OYO's parent company, Oravel Stays Ltd, raised ₹1,457 crore from a syndicate of investors in a recent investment round, according to sources. This fundraiser marks the end of the Series G funding round.
The IPO-bound unicorn had received almost ₹1,040 crore in the Series G fundraising round. The round concludes after an earlier raise of ₹416.85 crore in the same series.
According to various documents obtained by PTI, 99.99% of shareholders accepted the increased stock offering at an EGM conducted on August 8. According to sources, the funds would be utilized to help OYO grow and expand globally.
The current investment consists of Compulsory Convertible Cumulative Preference Shares priced at Rs 29 apiece. This funding round was led by InCred Wealth, with J&A Partners, ASK Financial Holdings, and Patient Capital Investments Pte Ltd also participating.
InCred will receive 2,62,84,483 shares; J&A Partners will receive 4,13,79,310 shares; ASK Financial Holdings will receive up to 48,27,586 shares; and Patient Capital will receive 28,62,06,897 shares. The total number of new shares issued is 35,86,98,276.
The EGM also approved an increase in the company's authorized share capital from Rs 13,41,13,59,300 to Rs 16,31,13,59,300.
Sumer Juneja, Managing Partner and Head of EMEA & India at SoftBank Investment Advisors, has been named as a Non-Executive Director on Oravel's Board. Sumer will join the board as a nominee for the SoftBank Vision Fund.