Oyo secures funding from Hindustan Media Ventures

SoftBank-backed hospitality chain Oyo has raised Rs 54 crore ($7.4 million) in fresh funding from Hindustan Media Ventures amid signs of recovery in the sector badly hit by the pandemic.

The firm, which is run by Oravel Stays Pvt. Ltd operates more than 18,000 franchised and leased hotels in more than 500 cities across 10 countries including India, China, Malaysia, the UK, the UAE, and Indonesia.

Mumbai-listed Hindustan Media Ventures is 74.4% owned by HT Media Ltd, the operator of newspaper brands such as Hindustan Times, according to stock-exchange data. In July last year, HT Media acquired Mosaic Media Ventures Pvt. Ltd, the operator of VCCircle.com, from News Corp.