Hospitality unicorn OYO raised Rs 54 Cr in a Series F1 round led by Hindustan Media Ventures which is majority-owned by HT Media Ltd and publishes Hindustan Times among other publications. The corporate venture fund subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) totalling Rs 54 Cr through a private placement offer.
The fundraiser for OYO comes at a time when it claims to be recovering from a harsh year where the company witnessed severe revenue slowdown as well as job cutbacks. As per a report in WSJ lately, OYO said it has $1 bn in cash and cash equivalent to navigate the post-pandemic market. The hospitality unicorn claims to have 43K hotels and 1.5 Lakh holiday and vacation homes in over 800 cities in 80 countries.
Quoting an OYO spokesperson, “We have done no significant restructuring at this point in time. There are some localised actions basis change in business models and our move towards product and technology to serve our partners and customers keeping in mind the current business realities.”