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 world resort chain enterprise, Agarwal opted to extend his 10% stake to 30% by way of a Cayman Islands firm referred to as RA Hospitality Holdings, based on The Wall Avenue Journal. SoftBank has additionally elevated its % possession as a part of this spherical, now proudly owning practically 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 buyers within the firm embrace Airbnb, Seize Holdings and Didi Chuxing.
Oyo is energetic in 800 cities in 80 nations, with greater than 23,000 lodges in its portfolio. Just lately, the corporate introduced plans to speculate $300 million within the U.S. market, the place it at the moment operates greater than 50 Oyo Accommodations 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, based on reporting by TechCrunch’s Manish Singh.