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The rapidly growing industry of the Indian hotel industry, Oyo, realized a $ 10 billion valuation after its founder, Ritesh Agarwal, bought $ 2 billion of shares from companies venture capital firm Sequoia Capital and Lightspeed Venture Partners, announced the company Friday.
Agarwal, 25, founded Oyo in 2013, at the age of 19. After a huge growth in the global hotel chain, Agarwal has decided to increase its stake from 10% to 30% via a company in the Cayman Islands called RA Hospitality Holdings, according to The Wall. Street newspaper. SoftBank also increased its stake in this transaction and now owns almost half of the company.
Oyo has raised up to $ 1.6 billion in equity, reaching a valuation of $ 5 billion in its last round. Airbnb, Grab Holdings and Didi Chuxing are other investors.
Oyo is present in 800 cities in 80 countries and has more than 23,000 hotels in its portfolio. The company recently announced plans to invest $ 300 million in the US market, where it currently operates more than 50 Oyo hotels in 35 cities and 10 states.
Earlier this week, the Gurgaon-based company introduced Oyo Workspaces. The new entity was born from the acquisition of Innov8, a collaborative start-up that employs more than 200 people. The four-year-old start-up company was acquired for around $ 30 million, according to TechCrunch's Manish Singh report.
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