OYO raises $174 million in Series G funding

Budget hotel chain Oyo has raised approximately $174 million in a Series G funding round.

Patient Capital, which is run by Oyo founder Ritesh Agarwal, InCred Wealth and J&A Partners all contributed to the round. 

In a meeting held last week, Agarwal thanked investors, shareholders, hotel and homeowners for their ongoing support of the company and highlighted “healthy growth opportunities for the future.”

He also said the additional capital would help the company in its “future growth efforts.”

India-based Oyo has attempted to go public, initially filing its Draft Red Herring Prospectus with Sebi, the stock exchange of India, in late 2021.

Earlier that year the company raised more than $7 million as part of a Series F funding round. And in July of the same year it secured a loan of $660 million.

In 2023 it withdrew and refiled its IPO documentation only to withdraw it again in May.

A comment from Agarwal on X the same month said the company had had its “maiden net profitable financial year” as well as its eighth consecutive quarter of positive EBITDA.