India’s largest hospitality chain Oyo Hotels & Homes on Monday said that it plans to raise around $1.5 billion as a part of the latest funding round as the startup plans to expand its footprints in the US and Europe.
According to reports, Ritesh Agarwal, the founder & CEO of Oyo, said that he would be investing $700 million in the startup’s Series F funding round, as he looks forward to buying more shares in the firm. Existing investors Lightspeed Venture Partners, Sequoia India, SoftBank Group will also be participating in the round bringing up the valuation of the startup at $10 billion by adding up the balance worth $800 million.
A notable part of the funds will be diverted towards the continued growth in the fastest-growing market of the Indian franchisee- the United States, and in strengthening the firm’s position in the vacation rentals business in Europe, OYO Hotels and Homes said in a statement.
Agarwal added that with the CCI (Competition Commission of India) approval now in place, the firm will get a capital infusion of approximately $1.5 billion for the mission, supported by him and other shareholders.