Oct 7, 2019

Indian hotel startup OYO valued at $10 billion after $1.5 billion Series F

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

Report: SoftBank to take control of WeWork

Illustration: Sarah Grillo/Axios

Japanese investment firm SoftBank is set to take control of WeWork in a deal that slashes the co-working company's valuation from $48 billion to around $8 billion, according to CNBC. WeWork is declining comment, and there is subsequent reporting that the company is still deciding between SoftBank's offer and a debt package led by J.P. Morgan.

Why it matters: SoftBank helped break WeWork. Now it may own it.

Go deeperArrowOct 21, 2019

WeWork accepts SoftBank's rescue package

Illustration: Aïda Amer/Axios

WeWork said in a statement Wednesday it has accepted a multibillion-dollar rescue package from SoftBank that gives the Japanese firm an 80% stake in the company.

Why it matters: Per Axios' Dan Primack, who first reported that the deal was about to happen, it'a dramatic development in a "saga that has seen the embattled company plunge from a $47 billion valuation to below $8 billion."

Go deeperArrowOct 23, 2019

French energy giant looks to capitalize on India's LNG market

A Total oil refinery in Dunkirk in 2010. Photo: Andia/Universal Images Group via Getty Images

Total SA is acquiring a 37% stake in the Indian gas distribution firm Adani Gas as the French energy giant looks to capitalize on rising LNG demand in the world's second-most populous nation.

Why it matters: The roughly $600 million deal announced Monday will give Total "a footprint in a market where annual LNG demand will hit 28 million tons by 2023, making it the fourth biggest importer of the fuel," Bloomberg reports. Total is already the world's second-largest LNG player.

Go deeperArrowOct 14, 2019