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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

Updated 19 mins ago - Sports

Japan's Naomi Osaka lights Olympic cauldron, kicking off Tokyo Games

Naomi Osaka lights the Olympic cauldron. Photo: Clive Rose/Getty Images

After a year-long delay, the Olympics finally got underway Friday as tennis star Naomi Osaka, who is competing for Japan, lit the cauldron, formally kicking off the Tokyo Games.

The big picture: Friday's opening ceremony looked, like many things over the last year, different than normal — multicolored seats replaced cheering fans, masks were a central part of the athletes' uniforms and a subdued, somber tone marked the occasion.

56 mins ago - World

China sanctions Wilbur Ross, 5 other Americans over Hong Kong warnings

Photo: Al Drago/Bloomberg via Getty Images

The Chinese government imposed sanctions on Monday against six Americans, including former Commerce Secretary Wilbur Ross, in response to an advisory from the Biden administration warning businesses of the increased risks of operating in Hong Kong.

Why it matters: It's the latest example of China responding furiously to U.S. attempts to shed light on human rights abuses in places like Hong Kong, Xinjiang and Tibet, which Chinese officials routinely condemn as "interference" in domestic affairs.

2 hours ago - Sports

Cleveland Indians change name to "Guardians"

The Cleveland Indians baseball team announced Friday that it will change its name to the "Guardians," following years of activism and protests against a moniker considered offensive by many Native Americans.

Why it matters: It's the first time the team will change its name since 1915, a move that comes in the wake of the nationwide racial reckoning that began with the murder of George Floyd.