INSUBCONTINENT EXCLUSIVE:
The capital will be used to support OYO's growth and its global expansion plans
| Photo: Bloomberg2 min read Last Updated : Aug 11 2024 | 10:41 PM IST
Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457
crore from a consortium of investors in the latest funding round, sources said.
The IPO-bound unicorn has raised nearly Rs 1,040 crore in
the Series G funding round
This follows an earlier raise of Rs 416.85 crore in the same series and concludes the round.
According to different documents accessed by
PTI, the additional equity issuance was approved by 99.99 per cent shareholders in an EGM held on August 8.
The capital will be used to
support OYO's growth and its global expansion plans, sources said.
The additional fund raise values the company at the same valuation of $
2.4 billion, as the first Series G tranche issued to InCred in July, a source said.
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 funding
round includes contributions from InCred Wealth, who led the recent fundraise as well as J-A Partners, the family office of Mankind Pharma
promoters and ASK Financial Holdings.
InCred will be issued 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.
The total additional shares that will be issued is
35,86,98,276, priced at Rs 29 per share.
This would translate to InCred investing around Rs 76 crore, in addition to the Rs 416.85 crore
Serial investor Ashish Kacholia is also investing through InCred.
Besides, Patient Capital is investing Rs 830 crore, J-A Partners Rs 120
crore, and ASK Rs 14 crore
The Mankind Pharma family is investing through their family office firm J-A Partners, sources said.
The shareholders also approved
increasing the company's authorised share capital from Rs 13,41,13,59,300 to Rs 16,31,13,59,300 in 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
put up in the EGM and approved with 99.99 per cent votes.
Sumer will join Oravel's Board as a nominee of Softbank Vision Fund.First
Published: Aug 11 2024 | 10:03 PMIST
