Defying claims that the company has filed for bankruptcy earlier this year, OYO is set to be back on the profit track. In a recent proceeding, OYO announced that it was able to secure $660 million in debt financing from global institutional investors.
The India-based budget-friendly hotel chain was seriously affected by the pandemic. The company aims to have a comeback from this setback.
It has not divulged the names of the investors and it is reported that the amount is to be paid back after 6 years. The company will use the amount to pay off its past debts in addition to strengthening its finance and also for other business purposes including investments in new product technology.
