OYO's Singapore arm secures $200M SoftBank loan
Hospitality major OYO Hotels & Homes' Singaporean subsidiary has received a term loan from SoftBank.
A regulatory filing showed that OYO Hotels (Singapore) Pte Ltd has secured a loan of $200 million from SB Investment Holdings (UK), an affiliate of SoftBank Vision Fund, for enhancing liquidity through the pandemic and strengthening its balance sheet.
The transaction was planned for 2020 and is being consummated now.
OYO has started recording steady signs of recovery across the globe led by its business in India, Europe and Southeast Asia while sustaining its gross margin to 100 per cent of pre-COVID levels.
According to people in the know, a significant part of the funds will be diverted towards technology and data analytics.
Recently, OYO's valuation reclaimed the $9 billion-mark after Hindustan Media Ventures Ltd invested Rs 54 crore or $7.31 million into the company.
OYO Hotels & Homes is present across 800 cities in 80 countries, including the US, Europe, UK, India, Middle East, Southeast Asia, and Japan.