Oyo Hotels & Homes and SoftBank has raised Rs 50 crore in debt financing for its joint venture MyPreferred Transformation from Avendus Finance.
The Avendus Group is a provider of financial services with an emphasis on differentiated solutions in the areas of Investment Banking, Wealth Management, Structured Credit Solutions and Alternative Assets Management. It has a strong track record of cross-border transactions and has helped multiple clients benefit from opportunities across geographies.
Oyo’s holding entity, Oravel had set up two new joint venture (JV) with its largest investor, SoftBank called ‘Mountainia Developers and Hospitality’ and ‘MyPreferred Transformation and Hospitality’.
OYO works in close proximity with its hotel partners while exercising full control over the hotels for ensuring a quality experience for travelers. Its network includes major metros, regional business hubs, leisure destinations as well as pilgrimage towns
In a statement, Oyo said the joint venture would use the debt raised from Avendus Finance to “strengthen its focus on upgrading and designing quality living spaces for hotel assets in India.”
“We thank Avendus Finance for their confidence in the fundamentals of the business and the untapped hospitality potential of the Indian market. This infusion will help us continue to scale our ambitions of developing and upgrading quality living spaces for hotels and similar assets, so there is an Oyo for every pocket,” Economic Times quoted Meenakshi Rajpal Mehta, vice president, Financial Services, Oyo, as saying.