Softbank-backed hospitality firm Oyo has raised Rs 54 crore from Hindustan Media Ventures as part of Series F1 round, according to a regulatory filing by the company.
Hindustan Media Ventures Ltd subscribed to 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS) of the face value of Rs 100 each for cash at an issue price of Rs 43.2 lakh per Series F1 CCCPS aggregating Rs 54 crore through private placement, according to the filing to Registrar of Companies.
Last month, the company had laid off 300 employees, mainly from renovation and operations departments, the PTI report said.
In September 2020, Oyo has liquidity of about USD 1 billion in cash and cash equivalent that gives it the room to navigate the business through the unprecedented times.
Operating on an asset-light chain of hotels and vacation homes, Oyo has over 43,000 hotels and 1.5 lakh homes around the world in its network. The company operates in over 800 cities in 80 countries, including the US, Europe, UK, India, Middle East, Southeast Asia, and Japan.
Oyo is backed by investors like SoftBank Vision Fund, Sequoia Capital, Lightspeed Ventures, Airbnb and Hero Enterprise.
Hindustan Media Ventures is 74.4 per cent owned by HT Media Ltd that publishes newspapers, including the Hindustan Times.
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