The company did not publish the identities of its investors, although Wall Street famous investors such as Fidelity Investments, Citadel Capital Management, and Varde Partners participated in the round, according to people familiar with the issue. OYO intends to use the cash generated to pay down current debt, enhance its balance sheet, and pursue additional commercial objectives such as product technology. JP Morgan, Deutsche Bank, and Mizuho Securities were the principal managers for this fundraising. The covid-19 virus epidemic has had a significant impact on the hotel industry all around the world. Oyo was also severely impacted by the outbreak, losing almost 60% of its revenue in a few months. In addition, towards the conclusion of the previous year, the firm lay off around 300 employees. Before the second wave of the epidemic reached the nation, Ritesh Agarwal, the founder and CEO of Oyo, stated that the company's total sales had recovered to pre-covid levels. Earlier this year, the firm declared that it will focus on technology-driven procedures to generate profitability in its key market in India. OYO was forced to halt operations in the region when its main investor, SoftBank, left the joint venture in Latin America owing to the epidemic. Furthermore, the hospitality startup is aggressively extending its digital platforms into international markets, including its wallet payment service, OYO Secure, chat service, OYO Yo!, and mobile app, OYO Yo! and OYO! Assist, customer and property owner grievance management software, in order to increase efficiency and profitability for its global operations. Oyo boasts over 100,000 hotel affiliates in 80 countries.
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