COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Founder Ritesh Agarwal to buy back stake worth $2 billion in Oyo

Founder Ritesh Agarwal to buy back stake worth $2 billion in Oyo

Indian hospitality startup Oyo Founder Ritesh Agarwal raised his stake in the company with a $2 billion buyback, in a move that will bring his ownership closer to biggest investor SoftBank Corp.

Reuters
  • Updated Jul 19, 2019 3:40 PM IST
Founder Ritesh Agarwal to buy back stake worth $2 billion in OyoThe fresh investment round will take Agarwal's stake to around 30% from 10%, a source familiar with the development said.

Indian hospitality startup Oyo Founder Ritesh Agarwal raised his stake in the company with a $2 billion buyback, in a move that will bring his ownership closer to biggest investor SoftBank Corp.

The fresh investment round will take Agarwal's stake to around 30% from 10%, a source familiar with the development said.

Advertisement

Japan's SoftBank owns around 45% in the company.

As part of these transactions, current investors Lightspeed Venture Partners and Sequoia India are selling portions of their holdings in OYO to help Founder and CEO Agarwal increase his stake, Oyo said in a statement.

Agarwal will fund the buyback through institutional lenders and financial partners, the source said, adding that the round took the company's valuation to $10 billion.

Oyo did not give details on how Agarwal will fund the deal or on his stakeholding.

Also read: Tech giants Facebook, Google under I-T dept scrutiny for underreporting revenues in India: Report

Also read: Netflix plans to launch cheaper mobile-only plan in India

Published on: Jul 19, 2019 3:39 PM IST
    Post a comment0