India Dealbook: OYO raises $6m debt; GoMechanic snags $5m from Sequoia

Photo: DEALSTREETASIA

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.