Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn.
According to the filings, Oyo would utilize the cash to fund growth, global expansion (including acquisitions), and better business objectives.
According to TheKredible, the company is currently valued at roughly Rs 19,756 crore, or $2.38 billion, post-allotment. Importantly, the new investor will own 2.11% of the company (post-allotment).
Recently, Oyo’s founder Ritesh Aggarwal said that the firm posted its maiden annual net profit of Rs 100 crore in FY24. The company didn’t disclose its revenue for the last fiscal. 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.