OYO, a Gurugram-based hospitality company of homes and hotels stated that it will successfully raise $1.5 billion as a part of it’s newest funding round which the company will use for US expansion and strengthen its vacation rentals in Europe. As a part of its series F funding, OYO will also infuse $700 million as primary capital through RA Hospitality Holdings and the remaining $800 million will be pumped in by the remaining investors. RA Hospitality Holdings also received consent from CCI to invest nearly $2 Billion for the primary and secondary management investments in OYO.
With this investment, Ritesh Agarwal, CEO and Founder, OYO Hotels and Homes mentioned that the company has always been backed by precious investors like Lightspeed, Sequoia Capital and Softbank Vision Fund for its objective of “Making #LivingTheGoodLife a certainty for nearly 3.2 billion middle-income individuals around the globe.” He also stated that with CCI’s approval, the company will get the required investment to offer backing to its operations through him and his investors.
With regard to prior investments, Oyo has successfully raised $1 billion in capital led by SoftBank Vision Fund, with contribution from standing stockholders – Lightspeed Venture Partners, Sequoia Capital, and Greenoaks Capital. With all its sturdy operations the company has maintained a robust balance sheet of nearly $2 billion across group companies, a noteworthy portion of which will be additionally capitalized in the business, given the company’s emphasis on preserving its development drive.
Ritesh Agarwal, CEO and Founder, OYO Hotels and Homes also added that he is excited to share that on a Y-o-Y basis, the company has realized that not only the company is functioning profitably at the building level, but at the same time, the company EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has also enhanced by 50% (on a Y-o-Y basis). The development across verticals in India and globally has been remarkable, and the company truly believes that they will be successful in building an actual global brand out of India while safeguarding that the business is run professionally and with a strong path to productivity. The company’s direct goal, however, is to make forward-looking investments so that they can achieve their mission while delivering on the fiduciary responsibility to the potential investors by developing a sustainable business.”The business already has employed over 20,000 OYO entrepreneurs and has formed chances for over 300,000 local hospitality buffs around the globe.
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