The fast-growing Indian hospitality enterprise Oyo has garnered a valuation of $10 billion after its founder, Ritesh Agarwal, bought $2 billion in shares from enterprise capital companies Sequoia Capital and Lightspeed Enterprise Companions, the corporate introduced Friday.
Agarwal, 25, based Oyo in 2013 on the age of 19. Following immense progress of the now international lodge chain enterprise, Agarwal opted to extend his 10% stake to 30% through a Cayman Islands firm referred to as RA Hospitality Holdings, in keeping with The Wall Road Journal. SoftBank has additionally elevated its p.c possession as a part of this spherical, now proudly owning almost half of the corporate.
Oyo has raised a whopping $1.6 billion in fairness funding up to now, reaching a valuation of $5 billion at its final funding spherical. Different traders within the firm embody Airbnb, Seize Holdings and Didi Chuxing.
Oyo is energetic in 800 cities in 80 nations, with greater than 23,000 lodges in its portfolio. Lately, the corporate introduced plans to speculate $300 million within the U.S. market, the place it at present operates greater than 50 Oyo Inns in 35 cities and 10 states.
Earlier this week, the Gurgaon-headquartered agency launched Oyo Workspaces. The brand new entity was born out of its acquisition of Innov8, a co-working startup with greater than 200 workers. The four-year-old startup was acquired for about $30 million, in keeping with reporting by TechCrunch’s Manish Singh.