The shareholders of OYO approved a resolution to increase the sum by giving InCred Wealth and Investment Services a 14.37 Cr Series G CCPS.
The startup plans to use the money for international growth, which may involve buying out smaller companies in the same industry.
According to earlier reports, the business is in talks to raise another $2.3 billion at a valuation, which is a significant 77% decrease from the $10 billion at which it last received money.
As per the startup’s official filing, its shareholders approved a special resolution in May to assign InCred Wealth and Investment Services Private Limited about 14.37 Cr Series G compulsory convertible cumulative preference shares (CCPS).
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According to the filing, the startup plans to use the funds for global expansion, which may possibly involve the purchase of smaller companies operating in the same industry.
Following the allocation, InCred will own about 2.11% of the startup managed by Ritesh Agarwal.
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It is important to remember that OYO just withdrew its initial public offering (IPO) filings from SEBI, the markets regulator, and is currently seeking funding from individual investors. The business was reportedly in talks to raise almost INR 1,000 Cr last month from a number of family offices, including stock market guru Anand Jain and Mankind Pharma entrepreneurs Ramesh and Rajeev Juneja.
OYO is a hospitality service firm that was founded in 2012 by Agarwal and offers lodging to clients worldwide. The company states that it serves customers who run over 157K hotels and home stores in over 35 countries, including Southeast Asia, Europe, and India, with over 40 integrated products and solutions.
About OYO
OYO is a global platform that offers full-stack technology products and services to empower entrepreneurs and small businesses with hotels and homes. Its goal is to increase revenue and streamline operations while offering customers worldwide easy-to-book, reliable, and affordable lodging.
