Oravel Stays, the parent company of OYO, has successfully raised Rs 1,457 crore from a consortium of investors in its latest funding round, PTI reported, citing sources.
The funding round, part of OYO’s Series G, saw the company secure nearly Rs 1,040 crore in new capital. This follows an earlier raise of Rs 416.85 crore in the same series, completing the round. The additional equity issuance was approved by 99.99% of shareholders during an extraordinary general meeting (EGM) held on August 8.
The new funds will be allocated to support OYO’s growth and global expansion efforts. The company’s valuation remains at $2.4 billion, consistent with the valuation from the initial Series G tranche issued to InCred in July.
The latest investment includes Compulsory Convertible Cumulative Preference Shares priced at Rs 29 each. The contributors to this funding round include InCred Wealth, which led the raise, J&A Partners, ASK Financial Holdings, and Patient Capital Investments Pte Ltd.
InCred will receive 2,62,84,483 shares, J&A Partners will get 4,13,79,310 shares, ASK Financial Holdings will receive up to 48,27,586 shares, and Patient Capital will get 28,62,06,897 shares. The total additional shares issued amount to 35,86,98,276.
The EGM also approved increasing the company’s authorized share capital from Rs 13,41,13,59,300 to Rs 16,31,13,59,300.
Further, Sumer Juneja, Managing Partner and Head of EMEA & India at SoftBank Investment Advisors, was appointed as a Non-Executive Director on Oravel’s Board. Sumer will join the board as a nominee of SoftBank Vision Fund.