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Oyo raises $175 Mn in Series G round, eyes IPO again

Indian Hospitality giant Oyo has secured Rs 1,457 crore (approximately $175 million) in a Series G funding round.

The investment comes from a consortium of investors including, Patient Capital ($100 million), InCred Wealth ($50 million), J&A Partners ($14 million) , the family office of Mankind Pharma promoters, and ASK Financial Holdings ($1.65 million ).

Known for its budget-friendly hotel accommodations, Oyo operates by leasing and franchising hotels, homes, and living spaces that can be easily booked online.

Despite this significant infusion of funds, Oyo's valuation has remained steady at $2.38 billion, marking a considerable 70% decline from its peak valuation of $9.6 billion in 2021.

Previously, Oyo had initiated the process of going public but subsequently withdrew its draft papers twice due to unfavourable market conditions. With the successful completion of this funding round, the company is expected to refile its IPO documents.

Oyo also plans to utilize the fresh capital for accelerating growth, expanding its global footprint, and implementing enhanced business strategies. This includes potential acquisitions to strengthen its market position.