Oravel Stays Ltd, the parent company of OYO, has secured INR 1,457 crore from a consortium of investors in its latest funding round, according to sources. The IPO-bound unicorn raised nearly INR 1,040 crore in the Series G round, following an earlier INR 416.85 crore raise in the same series, bringing the round to a close.
Documents reveal that 99.99 per cent of shareholders approved the additional equity issuance during an EGM held on August 8.
Sources indicate that the capital will be utilised to fuel OYO’s growth and global expansion plans.
Company Valuation Maintained:
The additional funding maintains the company’s valuation at USD 2.4 billion, consistent with the first Series G tranche issued to InCred in July, according to a source.
The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at INR 29, in line with the valuation of the recent Series G raise.
Key Investors:
The funding round includes contributions from InCred Wealth, which led the recent raise, alongside J&A Partners, the family office of Mankind Pharma promoters, and ASK Financial Holdings.
Continue Exploring: OYO to secure $50 Million funding from InCred for global expansion
Share Allocation:
InCred will receive 2,62,84,483 shares, J&A Partners 4,13,79,310 shares, ASK Financial up to 48,27,586 shares, and Patient Capital Investments Pte Ltd 28,62,06,897 shares.
A total of 35,86,98,276 additional shares will be issued, each priced at INR 29.
This means InCred will invest approximately INR 76 crore, in addition to the INR 416.85 crore previously invested. Serial investor Ashish Kacholia is also contributing through InCred.
Additionally, Patient Capital is investing INR 830 crore, J&A Partners INR 120 crore, and ASK INR 14 crore. The Mankind Pharma family is investing through their family office, J&A Partners, according to sources.
Shareholders also approved raising the company’s authorised share capital from INR 13,41,13,59,300 to INR 16,31,13,59,300 at 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 proposed and approved at the EGM with 99.99 per cent of votes.
Sumer will join Oravel’s Board as a nominee of the SoftBank Vision Fund.
