Oravel stays Pvt Ltd, which runs hospitality company OYO, has reported an increase in its authorized share capital from Rs 1.17 crore to Rs 901 crore in a regulatory filing. This has given further impetus to the news of bringing Oyo IPO. OYO may soon file DRHP for its IPO.
Microsoft has also invested in Oyo
The proposal to increase the authorized share capital of the company was approved in the Extra Ordinary General Meeting of Oravel Stays Pvt Ltd (OYO) on 1st September. Authorized share capital is the maximum capital that the company can issue at any time. OYO had raised capital from Microsoft as a pre-IPO preparation. After this its valuation reached $ 9.6 billion. In a regulatory filing, the company said that Microsoft has made an investment of $5 million in Compulsory Convertible Cumulative Preference Shares based on equity shares and private placement.
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Oyo has raised capital from many big investors
In July, Oravel Stays Pvt Ltd raised $66 million from global institutional investors through the Term B loan route. It also includes Fidelity Investment. Oravel Stays Pvt Ltd is in talks with investment bankers like JP Morgan Citi and Kotak Mahindra for the IPO of OYO. The size of Oyo’s IPO can be of 12 thousand crores. Oyo has earlier raised capital from several global investors including SoftBank, Sequoia, Lightspeed Venture Partners, Hero Corporate. OYO had said that it is looking to hire more than 300 technology professionals from entry level to senior positions over the next six months.
Oyo said in a statement that the company is looking to hire teams with key skills and expertise in the areas of machine learning, data engineering and information security, Android and iOS developers.