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Aditya Ghosh, CEO of India operations at OYO. Photo: Sanjeev Verma/Hindustan Times/Getty Images

OYO, an India-based budget lodging company, said it is raising $1.5 billion in Series F funding at a $10 billion valuation.

Why it matters: It reflects how the WeWork debacle won't automatically impair investor interest in non-software startups being valued as software companies.

Investors: Founder and CEO Ritesh Agarwal will invest $700 million as part of previously announced plans to spend $2 billion to increase his stake from 10% to 30%. Return backers include SoftBank, Lightspeed Venture Partners and Sequoia India.

The bottom line: "Agarwal, who founded Oyo in 2013, has built it into India’s second-most valuable startup. ... Its service covers 1.2 million rooms in over 80 countries, including 590,000 rooms in China. It entered the U.S. earlier this year and now has 7,500 rooms in 60 cities," writes Bloomberg's Saritha Rai.

Editor's note: The photo caption has been corrected to reflect the fact that Aditya Ghosh is the CEO of India operations at OYO (not its founder).

Go deeper

Dion Rabouin, author of Markets
1 min ago - Politics & Policy

Miami mayor acknowledges Big Tech plans could hurt the city's poor

Photo: "Axios on HBO"

Miami Mayor Francis Suarez's ambitions to attract Big Tech has generated a lot of headlines — but it will likely come with some negative impacts for current residents, for which the mayor admits there may not be solutions.

What he's saying: "Gentrification is real," Suarez told "Axios on HBO." But even with his efforts to promote affordable housing, he argues that "government has a limited amount of resources and a limited amount of ability to stop things that are market driven."

Trump's assault on Chinese tech left loose ends galore

Illustration: Sarah Grillo/Axios

President Trump's haphazard war on Chinese tech has left the Biden administration with a raft of unfinished business involving efforts to restrict Chinese firms and products in U.S. markets.

Why it matters: The Chinese and American tech industries are joined at the hip in many ways, and that interdependence has shaped decades of prosperity. But now security concerns and economic rivalries are wrenching them apart.

Biden's thin, short path

President Biden has a thin, short path to success in his first six to nine months, top advisers tell Axios. His success, or failure, will dictate whether he can hold off both Republican critics — and activist Democrats who want him to go bigger, faster.

The big picture: Biden has to get vaccinations moving and the stimulus bill pumping, so the economy will start rocking, advisers said. That’s why he loaded his White House with veteran loyalists focused almost exclusively on these two topics.