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Oyo founder seeks new investment at $3.8B valuation

Date November 18, 2024

Writen by Manish Singh

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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.

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