Hospitality major OYO has raised INR 1,457 Cr (around $175 Mn) in a down round led by Ritesh Agarwal floated Singapore-based entity Patient Capital The company secured close to INR 1,040 Cr as part of the new funding round which follows an earlier raise of INR 416.85 Cr in the same series Ritesh Agarwal led Patient Capital, along with J&A Partners and ASK Financial Holdings participated in the round which saw OYO’s valuation fall from $10 Bn at its peak in 2019 to $2.37 Bn Hospitality major OYO has raised INR 1,457 Cr (around $175 Mn) in a down round led by Ritesh Agarwal floated Singapore-based entity Patient Capital, along with J&A Partners and ASK Financial Holdings.
The latest funding will see OYO’s valuation fall from $10 Bn at its peak in 2019 to $2.37 Bn. Patient Capital has invested INR 830 Cr, while J&A Partners INR 120 Cr and ASK INR 14 Cr.
Meanwhile, InCred will also be investing an additional INR 76 Cr through Ashish Kacholia. The Arc reported this development first. Inc42 has reached out to OYO for comments on the development.
The story will be updated based on the response. The current round also includes July’s INR 417 Cr investment from InCred. In May it was reported that OYO was in talks to raise a down round at a valuation of $2.
3 Bn. Founded in 2012 by Ritesh Agarwal, OYO is a hospitality service company that aims to provide easy-to-book and affordable accommodation to customers around the world. The company claims to offer over 40 integrated products.