Ritesh Agarwal, 25, who founded Oyo Rooms in India when he was 19, has moved for the shareholdings of early Oyo investors Lightspeed Venture Partners and Sequoia India.
The deal, conducted through Cayman Islands-based RA Hospitality Holdings, will now be subject to regulatory and shareholder approval.
It will increase Agarwal’s stake from 10% to 30%, with additional investment from institutional banks and other finance partners, said the company.
Oyo claims to be the world’s third-largest hotel chain with more than one million rooms across its hotels and rooms portfolio.
