The Competition Commission of India (CCI) has approved Ritesh Agarwal’s plans to buy-back OYO Hotel & Homes shares worth $1.5bn from existing investors and pump an additional $500m into the company. As part of the transaction, two of Oyo’s early investors — venture funds and — will rake in the richest ever cashout in the country’s startup ecosystem so far. The deal will be financed by loans extended to Agarwal by Nomura and Mizuho. The founder and CEO of the company will use RA Hospitality, a Cayman-registered entity, to transact the unprecedented deal which will see the 26-year-old increase his shareholding in the firm he founded in 2013 to an estimated 30% and value the company at $10bn. In its order dated October 30, 2016, CCI said that it had received information about the proposed transaction between OYO, a hotel chain with more than 100 hotels across India, and Nomura Holdings Ltd, Japan’s largest
The Competition Commission of India (CCI) has approved Ritesh Agarwal’s plans to buy-back OYO Hotel & Homes shares worth $1.5bn from existing investors and pump an additional $500m into the company. The deal will be financed by loans extended to Agarwal by Nomura and Mizuho. The founder and CEO of the company will use RA Hospitality, a Cayman-registered entity, to transact the unprecedented deal which will see the 26-year-old increase his shareholding in the firm he founded in 2013 to an estimated 30% and value the company at $10bn. In its order dated October 30, 2016, CCI said that it had received information about the proposed transaction between OYO, a hotel chain with more than 100 hotels across India, and Nomura Holdings Ltd, Japan’s largest