Hotel chain Oyo is in advanced talks to raise up to $1 billion in a deal that could usher the company into India’s crowding Unicorn club with a valuation of over $4 billion, said three people familiar with the development.
The Gurgaon-based startup, which has been aggressively expanding in China, is in talks with two consortiums — a combination of SoftBank Vision Fund and co-working giant WeWork, and a set of US-based strategic investors in the travel space, two of them said.
A pre-money valuation above $4 billion would vault Oyo, founded by 24-year-old college dropout Ritesh Agarwal five years ago, to the league of most valued Indian internet companies behind Flipkart ($20 billion) and Paytm ($10 billion). Ola, India’s largest taxi-hailing service, is estimated to be worth about $4 billion.
Sunday, August 19, 2018
Oyo's valuation set to cross $4 billion in new round
The Gurgaon-based startup, which has been aggressively expanding in China, is in talks with two consortiums — a combination of SoftBank Vision Fund and co-working giant We-Work, and a set of US-based strategic investors in the travel space.
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