Oyo Founder Ritesh Agarwal To Buyback Stake Worth $2 Billion

Hospitality firm Oyo on Friday said its founder Ritesh Agarwal has signed a deal to buy back shares worth $2 billion (around `13,770 crore) from early investors through his Cayman islands-registered entity, RA Hospitality Holdings, to almost triple his stake in the company.

Lightspeed Venture Partners and Sequoia India, Oyo’s early supporters, are selling part of their holdings in order to help the Agarwal increase his stake while remaining invested significantly in the company’s long-term mission, Oyo said in a statement.

“Company’s founder and CEO Ritesh Agarwal, through RA Hospitality Holdings (Cayman), has signed $2 billion primary and secondary management investment round, supported by global institutional banks and his financial partners,” it added.