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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

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day One immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.

10 hours ago - Sports

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 14 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucusColorado Governor and partner test positive.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday as crisis engulfs league, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.