SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monda...
FILE PHOTO: A sign against Oyo is seen outside a hotel in New Delhi, India, August 7, 2019. REUTERS/Adnan Abidi/File Photo
BENGALURU - SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors. Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement.
The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion.Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The founder of SoftBank-backed hotel startup Oyo is buying back shares in his company in a $1.5 billion dealIt is unusual for founders to buy shares back from their investors.
Read more »
As Softbank's Oyo booms, some Indian hotels cry foul and check outIndia's Oyo Hotels and Homes shot out of nowhere to become one of the world...
Read more »
The founder of SoftBank-backed hotel startup Oyo is buying back shares in his company in a $1.5 billion dealIt is unusual for founders to buy shares back from their investors.
Read more »
Softbank leads financing round in Brazil bus: marketplace BuserJapan's SoftBank Group Corp is leading a new financing round for B...
Read more »
As Softbank's Oyo booms, some Indian hotels cry foul and check outIndia's Oyo Hotels and Homes shot out of nowhere to become one of the world...
Read more »
US troops start pullout from along Turkey's border in SyriaBEIRUT (AP) — U.S.-backed Kurdish-led forces in Syria said American troops began withdrawing Monday from northeast Syria ahead of a Turkish invasion that the Kurds say will overturn five years of...
Read more »