--News Direct--
Oravel Stays Limited, which operates the global travel technology brand OYO has entered into a commitment letter with Deutsche Bank AG New York Branch (“DBNY”) and Deutsche Bank Securities Inc. As a part of the arrangement, DBNY has provided the Company with a commitment for a new term loan facility to finance OYO’s recently announced acquisition of G6 Hospitality (G6).
OYO recently announced its acquisition of G6 Hospitality, the leading economy lodging franchisor and parent company of the iconic Motel 6 and Studio 6 brands, from Blackstone.
Earlier in this year OYO reported its first-ever profit after tax (PAT) of ~₹17 million, according to the company's annual report. The company also reported eight consecutive quarters of positive Adjusted EBITDA. OYO's Adjusted EBITDA grew by 215% to reach ~$105 million in FY 23-24, up from ~$33 million in FY 22-23.
The company had also concluded an equity funding round of $175 million was led by the company's founder Ritesh Agarwal and included participation from various Indian family offices and private investors including InCred Wealth, J&A Partners, renowned investor Ashish Kacholia the family office of Mankind Pharma promoters and ASK Financial Holdings.
Original article published in Tech Observer by Mohd Ujaley.
Click to read in detail https://techobserver.in/news/startups/oyo-secures-deutsche-bank-loan-commitment-to-fund-g6-hospitality-acquisition-288914/
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