INSUBCONTINENT EXCLUSIVE:
The fast-growing Indian hospitality business Oyo has garnered a valuation of $10 billion after its founder, Ritesh Agarwal, purchased $2
billion in shares from venture capital firms Sequoia Capital and Lightspeed Venture Partners, the company announced Friday.Agarwal, 25,
founded Oyo in 2013 at the age of 19
Following immense growth of the now global hotel chain business, Agarwal opted to increase his 10% stake to 30% via a Cayman Islands company
called RA Hospitality Holdings, according to The Wall Street Journal
SoftBank has also increased its percent ownership as part of this round, now owning nearly half of the company.Oyo has raised a whopping
$1.6 billion in equity funding to date, reaching a valuation of $5 billion at its last funding round
Other investors in the company include Airbnb, Grab Holdings and Didi Chuxing.Oyo is active in 800 cities in 80 countries, with more than
23,000 hotels in its portfolio
Recently, the company announced plans to invest $300 million in the United States market, where it currently operates more than 50 Oyo
Hotels in 35 cities and 10 states.Earlier this week, the Gurgaon-headquartered firm introduced Oyo Workspaces
The new entity was born out of its acquisition of Innov8, a co-working startup with more than 200 employees
