Gurugram-based hospitality unicorn OYO has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment, propelling its valuation to $2.38 billion.
The funds will be utilized for growth, global expansion—including acquisitions—and enhanced business plans. The Board of OYO passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each, amounting to Rs 416.85 crore ($50 million).
Last month, ET reported that OYO is in talks to raise a fresh round of funding of approximately Rs 1,000 crore ($120 million), primarily from the family offices of prominent Indian corporate executives and stock market experts.
Earlier, OYO Founder Ritesh Agarwal posted on X that the company had a profit after tax (PAT) of nearly Rs 100 crore in FY24, marking its eighth consecutive EBITDA-positive quarter. The company recorded an adjusted EBITDA of Rs 888 crore ($107 million) for the full fiscal year, up from Rs 274 crore ($33 million) in FY23. In FY24, OYO added about 5,000 hotels and 6,000 homes globally.
The firm is expected to refile its IPO papers after concluding the ongoing funding round, in which it is likely to raise additional capital.
