- Saturday, December 21, 2024
Oravel Stays Ltd, the parent company of OYO, raised £136 million from a consortium of investors in the latest funding round
By: Shajil Kumar
RITESH AGARWAL has invested ₹8.3 billion (£77.46 million)through his Singapore-based entity Patient Capital in OYO’s latest funding round.
Post the equity dilution in the Series G funding, Agarwal’s holdings will increase to 32.57 per cent from 29.97 per cent, sources told PTI.
“Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company’s prospects. The investment is backed by Singapore-based family offices,” the sources added.
Oravel Stays Ltd, the parent company of OYO, raised ₹14.57 billion (£136m) from a consortium of investors in the latest funding round.
The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8.
The additional fundraise values the company at $2.4 billion (£1.88bn), as the first Series G tranche issued to InCred in July.
The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G.
The capital will be used to support OYO’s growth and its global expansion plans, sources said. (PTI)
