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Oyo raises Rs 54 crore from Hindustan Media Ventures


Hospitality agency Oyo has raised Rs 54 crore from Hindustan Media Ventures as a part of Collection F1 spherical, in line with a regulatory submitting by the corporate. Hindustan Media Ventures Ltd subscribed to 125 Collection F1 Obligatory Convertible Cumulative Choice Shares (Collection F1 CCCPS) of the face worth of Rs 100 every for money at a difficulty worth of Rs 43.2 lakh per Collection F1 CCCPS aggregating Rs 54 crore by way of non-public placement, in line with the submitting to Registrar of Corporations.

When contacted, the corporate declined to remark.

The contemporary fundraising by the hospitality start-up got here at a time when it’s slowly recovering from the impression of coronavirus pandemic.

Final month, the corporate had laid off 300 workers, primarily from renovation and operations departments.

In September final 12 months, Oyo, which has buyers like SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Airbnb and Hero Enterprise, is reported to have liquidity of about USD 1 billion in money and money equal that provides it the room to navigate the enterprise by way of the unprecedented instances.

Working on an asset-light chain of accommodations and trip properties, Oyo has over 43,000 accommodations and 1.5 lakh properties world wide in its community. The corporate operates in over 800 cities in 80 nations, together with the US, Europe, UK, India, Center East, Southeast Asia, and Japan.

Hindustan Media Ventures is 74.4 per cent owned by HT Media Ltd that publishes newspapers, together with the Hindustan Times.

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