The founder of SoftBank-backed hotel startup Oyo is buying back shares in his company in a $1.5 billion deal

Indian hotel platform Oyo has confirmed that CEO and founder Ritesh Agarwal will raise his stake in his company as part of a $1.5 billion financing round. Agarwal is to acquire shares from Oyo's existing investors Lightspeed and Sequoia to increase his stake. The deal will see Agarwal inject $700 million in fresh capital into his company, with a further $800 million coming from existing backers. In total, Oyo will raise $1.5 billion in fresh capital.

Indian hotel platform Oyo has confirmed that CEO and founder Ritesh Agarwal will raise his stake in his company as part of a $1.5 billion financing round. Agarwal is to acquire shares from Oyo's existing investors Lightspeed and Sequoia to increase his stake. The deal will see Agarwal inject $700 million in fresh capital into his company, with a further $800 million coming from existing backers. In total, Oyo will raise $1.5 billion in fresh capital.

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