Oyo Hotels and Homes founder Ritesh Agarwal has agreed to invest $2 billion to increase his stake in the SoftBank-backed Indian lodgings startup. The investment by Agarwal has been made through RA Hospitality Holdings (Cayman), the company said in a statement today.
Oyo, which helps users book hotel rooms from India and China to the U.K. and U.S., grew revenue more than four times in June compared with a year earlier. It has a million rooms under its brand, of which more than 200,000 are in India.
“It is a very exciting time for Oyo right now as we make great living spaces come alive across all corners of the world from Texas to Tokyo," said Agarwal, in a statement.
Agarwal founded the startup in his teens after dropping out of college and traveling around India on a shoestring budget. The wild, erratic standards for hotels and guest houses provided the basis for the start of the online service, and the brand now aims to provide travelers a consistent experience.