Akshata Sharma
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OYO, the hospitality company known for its budget hotels, has secured ₹416.85 crore (around $50 million) from InCred Wealth and Investment.
This fresh injection of funds will fuel OYO's growth strategy, including global expansion and implementing new business plans.
The company's board approved issuing shares to raise this capital.
Additionally, OYO is reportedly in talks to secure even more funding, targeting ₹1,000 crore from prominent Indian investors.
This fundraising follows a profitable year for OYO, recently announcing its eighth consecutive quarter of positive earnings.
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