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Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation

EntrackrEntrackr · 6m ago
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
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.

OYO elevates Sonal Sinha as CEO of G6 Hospitality

EntrackrEntrackr · 4m ago
OYO elevates Sonal Sinha as CEO of G6 Hospitality
Medial

OYO elevates Sonal Sinha as CEO of G6 Hospitality Global travel-tech company OYO has elevated Sonal Sinha to Chief Executive Officer of G6 Hospitality, the American motel company it recently acquired from Blackstone Real Estate. The acquisition, completed in December last year, added 1,500 franchised hotels across the US and Canada to OYO's portfolio, significantly expanding its North American presence. The combined entity is projected to generate a Gross Booking Value of approximately $3 billion, with G6 Hospitality—which operates the popular Motel 6 and Studio 6 brands—contributing $1.7 billion. The integration of G6’s portfolio with OYO's existing operations is expected to create significant synergies and accelerate growth across international markets. Sinha joined OYO in 2015 and has since made a substantial impact across various finance functions. As Chief Financial Officer – International Business, he led initiatives to enhance business margins and established critical financial control frameworks, including tax, accounting, and reconciliation. He will continue to report to Gautam Swaroop, CEO – International, OYO. These leadership changes reflect OYO’s continued focus on strengthening its international presence while building a more responsive organization. “Sonal has been instrumental in driving OYO’s international business to new heights,” said OYO Founder & Group CEO Ritesh Agarwal. “His deep understanding of our operations and proven track record of enhancing business performance make him the ideal leader to spearhead G6 Hospitality while maintaining the strong momentum of our global business.” Sinha’s appointment comes as OYO sharpens its focus on creating memorable guest experiences while empowering hotel owners with the tools they need to thrive in today’s competitive market. The integration aims to blend OYO’s tech-forward approach with G6’s established market presence, creating a hospitality offering that resonates with both hotel partners and guests.

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