[Funding News] Oyo Secures $50 Mn Funding from InCred at $2.38 Bn Valuation

InCred Wealth and Investment has provided Oyo with Rs 416.85 crore (approximately $50 million). The Gurugram-based hospitality unicorn has received funding after a nearly three-year hiatus.

Oyo intends to allocate these funds towards acquisitions, global expansion, and advancements in its business strategies.

The Oyo board has approved a special resolution to issue 14,37,41,379 Series G CCPS at a price of Rs 29 each in order to raise Rs 416.85 crore or $50 million.

Read also - Dice Secures Rs 42 Cr Series A Funding Round from Dallas Venture Capital

The Oyo board has approved a special resolution to issue 14,37,41,379 Series G CCPS at a price of Rs 29 each in order to raise Rs 416.85 crore or $50 million. Microsoft, a technology company headquartered in the United States, had invested $5 million in the Lightspeed-backed firm in August 2021, at a valuation of $9.6 billion. The most recent capital has been acquired at a valuation reduction of over 70% from its apex.

In response to unfavorable circumstances, Oyo withdrew its draft documents (DRHP) for the second time. The company has the option to resubmit the IPO documents following the conclusion of the current round, during which it is anticipated that Oyo will raise additional capital.

About Oyo

Founded in 2013 by Ritesh Agarwal, OYO is a global platform that aims to empower entrepreneurs and small businesses with hotels and homes by providing full-stack technology products and services that aim to increase revenue and ease operations; bringing easy-to-book, affordable, and trusted accommodation to customers around the world.

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