Ritesh Agarwal Invests Rs 830 Cr in OYO Funding Round
Aug 12, 2024 12:03
OYO founder Ritesh Agarwal invests Rs 830 crore in the travel tech platform's latest funding round, increasing his stake to 32.57%. The investment will support OYO's growth and global expansion plans.
Photograph: Kind courtesy OYO Rooms/Twitter
New Delhi, Aug 12 (PTI) Founder Ritesh Agarwal has invested Rs 830 crore through his Singapore-based entity Patient Capital in OYO's latest funding round -- wherein the travel tech platform raised Rs 1,457 crore, sources said.
Post the equity dilution in the Series G funding, Agarwal's holdings will increase from 29.97 per cent earlier, to 32.57 per cent post the investment, sources told PTI.
According to sources close to the transaction, "Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company's prospects. The investment is backed by Singapore-based family offices."
Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round.
The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8.
The additional fundraise values the company at USD 2.4 billion, as the first Series G tranche issued to InCred in July.
The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G.
The capital will be used to support OYO's growth and its global expansion plans, sources said.
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