The funds will be diverted towards driving growth in the United StatesOYO claimed that it has seen a 3.8x YoY growth in revenue in August 2019OYO Hotels Founder Ritesh Agarwal.

Photo Credit: TelevisorAmid hoteliers’ protests and international expansion spree, Ritesh Agarwal has got OYO’s board approval to buy back shares in a secondary transaction to increase his stake in the company.

OYO parent company, Oravel Stays, in an extraordinary general meeting (EGM) of shareholders has approved a $1.5 Bn primary capital infusion into the company by SoftBank Vision Fund and Ritesh Agarwal’s RA Hospitality.

It is to be noted that the reports of Agarwal buying back stake in OYO first emerged in July 2019.

Founded in 2013 by Agarwal, OYO has grown to a franchisee model. | To read full story, visit https://startuparound.com/read/1574668805.8057382/Ritesh-Agarwal’s-$693-Mn-OYO-Share-Buy-Back-Plan-Gets-Board-Approval?ref=audio_experience