Oyo secures $660m debt financing from global institutional investors

India-based budget hotel chain Oyo announced it has raised US$660 million in a senior secured syndicated credit facility from global institutional investors.

More funding details

• Investors: Unspecified
• Stage: Term loan B

More company updates

• Oyo in a statement said that the offer was oversubscribed by 1.7x, and the company received commitments of close to US$1 billion from leading institutional investors.
• The hotel chain will be using the funds to retire past debts, strengthen its balance sheet, and for other business purposes, including investments in product technology.
• Though still reeling from the impact of the pandemic, Oyo claimed it is well capitalized and on the path to achieving profitability.
• The company currently has over 100,000 partners globally who utilize its proprietary technology, products, and revenue management capabilities.
• Earlier this year it denied reports of filing for bankruptcy and said it was steadily recovering from the pandemic.
• Last month, Treebo Hotels, Oyo’s rival in India, raised US$15.8 million in its series D round of funding.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.