Ritesh Agarwal’s Redsprig Innovation Invests $65Mn Into Oyo

Oyo, a top hospitality company, has raised ₹550 crore ($65 million) from Redsprig Innovation Partners, owned by its founder, Ritesh Agarwal. This funding will help Oyo boost its operations and support its international expansion.

Oyo's board approved a plan to issue 1,291,07,982 equity shares at ₹42.6 each, raising the capital. With this funding, Oyo's valuation has climbed to $3.79 billion, a 59.2% jump from its earlier $2.38 billion valuation in Series G. The increase shows strong investor confidence in Oyo's business model and growth.

Read also - Government Plans to Make It Easier for Startups to Return to India

This is Agarwal's second big investment in Oyo. In August 2024, he led a $175 million funding round through his Singapore-based fund, Patient Capital.

Oyo has faced delays in going public, withdrawing its IPO plans twice due to tough market conditions. The company plans to refile for an IPO after completing a major funding round, which is now close to wrapping up with the latest investment.

In FY24, Oyo, preparing for its IPO, reported revenue of ₹5,389 crore, almost the same as ₹5,464 crore in FY23. However, by reducing expenses by 16%, the company achieved a net profit of ₹230 crore in FY24.

About Oyo

Founded in 2012 by Ritesh Agarwal, Oyo is a global hospitality company providing accommodations worldwide. It offers over 40 products and services to support operators of more than 157,000 hotels and home storefronts across 35+ countries, including India, Europe, and Southeast Asia.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.