Hotel and rental platform OYO has landed itself a $660 million loan, as it claims the offer was oversubscribed b 1.7 times from investors.
In 2019, the hotel chain had started its operation in the US after which the pandemic hit that led to the departure of 90 percent of employees by June 2020. Initially it was growing at a very good rate with about 300 properties.
OYO has also brought Kasra Moshkani, who was working with Uber before. He will now be heading the company’s US region operations. With 18 funding rounds having 23 investors the company has raised $4.1 billion.
According to OYO, they would be using this money to clear off their previous debts, improve their balance sheets and also make their product technology with other business purposes.
Currently they have been working in 80 countries having more than 43,000 hotels and 1,50,000 vacation homes.