The global budget-hotel chain is "finalizing a new funding raise of approximately $100 million to $125 million, which would bring its valuation down to $2.5 billion," TechCrunch reported on Monday, citing sources.
Oyo has not yet immediately commented on the report.
Last month, the hospitality major re-filed its initial public offering (IPO) papers with market regulator Securities and Exchange Board of India (SEBI) after refinancing its existing $450 million Term Loan B (TLB) at a lower interest rate. Announced.
The company expects annual savings of $8-10 million in the first year and $15-17 million thereafter.
According to its founder and CEO Ritesh Agarwal, the company recorded its first profitable financial year in 2023-24 with a net profit of Rs 100 crore.
"This was our eighth consecutive quarter of positive EBITDA and we also have cash balance of approximately Rs 1,000 crore," Agarwal had posted on X.
Global credit rating firm Fitch has "upgraded our credit ratings", noting the company's improved performance and strong cash flows.
“FY25 will clearly be even more exciting,” Aggarwal said.
Oyo has not yet immediately commented on the report.
Last month, the hospitality major re-filed its initial public offering (IPO) papers with market regulator Securities and Exchange Board of India (SEBI) after refinancing its existing $450 million Term Loan B (TLB) at a lower interest rate. Announced.
The company expects annual savings of $8-10 million in the first year and $15-17 million thereafter.
According to its founder and CEO Ritesh Agarwal, the company recorded its first profitable financial year in 2023-24 with a net profit of Rs 100 crore.
"This was our eighth consecutive quarter of positive EBITDA and we also have cash balance of approximately Rs 1,000 crore," Agarwal had posted on X.
Global credit rating firm Fitch has "upgraded our credit ratings", noting the company's improved performance and strong cash flows.
“FY25 will clearly be even more exciting,” Aggarwal said.
