SoftBank's Masayoshi Son likely to visit Delhi next week, but might skip Oyo founder's wedding reception: Reports

SoftBank Group Corp founder Masayoshi Son will make a visit to India next week, his first visit to the country after 2018, but might not greet Oyo founder Ritesh Agarwal at his wedding reception, said reports on Friday. But, Son may not be seen at the festivities while Prime Minister Narendra Modi and Reliance Industries' chief Mukesh Ambani are expected to be present in New Delhi for the wedding reception, along with other Oyo backers including Airbnb Inc. and Lightspeed Commerce Inc. 

Son was diagnosed with chronic hepatitis in his youth and has since been vigilant about his health.

“While Son may not be able to be there at Oyo founder Ritesh Agarwal’s wedding reception on March 7, he might want to take the opportunity and greet him personally later during the visit,” Moneycontrol quoted a source as saying.

It’s not clear how Son will greet the couple at the reception, but he’s unlikely to do so in a public setting, reported Bloomberg.

"Son’s presence is creating complexities for organisers of the New Delhi wedding reception, however. The 65-year-old, who increasingly prefers Zoom calls to in-person meetings even in his home base of Tokyo, has asked for Covid-negative tests from those he’s meeting," reported Bloomberg on Friday.

Son's attendance at Agarwal's wedding comes months after reports saying SoftBank has slashed the valuation of Oyo Hotels on its books by more than 20% to $2.7 billion. The hospitality major had reached a valuation of $10 billion in a 2019 funding round. 

Oyo, formally known as Oravel Stays Ltd., was asked by Sebi earlier this year to refile the draft IPO papers with 'applicable' updates. Oyo now operates in over 800 cities in 80 countries and is considered one of the fastest-growing hotel chains in the world.

SoftBank's arm SVF Doorbell (Cayman) recently divested 3.8 per cent of its stake in supply chain company Delhivery for Rs 954 crore through open market transactions. The company also has investments in Indian companies such as Paytm, PolicyBazaar, Delhivery, Swiggy, Meesho, OYO, FirstCry, OfBusiness and Unacademy, among others. In total, around $15 billion has been invested so far in Indian companies. 

Son is meeting Prime Minister Narendra Modi along with a Japanese business delegation and will host a round table for a group of entrepreneurs, including the founders of Paytm, Firstcry and OfBusiness, said the Bloomberg report.

Last month, Agarwal met PM Modi with his mother and fiance to invite him to his wedding. In one of the pictures 29-year-old Agarwal posted on Instagram, the couple can also be seen touching the PM's feet to seek his blessings for a "new beginning".

Sharing the pictures, 29-year-old Agarwal wrote: "With the blessings of Pradhan Mantri @narendramodi ji, we are all set for a new beginning. Words cannot express the warmth with which he received us. My mother, who is inspired by his vision for women empowerment & Geet, from Express(Uttar) Pradesh, were heartened to meet him. Thank you for sparing your valuable time & for your good wishes. Committed to enabling the growth of tourism and entrepreneurship in India across Rayagada, Gir, Ladakh, Rameswaram, Meghalaya and more!"