OYO to raise USD 1.5 bn in latest round of funding
- Country:
- India
Hospitality firm OYO Hotels and Homes on Monday said it will raise USD 1.5 billion as part of a latest round of funding which will be utilised for expansion in the US and strengthen its vacation rentals business in Europe. As part of a Series-F funding, RA Hospitality Holdings will infuse approximately USD 700 million as primary capital in the company, with the balance USD 800 million being supplemented by other existing investors, OYO Hotels and Homes said in a statement.
A significant part of the funds will be diverted towards continued growth in OYO's fastest-growing market - the United States, and in strengthening the company's position in the vacation rentals business in Europe, it added. OYO Hotels and Homes Founder and CEO (Global) Ritesh Agarwal said the company has the continued support of its investors like Softbank Vision Fund, Lightspeed and Sequoia Capital to its commitment of "making #LivingTheGoodLife a reality for over 3.2 billion middle-income people around the world".
"With the Competition Commission of India (CCI) approval now in place, the company will get a capital infusion of approximately USD 1.5 billion for this mission, supported by me and other shareholders," he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
GLOBAL MARKETS-Asian shares fall as US yields hold near 4-month high, earthquake hits
Indian benchmark indices open lower following global trends
London stocks tread lower on global rate cut jitters
Indian mkts commanding high valuations on fgn investors' optimism, trust in India growth story: Buch
GLOBAL MARKETS-Asian shares fall as US yields hold near 4-month high, earthquake hits