India Startup Oyo Raises $1.5 Billion at $10 Billion Valuation
- 25-year-old founder will spend $700 million for new shares
- Existing investors such as SoftBank, Sequoia will add the rest
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Oyo Hotels and Homes is raising $1.5 billion from founder Ritesh Agarwal, SoftBank Group Corp. and other investors as the India lodging startup expands into foreign markets such as the U.S. and Europe.
Agarwal, 25, will spend $700 million to buy new shares in the company as part of a previously reported $2 billion plan to triple his ownership stake. Existing investors SoftBank’s Vision Fund, Lightspeed Venture Partners and Sequoia India will contribute the rest of the current round.