Oyo is negotiating to obtain over ₹1,000 crore from the family offices of renowned Indian corporate executives and stock market professionals. According to persons familiar with the matter, probable investors include corporate strategy advisor Anand Jain, Mankind Pharma promoter brothers Ramesh and Rajeev Juneja, and Utpal Sheth, a close acquaintance of late market expert Rakesh Jhunjhunwala.
This comes after Oyo withdrew its application for an initial public offering (IPO) last month. The company plans to hold an extraordinary general meeting (EGM) this week to ratify the funding after expanding its authorized share capital.
Oyo is estimated to be valued at roughly $2.5 billion, a 72% fall from its highest valuation of $9 billion in 2021, according to the proposed fundraising round. According to the article, the SoftBank Group-backed company is close to completing discussions with Malaysia’s sovereign wealth fund Khazanah Nasional.
According to the report, the order book from family offices has reached around ₹1,000 crore. Oyo aims to offer a part to Khazanah Nasional, whose standing as a sovereign wealth fund adds credibility to the capital table.”
According to sources, the company plans to approve an initial fundraising of approximately ₹500 crore, with the whole money expected by the end of the month.
