OYO Parent Oravel Stays Completes Series G Round, Secures Rs 1,457 Cr

Oravel Stays, the parent company of OYO, raises Rs 1,457 crore from a consortium of investors in its latest funding round, according to PTI. This funding, primarily through Compulsory Convertible Cumulative Preference Shares priced at Rs 29 each, is consistent with the valuation from the earlier Series G tranche.

The IPO-bound company secured nearly Rs 1,040 crore in this round, which follows an earlier raise of Rs 416.85 crore, completing the Series G funding round. The additional capital injection, approved by 99.99 per cent of shareholders during an Extraordinary General Meeting (EGM) held on August 8, is set to fuel OYO's growth and global expansion strategies.

The recent funding round values Oravel Stays at USD 2.4 billion, matching the valuation from the first Series G tranche issued to InCred in July. The funding round saw participation from InCred Wealth, J&A Partners (the family office of Mankind Pharma promoters), and ASK Financial Holdings.

Additionally, shareholders approved an increase in Oravel's authorised share capital from Rs 13,41,13,59,300 to Rs 16,31,13,59,300 during the EGM. 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 was also approved, with Juneja joining as a nominee of SoftBank Vision Fund.