Hospitality chain OYO Hotels & Homes has garnered Rs 50 crore ($6.9 million) in debt from MyPreferred Transformation. In a separate development, Sequoia Capital has invested $5 million (Rs 35.69 crore) in automobile repair and service solution startup GoMechanic.
OYO garners $6m debt from JV with SoftBank, Avendus
Indian hospitality chain OYO Hotels & Homes has garnered as much as Rs 50 crore ($6.9 million) in debt from MyPreferred Transformation, per a report by Inc42.
For the uninitiated, MyPreferred Transformation is a joint venture between OYO, SoftBank and Avendus Finance. The corpus will help OYO, which is currently valued at about $10 billion, spruce up the quality of living spaces and make housing more affordable for consumers.
Founded by Agarwal in 2013, OYO is India’s second-most valuable startup. Its service covers 1.2 million rooms in over 80 countries, including 590,000 rooms in China. It entered the U.S. earlier this year and now has 7,500 rooms in 60 cities.
Auto repair startup GoMechanic raises $5m from Sequoia
Marquee venture capitalist Sequoia Capital has invested $5 million (Rs 35.69 crore) in Gurugram-headquartered automobile repair and service solution startup GoMechanic in its Series B round, per a report by Inc42.
This marks the Sequoia’s second round of investment in the startup. Earlier this year, in 2019, it invested $5 million in GoMechanic to facilitate its expansion plans.
The current investment, that has been routed by Sequoia through its SCI Investment VI and Redwood Trust, will help the startup enter new cities and shore up hiring at leadership positions.
GoMechanic, established in April 2016, is currently present in Hyderabad, Mumbai, Pune and Bengaluru besides Delhi-NCR. Going forward, it plans to foray into Indore, Kanpur and Jaipur.