Ritesh Agarwal, founder and chief executive officer of Oravel Stays Ltd, doing business as Oyo Rooms, poses for a photograph at an Oyo Townhouse in Bengaluru, India. In the past two years, Oyo has expanded beyond India into China, Malaysia, Nepal and Britain.
OYO Hotels and Homes founder Ritesh Agarwal, 25, will invest US$2bil (RM8.2bil) to triple his stake in the SoftBank-backed Indian lodgings startup he established in his teens.
Agarwal will buy shares from existing investors Lightspeed Venture Partners and Sequoia India, which will remain backers of the startup, the company said. The deal will value Oyo at about US$10bil and raise Agarwal’s slice of the company to 30% from about 10% now, people familiar with the matter said, asking not to be identified discussing a private transaction.
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