The founder ofIndia?s biggest hotel chain
[https://www.cnn.com/2019/02/05/tech/oyo-hotels-india-expansion/index.html]is
pumping $2 billion into his own company, upping his stake in the business and
making it India?s second-most valuable startup.Ritesh Agarwal will invest $700
million into OYO as part of the company?s new $1.5 billion fundraisinground,
with existing investors including Japan?s?SoftBank?(SFTBF
[https://money.cnn.com/quote/quote.html?symb=SFTBF&source=story_quote_link] )?putting in the rest, OYO said in a statement Monday. He?s also buying $1.3
billion worth of existing shares from early investors Lightspeed Venture
Partners and Sequoia Capital, with support from ?banks and financial partners,?
a spokesperson said.Agarwal, 25, founded OYO in 2013, taking over the operations
of budget hotels across India and rebranding and renovating them for a fee or
revenue share. The company quickly became the dominant player in India?s
hospitality industry and has now set its sights on an ambitious global
expansion.

Ritesh Agarwal Ritesh Agarwal founded OYO in 2013.The latest investment takes
Agarwal?s stake to 30% and values OYO at $10 billion, according to a person
familiar with the matter. That makes it India?s second-largest startup after
digital payments company Paytm
[https://www.cnn.com/interactive/2019/business/risk-takers/#/gallery/sharma],
which also counts SoftBank as one of its biggest investors and is currently
valued at around $15 billion.?We truly believe that we will be able to build a
truly global brand out of India, while ensuring that the business is run
efficiently and with a clear path to profitability,? Agarwal said in a
statement.OYO confirmed that the founder?s stake in the company has increased,
but declined to comment on the size of it. The company also declined to comment
on its latest valuation.OYO will use most of its new investment to further its
expansion into Europe, where itbought vacation rental company @Leisure
[https://www.cnn.com/2019/05/01/business/oyo-leisure-acquisition-europe/index.html] earlier this year, and the United States, where it hassigned on Airbnb as an
investor
[https://www.cnn.com/2019/04/01/tech/airbnb-oyo-india-hotel-startup/index.html] and recentlybought the Hooters Casino Hotel in Las Vegas
[https://www.cnn.com/2019/08/26/business/oyo-hotel-hooters-las-vegas/index.html] .It currently operates in 800 cities across 80 countries, including the United
States, United Kingdom, China and Japan.