Softbank-backed Oyo seeks $600-million loan amid virus surge: Report

Funds sought by hotel startup to bolster balance sheet, service older loans

India’s Oyo Hotels is looking to raise $600 million in debt to bolster its finances, according to a person familiar with the matter, after a fresh coronavirus surge decimated travel demand and hurt the company’s recovery effort.
 

The board of Oyo, or Oravel Stays Pvt as the parent company is officially called, approved a plan for an institutional term loan at meetings over Wednesday and Thursday, the person said, asking not to be named as the deal hasn’t been made public.
 

Oyo is one of the larger startups in Softbank Group Corp.’s portfolio and its headlong global expansion was backed