New Delhi, July 19
Hospitality firm OYO today said its founder Ritesh Agarwal has signed a deal to buy back shares worth $2 billion (nearly Rs 13,770 crore) from early investors through his Cayman islands-registered entity, RA Hospitality Holdings, to almost triple his stake in the company.
Lightspeed Venture Partners and Sequoia India, OYO’s early supporters, are selling part of their holdings in order to help the founder increase his stake while remaining invested significantly in the company’s long-term mission, OYO said.
“Company’s founder and CEO Ritesh Agarwal, through RA Hospitality Holdings (Cayman), has signed $2 billion primary and secondary management investment round, supported by global institutional banks and his financial partners,” it added.
Agarwal’s stake in the company will rise from the current 9-10% to around 30%. This would take the valuation of the company to around $10 billion.
“As an entrepreneur and on behalf of the company’s management, I am thankful to have been given the opportunity to rededicate ourselves to the company’s mission of building the world’s most loved hospitality brand that is focused on bringing a better lifestyle for the common man,” Agarwal said. — PTI
- Lightspeed Venture Partners and Sequoia India, OYO’s early supporters, are selling part of their holdings in order to help the founder increase his stake while remaining invested significantly in the company’s long-term mission
- As per sources in know of the matter, after the entire process is completed, Ritesh Agarwal’s stake in the company will rise from the current 9-10% to around 30%. This would take the valuation of the company to around $10 billion.
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