Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest round of funding, sources said.
The unicorn that is about to go public has raised nearly Rs 1,040 crore in the Series G funding round. This follows an earlier raise of Rs 416.85 crore in the same series and concludes the round.
According to various documents accessed by PTI, the issue of additional capital was approved by 99.99 per cent of the shareholders at an extraordinary general meeting held on August 8.
The capital will be used to support OYO’s growth and global expansion plans, the sources said.
The additional fundraising values the company at the same $2.4 billion valuation as the first tranche of the Series G issued to InCred in July, a source said.
The investment is being made through Mandatory Convertible Cumulative Preference Shares, each priced at Rs 29, in line with the valuation of the recent Series G issue.
The funding round includes contributions from InCred Wealth, which led the recent fundraising, as well as J&A Partners, the family office of Mankind Pharma’s promoters, and ASK Financial Holdings.
InCred will be issued 2,628,4483 shares, J&A Partners 4,137,9310 shares, ASK Financial up to 4,827,586 shares and Patient Capital Investments Pte Ltd 28,620,6897 shares.
The total number of additional shares to be issued is 35,869,8276, priced at Rs 29 per share.
This would translate into an investment of about Rs 76 crore by InCred, in addition to the Rs 416.85 crore it invested recently. Serial investor Ashish Kacholia is also investing through InCred.
Additionally, Patient Capital is investing Rs 830 crore, J&A Partners Rs 120 crore and ASK Rs 14 crore. The Mankind Pharma family is investing through its family-owned firm J&A Partners, the sources said.
The shareholders also approved to increase the authorised share capital of the company from Rs 13,411,359,300 to Rs 16,311,359,300 at the Extraordinary General Meeting.
The appointment of Sumer Juneja, Managing Partner and Head of EMEA and India at SoftBank Investment Advisors, as a non-executive director on Oravel’s board was also presented at the EGM and approved with 99.99 percent of the votes.
Sumer will join Oravel’s board of directors as a Softbank Vision Fund candidate.
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