new delhi hospitality firm oyo on friday said it has raised tlb funding of 660 million nearly rs 4920 crore from global institutional investors and the capital will be used for paring debt and other business investmentsthe offer was oversubscribed by 17 times and the company received commitments of close to 1 billion from leading institutional investors oyo said in a statementtlb refers to a tranche of senior secured syndicated credit facility from global institutional investors it addedthe company will utilise these funds to retire its past debts strengthen the balance sheet and other business purposes including investment in product technology it saidcommenting on the fundraise oyo group chief financial officer abhishek gupta said we are delighted by the response to oyos maiden tlb capital raise that was oversubscribed by leading global institutional investors this is a testament to the strength and success of oyos products at scale our strong fundamentals and highvalue potentialhe further said oyo is well capitalised and on the path of achieving profitability our two largest markets have demonstrated profitability at the slightest signs of industry recovery from the covid19 pandemicoyo said the deal was upsized and increased by 10 per cent to 660 million the companys fundamentals yielded strong interest from investors despite the virus surgejp morgan deutsche bank and mizuho securities served as the lead arrangers for this financing it addedthe hospitality chain said ratings agencies fitch and moodys have rated its senior secured loan b and b3 stable outlook respectively on the back of its sound business model and resilient financial profile with significant potential upside