Today the hotel budget chain Oyo announced it is appointing Betsy Atkins, CEO and founder of Baja Corporation as independent director on the company's board of directors.
The demise of WeWork has thrust another fast-growing company backed by SoftBank into the spotlight: Oyo Rooms.
Founded by Ritesh Agarwal at the age of 19 in India, Oyo has quickly grown across 80 markets and is scaling its business in the U.S. with recently converted properties in Dallas and Las Vegas. Other Oyo board members include: Munish Varma, Managing Partner of the SoftBank Vision Fund, Bejul Somaia at Lightspeed India Partners Advisors, and Mohit Bhatnagar, Managing Director at Sequoia.
"Look, I've always wanted to try and increase my ownership in the business," Agarwal said. "When the company was really small, I could not convince enough financial institutions, banks, to be able to support us. I think at this point of time, Oyo was in a sweet spot that we had some businesses that we're doing very well in terms of economics and at the same time, the company was growing very quickly.
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