The fresh fundraising by the hospitality start-up came at a time when it is slowly recovering from the impact of coronavirus pandemic.
Indian hospitality chain of leased and franchised hotels, homes and living spaces Oyo has raised Rs 54 crore from Hindustan Media Ventures as part of Series F1 round, according to a regulatory filing by the company. Hindustan Media Ventures Limited subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) of the face value of Rs 100 each for cash at an issue price of Rs 43.2 lakh per Series F1 CCCPS aggregating Rs 54 crore through private placement, according to the filing to Registrar of Companies.
The fresh fundraising by the hospitality start-up came at a time when it is slowly recovering from the impact of coronavirus
pandemic.
In December 2020, the company had laid off 300 employees, mainly from renovation and operations departments.
In September last year, Oyo, which has investors like SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Airbnb and Hero Enterprise, is reported to have liquidity of about USD 1 billion in cash and cash equivalent that gives it the room to navigate the business through the unprecedented times.
Operating on an asset-light chain of hotels and vacation homes, Oyo has over 43,000 hotels and 1.5 lakh homes around the world in its network. The company operates in over 800 cities in 80 countries, including the US, Europe, UK, India, Middle East, Southeast Asia, and Japan. The hospitality firm, OYO was founded in 2013 by Ritesh Agarwal.
(Also Read: Oyo announces ESOPs of Rs 130 cr for all furloughed employees impacted by COVID-19 ; forms exigency fund for staff)
(Also Read: OYO takes measures to mitigate COVID-19 impact, offer quality hospitality experience)
With inputs from PTI.
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