India's Oyo valued at $10B after founder purchases $2B in shares

The fast-growing Indian hospitality business Oyo has garnered a valuation of $10 billion after its founder, Ritesh Agarwal, purchased $2 billion in shares from venture capital firms Sequoia Capital and Lightspeed Venture Partners, the company announced Friday. Agarwal, 25, founded Oyo in 2013 at the age of 19. Following immense growth of the now global hotel chain business, Agarwal opted to increase his 10% stake to 30% via a Cayman Islands company called RA Hospitality Holdings, according to The Wall Street Journal. SoftBank has also increased its percent ownership as part of this round, now owning nearly half of the company.