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Oyo to raise up to $125 mn at $2.5 bn valuation

Oravel Stays Limited

Created at 17 Jun 2024 11:24

At a $2.5 billion market valuation, hospitality giant Oyo is purportedly seeking to raise an additional $100–125 million in capital. The international chain of low-cost hotels is finalizing a "fresh fundraising of about $100 million to $125 million that slashes its valuation to $2.5 billion," according to a TechCrunch article on Monday that cited sources. Oyo has not yet responded to the report right away. The significant player in hospitality stated last month that it would refile its initial public offer (IPO) papers with the Securities and Exchange Board of India (SEBI), the markets regulator, following a refinancing of its $450 million Term Loan B (TLB) at a reduced interest rate. The company expects to save $8–10 million in the first year and $15–17 million in the following years with this decision.

The company's founder and CEO, Ritesh Agarwal, stated that the 2023–24 fiscal year saw its first profitable year, with a net profit of Rs 100 crore.

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