India’s fast growing Oyo Hotels and Homes is back on the fundraising trail again, taking its valuation up to about $10 billion.
New funding of $1.5 billion is being led by its own CEO Ritesh Agarwal who will invest $700 million himself.
The remainder will come from major backer Japan’s SoftBank and other existing investors.
Agarwal’s $700 million injection is part of a $2 billion personal investment which includes buying up existing shares from early investors Lightspeed Venture Partners and Sequoia Capital.
These transactions will go through Agarwal’s own investment entity RA Hospitality Holdings.
It will give Agarwal a 30% stake in the business, up from 10%.
He founded Oyo six years ago, and its rapid pace of growth has seen it now become the second most valuable startup in India.
According to Oyo, the investment will be used to fund expansion in Europe.
Oyo is now present in more than 80 countries, including the US, United Kingdom, China, the Middle East, Southeast Asia and Japan.
