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(Bloomberg) — Malaysian sovereign wealth fund Khazanah Nasional Berhad is in talks to lead a $400 million funding round for Oyo Hotels & Homes, people said.
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The Indian hotel reservation company, backed by SoftBank Group Corp., is looking to raise funds to expand its business and reduce debt, said the people, who requested anonymity because the information is private. Avendus Capital Pvt. is reportedly advising the company on financing.
The once-celebrated company founded by Ritesh Agarwal filed for a second initial public offering in March after cutting its fundraising target by about two-thirds, Bloomberg reported. Although the travel market has improved from its pandemic-era trough, Oyo, once valued at about $10 billion as India’s Airbnb, has not yet set a date for an IPO.
Negotiations are still ongoing and Khazanah may still decide not to invest, the people said. Oyo is reportedly in talks with other investors to raise funds. Oyo reported a net loss of 13 billion rupees ($156 million) for the 12 months to March 2023.
Representatives for Mr. Khazanah and Mr. Oyo did not respond to emails seeking comment. A spokesperson for Avendus declined to comment.
Khazanah is ramping up investments in India with banking companies such as logistics provider Express Beads and fast food chain Wow!. peach.
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