Follow Us:

OYO raises Rs 54 crore in series F1 funding from Hindustan Media Ventures

Hindustan Media Ventures is promoted by HT Media Ltd which hold 74.4 per cent stake in the company.

SNS | New Delhi |

Hospitality firm OYO Hotels & Homes has raised Rs 54 crore from Hindustan Media Ventures Ltd as a part of as part of its series F1 funding round, the company said in a filing with the Registrar of Companies (RoC).

Hindustan Media Ventures is promoted by HT Media Ltd which hold 74.4 per cent stake in the company.

With this investment, Hindustan Media Ventures subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) of OYO, with a face value of Rs 100 each for cash, at an issue price of Rs 43.20 lakh per Series F1 CCCPS for an aggregate consideration equivalent to Rs 54 crore on a private placement basis.

OYO, however, declined to comment on the development.

Last month, OYO laid off around 300 employees in its operations team as the pandemic-hit hospitality company continues to cut down its expenses, reports stated.

OYO Hotels & Homes, currently operates an asset-light chain of hotels and vacation homes and offers over 43,000 hotels and 1.50 lakh homes around the world. OYO currently operates in over 800 cities in 80 countries, including the US, Europe, the UK, India, Middle East, southeast Asia, and Japan.

The company is backed by leading investors, including the SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Airbnb, and Hero Enterprise, among others.