Gurugram-based hospitality unicorn OYO has successfully raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment, according to recent RoC filings accessed by Entrackr. This significant investment will fuel OYO’s growth, global expansion, including acquisitions, and enhanced business plans.
The firm’s Board passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each, raising Rs 416.85 crore, or $50 million. This funding round follows a report from ET last month, which indicated that OYO is in talks to raise an additional Rs 1,000 crore ($120 million), primarily from the family offices of prominent Indian corporate executives and stock market experts.
OYO’s Founder, Ritesh Agarwal, recently posted on X about the company’s financial milestones. He highlighted that OYO achieved a profit after tax (PAT) of nearly Rs 100 crore in FY24 and marked its eighth consecutive EBITDA-positive quarter. The company clocked an adjusted EBITDA of Rs 888 crore ($107 million) for the full fiscal year, a significant increase from Rs 274 crore ($33 million) in FY23. In FY24, OYO expanded its portfolio by adding about 5,000 hotels and 6,000 homes globally.
The firm is expected to refile its IPO papers after the conclusion of the ongoing funding round, during which OYO is likely to secure additional capital.