Oyo CEO Ritesh Agarwal plans to invest Rs 550 crore to increase his stake in the hospitality chain from 30% to 32%. This investment values Oyo at approximately Rs 32,000 crore.
Oyo entered the U.S. market in 2019 and currently operates over 320 hotels across 35 states. The company plans to add around 250 hotels to its U.S. portfolio in 2024, following the addition of nearly 100 hotels in 2023.
Agarwal will acquire over 12.9 crore shares at Rs 42.60 each, with the funding aimed at supporting the recent acquisition of US-based hospitality brands Motel 6 and Studio 6.