutive EBITDA positive quarter for the company.
“While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well. We had our maiden net profitable financial year at nearly Rs 100 crores. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of about Rs 1000 crores,” stated Ritesh Agarwal, OYO’s founder, on social media platform X.
Edited by Swetha Kannan
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