SUMMARY
- Oyo has raised Rs 1,457 Crore in a Series G round.
- J&A partners and ASK Financial Holdings pumped in Rs 120 crore and Rs 14 crore respectively, and Patient Capital has invested Rs 830 crore.
- Oyo’s market valuation has recorded a sharp decline of 70% from $9.6 billion in August 2021, when it raised $5 million from US-based tech giant Microsoft.
Oyo has raised Rs 1,457 Crore in a Series G round from a group of investors which includes InCred Wealth, Patient Capital, J&A Partners, the family office of Mankind Pharma promoters and ASK Financial Holdings.
The patient capital has invested Rs 830 Crore, and J&A partners and ASK Financial Holdings pumped in Rs 120 crore and Rs 14 crore respectively. Serial investor Ashish Kacholia has also invested through InCred.
Patient Capital is a Singapore-based firm run by Oyo founder and CEO Ritesh Agarwal.
It’s worth noticing that the funding round includes Rs 416 Crore raised from InCred last month. The company was valued at $2.38 billion as per the above report, but the valuation of the firm still remained unchanged after the closing of the new deal.
Oyo said that they will use these funds for their company’s growth, to expand their reach globally, and to enhance their business plans.
Oyo’s market valuation has recorded a sharp decline of 70% from $9.6 billion in August 2021, when it raised $5 million from US-based tech giant Microsoft.
In May, Oyo’s founder Agarwal said that the firm posted its maiden annual net profit of Rs 100 crore in FY24. In FY23, its revenue from operations grew 14.3% to Rs 5,464 crore from Rs 4,871 crore in FY22. During the period, the firm cut down losses by 33.7% to Rs 1,287 crore. The firm is yet to file its audited financials for FY24.
The Gurugram-based firm has planned to go public for some time. In May, it withdrew its draft papers (DRHP) for the second time. The firm also said that it will refile the IPO papers after concluding a large funding round which is about to close after the latest fundraise.
