Oyo Hotels & Homes has now secured INR 50 crore in the debt financing for the MyPreferred Transformation – its joint venture with its largest shareholder SoftBank, from non-banking finance company Avendus Finance.
SB Topaz and Oyo, an entity controlled by the SoftBank, formed the joint venture in late 2018 to carry out the refurbishment and renovation of Oyo hotels and some other similar, similar assets in India and some other Southern Asian markets.
“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,” Meenakshi Rajpal Mehta, vice president, Financial Services, Oyo, said.
