Softbank backed OYO rooms is looking to raise $600 million to bolster balance sheet and service older loans as per reports.
Third among India’s most valuable startups at $10 billion, OYO has been facing balance sheet concerns even before the pandemic started. For FY'20 the 8 year old start up saw net losses ballooning to $335 million. This issue has only intensified with the pandemic and extended localised lockdowns.
JPMorgan Chase is said to be arranging the deal as OYO becomes the first Indian unicorn to seek debt from foreign institutional investors.