Budget hotels brand OYO Rooms is raising a fresh round of funding worth ₹413 crore through a proposed right issue of shares to existing shareholders, according to documents filed with the Registrar of Companies. The new round of funding will peg the post-money valuation of the Gurugram-based startup at ₹3,129 crore or about $460 million, the filing reflects.
Along with a new round of funding, OYO is also looking to buyback shares worth ₹60 crore from certain investors while not disclosing the selling share holder.
OYO competes with players like Treebo, which is also closing a new round of funding, besides other startups like Fabhotels, MakeMyTrip and Goibibo.
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