Indian hospitality startup Oyo Founder Ritesh Agarwal raised his stake in the co...
FILE PHOTO: The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is pictured in an alley in New Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photo
BENGALURU - 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.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.Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Uniqlo Reveals Plans to Open in IndiaThe subsidiary of Fast Retailing plans to initially open three stores in the New Delhi area as it enters the Indian market.
Baca lebih lajut »
Six Days After Sony Says Indian Rapper's Video Broke One-Day Record for Views, YouTube Has Yet to ConfirmSix days after his fans rejoiced when Sony Music India said that Indian hip-hop star Badshah had broken the YouTube record for the most views in a 24-hour period with his new single “Paagal” (“Mad”), the video streaming platform has yet to confirm the achievement.
Baca lebih lajut »
ICJ rejects release of India's 'spy' from Pakistan, grants consular accessInternational Court of Justice orders Pakistan to 'review' death sentence given to Kulbhushan Sudhir Jadhav but doesn't rule in favour of India, which sought Jadhav's return, in a case that has stoked tensions between the South Asian nuclear rivals.
Baca lebih lajut »
Yes Bank’s cash call will be high-wire actThe Indian lender’s bad debt spiked in the June quarter and it needs more than $1 bln in fresh capital, over a third of its market value. To avoid a more radical rescue, boss Ravneet Gill must convince private equity investors that a recovery in a handful of accounts will spread.
Baca lebih lajut »
India reschedules launch of its moon mission for MondayCHENNAI, India (AP) — India's space agency said it will launch a spacecraft to the south pole of the moon on Monday after an aborted effort this week. The Indian Space Research Organization...
Baca lebih lajut »