News@Admin
[ad_1]
An investment vehicle backed by Oyo’s founder, Ritesh Agarwal, has proposed to inject another $65.1 million into the Indian hospitality startup, according to notices to shareholders that were reviewed by TechCrunch.
The investment, through Redsprig Innovation Partners, would value the SoftBank-backed company at $3.8 billion, according to terms shared in a notice to shareholders.
While this represents a 38% premium to Oyo’s recent $2.3 billion valuation in June, the implied price tag remains significantly below the startup’s 2019 peak of $10 billion. Oyo has raised more than $3.4 billion in equity and debt since its inception, according to Tracxn.
Redsprig invested about $100 million in the June funding round, in which Oyo raised $175 million.
It remains unclear who else is backing Redsprig and whether Agarwal has settled the $2 billion loan he took in 2019 to repurchase Oyo shares from Peak XV and Lightspeed India.
The hospitality group is preparing to file — for the third time — for an initial public offering within two months, according to a person familiar with the matter.
[ad_2]
Source link
