Lightspeed and Sequoia are selling part of their shareholding back to Oyo’s founder for a combined $1.5bn as Oyo also seeks to raise up to $1.5bn in new funding.
Venture capital firms Lightspeed Venture Partners and Sequoia Capital are selling shares in Oyo, the India-based short-term accommodation platform also backed by telecommunications conglomerate SoftBank, through a $1.5bn buyback, the Economic Times reported today.
News of the buyback scheme, which is being led by founder and chief executive Ritesh Agarwal, follows reports on Saturday that Oyo was also seeking to raise $700m in primary funding that would consist of an unspecified mix of equity and debt financing.
Financial services firm…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
