To bulk up his ownership and stake in the company he founded, OYO’s Ritesh Agarwal will be buying back shares worth $1.5 Bn from early investors Sequoia Capital and Lightspeed Venture Partners. Agarwal and OYO has got a nod from CCI for the same and to further infuse $500 Mn into the company. The OYO founder will be financing the buyback through debt from Japanese banks Nomura and Mizuho. With this deal, the company’s valuation will double to $10 Bn, compared to the already existing $5 Bn.
OYO’s Ritesh Agarwal To Buy Back $1.5 Bn Worth Shares From Sequoia, Lightspeed
Date posted: Tuesday 17 September 2019