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Oyo parent raises Rs 1,457 crore in latest funding round
Economic Times
·
12m ago
Medial
OYO's parent company, Oravel Stays Ltd, has raised Rs 1,457 crore in its latest funding round. The funds will be used for OYO's growth and global expansion plans. The investment comes from a consortium of investors, including InCred Wealth, J&A Partners, ASK Financial Holdings, and Patient Capital Investments. The funding round values the company at USD 2.4 billion. Sumer Juneja from SoftBank Investment Advisors has been appointed as a Non-Executive Director on Oravel's Board.
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Founder Ritesh Agarwal invests Rs 830 crore in Oyo's latest funding round
Economic Times
·
12m ago
Medial
OYO founder Ritesh Agarwal has invested Rs 830 crore in the company's latest funding round through his Singapore-based entity Patient Capital. This brings OYO's total funding in the round to Rs 1,457 crore. Agarwal's stake will increase from 29.97% to 32.57% after the investment. The investment aims to protect his ownership dilution in OYO and show confidence in the company's prospects. The funding will support OYO's growth and global expansion plans. The investment is backed by Singapore-based family offices. The company was valued at $2.4 billion in the first tranche of the Series G funding.
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Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
Entrackr
·
7m ago
Medial
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the company’s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyo’s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.
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Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal
Economic Times
·
11m ago
Medial
Hospitality startup Oyo announced a net profit of Rs 229 crore for the fiscal year 2023-24, exceeding the founder's earlier estimate of Rs 100 crore. The audited results have been published after adoption by its board, but the financial statements for FY24 were not available with the Registrar of Companies. Oyo recently raised Rs 1,457 crore in funding at a valuation of about $2.5 billion. The company has rebounded from the pandemic and restructured its business, focusing on core growth markets. It also operates a premium brand of hotels called 'Sunday'.
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Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23; cash burn reduced by 34% in FY23
IndianStartupNews
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, has reported a 57% year-on-year growth in revenue for the fiscal year 2022-23. The company's total revenue surged to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore and non-operating revenue at Rs 352 crore. Dailyhunt achieved a positive EBITDA status with revenue surpassing Rs 1,200 crore, while Josh reported an annual recurring revenue (ARR) exceeding Rs 300 crore. VerSe successfully reduced its costs by 34% and raised $805 million in its Series J funding round.
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Ritesh Agarwal Leads $175 Mn Round In OYO, Valuation Cut To $2.37 Bn
Inc42
·
12m ago
Medial
Hospitality company OYO has raised INR 1,457 Cr (approximately $175 Mn) in a down round of funding. The funding was led by Singapore-based entity Patient Capital, founded by OYO CEO Ritesh Agarwal. The company's valuation has dropped from $10 Bn to $2.37 Bn. This comes after a previous raise of INR 416.85 Cr in the same series. Other participants in this round include J&A Partners and ASK Financial Holdings.
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Oyo raises $50 Mn from InCred at $2.38 Bn valuation
Entrackr
·
1y ago
Medial
Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn. The board at Oyo has passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore or $50 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Oyo will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans, according to the filings. As per TheKredible estimates, the company has been valued at around Rs 19,756 crore or $2.38 billion post-allotment. Importantly, the new investor will command a 2.11% stake in the company (post allotment). In August 2021, US-based tech giant Microsoft had invested $5 million in the Lightspeed-backed firm at a valuation of $9.6 billion. The latest capital has come at a valuation haircut of more than 70% from its peak. Recently, Oyo’s founder Ritesh Aggarwal said that the firm posted its maiden annual net profit of Rs 100 crore in FY24. The company didn’t disclose its revenue for the last fiscal. In FY23, its revenue from operations grew 14.3% to Rs 5,464 crore from Rs 4,871 crore in FY22. During the period, the firm cut down losses by 33.7% to Rs 1,287 crore. Recently, Oyo withdrew its draft papers (DRHP) for the second time in the wake of unfavorable conditions. The firm may refile the IPO papers after the conclusion of the ongoing round in which Oyo is likely to raise more capital. Oyo’s major investor SoftBank first reduced its valuation to $3.4 billion in 2022. However, the firm rejected the markdown then.
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Dailyhunt parent’s revenue grows 57% to Rs 1,809 Cr in FY23, reduces burn by 34%
Entrackr
·
1y ago
Medial
VerSe Innovation, the parent company of Dailyhunt and Josh, reported a 57% increase in revenue and a 34% decrease in losses in FY23. The company's total revenue increased to Rs 1,809 crore, with operating revenue reaching Rs 1,457 crore. Dailyhunt generated over Rs 1,200 crore in revenue and achieved positive EBITDA, while Josh monetized in H2 FY23 with an ARR of over Rs 300 crore. VerSe effectively controlled expenses, with cost of services accounting for 45% and business promotional expenses decreasing by 22%.
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Bare Anatomy parent Innovist raises Rs 136 crore from ICICI Venture, others
Economic Times
·
4m ago
Medial
Innovist, the parent company of brands like Bare Anatomy, raised Rs 136 crore in a funding round led by ICICI Venture, with participation from Mirabilis Investment Trust and others. Accel Ventures fully exited the company through this round. The funds will support product innovation, market expansion, and team building. Innovist, rebranded from Onesto Labs, is among the fastest-growing beauty and personal care companies, with projections to cross Rs 300 crore in revenue by FY25.
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Oyo's funding to finance global expansion, acquisitions: filings
Economic Times
·
1y ago
Medial
Oyo has received shareholder approval for raising Rs 416.85 crore through preference shares in order to enhance its business plan and support global expansion. The shareholders also approved increasing Oyo's authorized share capital from Rs 901.14 crore to Rs 1,341.14 crore. This increase provides Oyo with greater flexibility to issue new shares as it pursues future opportunities. The funding will help Oyo in its objectives of global expansion and potential acquisitions.
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Nuvama Wealth acquires shares worth Rs 100 Cr in OYO via secondary market: Report
YourStory
·
7m ago
Medial
Nuvama Wealth and Investment Limited has acquired shares worth Rs 100 crore in OYO's parent firm Oravel Stays through a secondary market transaction. The share sale at Rs 53 apiece values OYO at $4.6 billion. Discussions with potential buyers for stake purchases at prices ranging between Rs 53-60 per share are at an advanced stage, potentially valuing OYO at up to $5.2 billion. OYO reported a net profit of around Rs 132 crore in Q1 FY 2025, a turnaround from the previous fiscal year's loss. Moody's Ratings has upgraded Oravel Stays' corporate family rating to B2 from B3.
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