OYO eyes Rs 413 crore funding, to be valued at Rs 3129 crores

OYO rooms, the budget hotels brand based in Gurgaon, is all set to raise a fresh round of funding worth Rs 413 crore, which would be done through a proposed right issue of shares to the existing shareholders. The above has been reported as per the documents filed with the Registrar of Companies.

After this new round of funding, the post-money valuation of Ritesh Agarwal-led company will be at Rs 3129 crore or about $460 million, says the filing.

It was in August last year that OYO, started in 2013, had raised its previous round of funding of $100 million; the round was led by Softbank Corp, the telecom and internet major based in Japan. After that round, the company was valued at $400 million.

Also read: Now you can book OYO Rooms on your next trip to Darjeeling and Gangtok

It was also reported earlier that VentureNursery, the Mumbai-based start-up accelerator which was the first investor in OYO, had raised some issues while Oyo was planning to acquire the smaller rival Zo Rooms, but as Oyo plans to raise a fresh funding round with Softbank’s support, it looks like the period of uncertainty is over.

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