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OYO Rooms raises fresh money through rights issue

Budget hotel aggregator OYO Rooms is planning to raise Rs 413 crore by a proposed rights issue of shares to its current shareholders, according to the documents it filed with the Registrar of Companies. The company is also planning to buy back shares worth Rs 60 crore from some of its investors. The Economic Times reported the story first. The company said in its filing that “ The Buy-back is being undertaken by the Company to provide liquidity to the Shareholders. Additionally, the Buy-back would result in enhancing shareholders’ confidence." It is worth noting that OYO has been finding it difficult to get new investors and VentureNursery, its first investor, was looking to exit the company back in April 2016. The ET report said the money will be used by OYO to expand ‘OYO Flagship,’ under which it leases hotels and guest houses, departing from its aggregator model. The service was launched in May 2016. It also added that the company is planning to tie up with state governments for categories such home stays and bed and breakfast. Financials The company had profitable unit economics during the final quarter of the financial year ending 2016. It saw a 15x year-on-year growth with 2.3 million booked room-night transactions in Q1 Jan-Mar 2016, getting 95% of the traffic from its app, website and call-centre. Gurgaon, Delhi and Hyderabad were the most lucrative cities of Oyo. The financial year of 2014-15 wasn't impressive as far as profits are concerned. The company posted losses worth Rs 20.79 crore for…

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