Hotel and rental platform OYO has landed itself a $660 million loan, as it claims the offer was oversubscribed b 1.7 times from investors.
The India-based company initially secured the agreement in May this year for the Term Loan B, a financial mechanism known as a TLB whereby the amortization is set for between five and eight years.
OYO then upped the deal by 10% from $600 million after "strong interest" from investors, it claims.
The loan will be used to pay off existing debts, strengthen its balance sheet and invest in product technology.
After signing a number of huge investment rounds in recent years, OYO raised a modest $7.4 million from Hindustan Media Ventures as part of a Series F round in January this year.
Its previous round was a massive $1.5 billion investment in late 2019.
OYO currently offers more than 43,000 hotels and 150,000 homes in 80 countries around the world.
The latest financial package coincides with what it claims is OYO is now among the first Indian startups to be publicly rated by Moody's & Fitch and to the first to raise capital through the TLB offering.
Abhinav Sinha, OYO's global chief operating officer, recently outlined the company's strategy for emerging from the COVID-19 pandemic.
He said in an interview with PhocusWire: "If you look at a company in OYO’s stage, we were hit harder because we are a growth company. We are not a 20-year-old company with all types of plans and scenarios built. We were in a very aggressive growth stage.
"When you are in expansion mode you always have opportunities to pause and really strengthen your technology suite and upgrading capabilities, and that was an opportunity which COVID provided."