Oravel Stays Ltd, the parent company of OYO, has successfully raised ₹1,457 crore in its latest Series G funding round, concluding the round with significant backing from a group of investors. This new tranche of funding values the company at $2.4 billion, maintaining the same valuation established in an earlier Series G tranche issued to InCred in July.
This latest raise follows a previous injection of nearly ₹1,040 crore in the Series G round and an earlier raise of ₹416.85 crore. The additional capital will be used to bolster OYO’s growth and support its global expansion strategy.
The equity issuance was approved by an overwhelming majority of 99.99% of shareholders during an extraordinary general meeting (EGM) held on August 8. The new funds will be raised through Compulsory Convertible Cumulative Preference Shares priced at ₹29 each, consistent with the valuation of the Series G tranche.
The funding round includes substantial contributions from InCred Wealth, which led the latest fundraise, as well as J&A Partners (the family office of Mankind Pharma promoters) and ASK Financial Holdings. InCred will receive 2,62,84,483 shares, J&A Partners 4,13,79,310 shares, ASK Financial up to 48,27,586 shares, and Patient Capital Investments Pte Ltd 28,62,06,897 shares. In total, 35,86,98,276 shares will be issued at ₹29 per share.
The investment breakdown includes InCred contributing approximately ₹76 crore in addition to their prior investment, Patient Capital investing ₹830 crore, J&A Partners adding ₹120 crore, and ASK Financial contributing ₹14 crore. Additionally, Ashish Kacholia, a notable serial investor, is investing through InCred.
Shareholders also approved an increase in the company’s authorized share capital from ₹13,41,13,59,300 to ₹16,31,13,59,300 during the EGM. The meeting also ratified the appointment of Sumer Juneja, Managing Partner and Head of EMEA & India at SoftBank Investment Advisors, as a Non-Executive Director on Oravel’s Board. Juneja will join the board as a nominee of the SoftBank Vision Fund.
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