Hotline: 1800 102 2007
Hotline: 1800 102 2007
Jul, 20 2019

After Founder Ritesh Agarwal buys $2 bn shares, Indian hospitality chain OYO valued at $10 billion

This transaction has taken up Agarwal’s stake in OYO from nearly 10% to 30%.

After Founder Ritesh Agarwal buys $2 bn shares, Indian hospitality chain OYO valued at $10 billion

Ritesh Agarwal, Founder and Chief Executive Officer of Oyo Hotels and Homes, has purchased $2 billion in shares from venture capital firms Sequoia Capital and Lightspeed Venture Partners. This transaction has taken up Agarwal’s stake in OYO from nearly 10% to 30%.

After the buyback of $2 billion shares, the fast-growing Indian hospitality chain OYO has garnered a valuation of $10 billion

Ritesh Agarwal said, “As an entrepreneur and on behalf of the company’s management, I am thankful to have been given the opportunity to rededicate ourselves to the company’s mission of building the world’s most loved hospitality brand that is focused on bringing a better lifestyle for the common man. It is a very exciting time for OYO right now as we make great living spaces come alive across all corners of the world from Texas to Tokyo.”

“Our endeavor continues to be to become the most loved hospitality brand in the coming years. I am deeply humbled and delighted to have gotten the support of all our investors, the board and above all the institutionalized financial partners that have provided the necessary financial support towards realizing this vision. Needless to say, the deal remains subject to shareholder and regulatory approvals,” he added.

Munish Varma, Managing Partner, SoftBank Vision Fund, stated, “We have confidence in Ritesh’s vision for OYO and how the team has come together to build a truly global brand from India. It has been an exciting journey so far and we hope to achieve many more milestones together in the time to come.”

Bejul Somaia, Partner, Lightspeed India Partners Advisors, said, “As the company’s first institutional investor, Lightspeed is fortunate to have been part of OYO’s journey from a fledgling start-up in India to a transformative company in the hospitality industry globally. We remain committed to supporting Ritesh and the OYO team as the company embarks on its next phase of growth globally.”

Mohit Bhatnagar, Managing Director, Sequoia Capital India Advisors, said, “It's been five years since Sequoia India first partnered with Ritesh and his team. Today our footprint stands at 1 million rooms across India, China, SE Asia, Europe and now the US. This is the kind of stuff start-ups and ventures investing dreams are made of. We remain committed to supporting this world-class management team as they continue to create living spaces across the world.”

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Ayurvedic, Herbal & Organic Products
    About us: Established in 2015, Balu Herbals Pvt Ltd. is one..
    Locations looking for expansion Delhi
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Juices / Smoothies / Dairy Parlors
    About Us: Lassi Bistro, one of India's trendiest chain of Lassi,..
    Locations looking for expansion Karnataka
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Quick Service Restaurants
    About Us: Biryani queen is a unique & Conceptualized QSR brand,..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • About Us: AHS is the fastest growing hospitality management/branding company in..
    Locations looking for expansion Delhi
    Establishment year 2008
    Franchising Launch Date 2019
    Investment size Rs. 5 Cr. above
    Space required 2090
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
Entrepreneur
Magazine
sme-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities