Hospitality major OYO Hotels & Homes Singaporean subsidiary has received a term loan from SoftBank. A regulatory filing showed that OYO Hotels (Singapore) Pte Ltd has secured a loan of $200 million from SB Investment Holdings (UK), an affiliate of SoftBank Vision Fund, for enhancing liquidity through the pandemic and strengthening its balance sheet. The transaction was planned for 2020 and is being consummated now.
OYO has started recording steady signs of recovery across the globe led by its business in India, Europe and Southeast Asia while sustaining its gross margin to 100 per cent of pre-COVID levels. According to people in the know, a significant part of the funds will be diverted towards technology and data analytics.
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Although the Oyo-Zo Rooms deal failed to fructify, the arbitrator said claimant Zo Rooms parent, Zostel Hospitality, was entitled to claim relief in the form of allotment of shares from the respondent, Oyo parent Oravel Stays. The order also said Zo Rooms was entitled to claim costs of its case.
“The claimant cannot be held responsible for the acts and omissions of the respondent and/or its shareholders, by virtue of which some of the obligations could not be fulfilled by the claimant. This tribunal has held that claimant no. 1 is entitled to claim/pray for the relief of allotment of shares from the respondent to claimant nos. 2 to 17,” read the order.
The Delhi high court stayed a directive passed by the Press Council of India (PCI) to government departments, which had effectively stopped government advertisements in some editions of the Hindi daily, Hindustan.
OYO Hotels & Homes valuation reaches $9 billion
By IANS |
Published on
Fri, Mar 5 2021 12:18 IST |
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OYO reiterates commitment to upskill hospitality workforce. Image Source: IANS News
New Delhi, March 5 : Hospitality major OYO Hotels & Homes valuation has reached the $9 billion-mark, according to industry sources.
The development comes after the latest fundraise of Rs 54 crore or $7.31 million from Hindustan Media Ventures Ltd.
In a regulatory filing with the Ministry of Corporate Affairs, OYO said that it has raised Rs 54 crore ($7.31 million) at a share price of $58,490 as part of its Series F1 round.
With over 50 products and more than 500 microservices, the company plans to utilise the capital in strengthening its technology stack for delivering an improved partner and customer experience.