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SoftBank leads $1.5bn fresh investment into India's Oyo

Hotel startup will use the capital to expand in the US and Europe

An OYO hotel in India: The startup is growing fast by turning existing hotels into franchises. (Photo by Akira Kodaka)

MUMBAI -- Indian hotel startup Oyo said Monday it will raise $1.5 billion in a fundraising round to be led by the founder along with Japanese tech conglomerate SoftBank Group.

Ritesh Agarwal, Oyo's founder and CEO, said he will inject $700 million of his own money through a separate company he controls. The other $800 million will come from SoftBank's tech-focused Vision Fund and other existing shareholders. The company has an estimated value of $10 billion.

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