OYO Hotels & Homes has raised $7.4 million from Hindustan Media Ventures as part of a Series F round.
The company will use the capital to invest in product and technology improvements.
OYO currently offers more than 43,000 hotels and 150,000 homes in 80 countries around the world.
In September, OYO said its “gross margin dollar” had recovered to 85% of pre-COVID level.
The company says it has also used technology to reduce its overall costs by 30 to 40% across all markets.
“The company already has a substantial amount of good-looking opportunities that exist,” says OYO CEO Ritesh Agarwal.
“Our view is that our management’s focus is to make sure that we give a very well designed, IPO‐ready company, available for our shareholders and our board members to make the right decision.”
OYO has also strengthened its board in Europe with the appointment of Martin Söderström, founder and chairman of DIG Investment. In addition to advising the board on potential mergers and acquisitions, Söderström is also investing an undisclosed amount in OYO.