Why Ritesh Agarwal's $2-bn deal to hike his stake in Oyo to 30% is a riddle

SoftBank, OYO's largest investor, already owns 46% in the Gurugram-based company

After the initial excitement in the start-up world about Ritesh Agarwal increasing his stake in OYO, a hotel aggregator he started in his teens, to as much as 30 per cent, industry insiders and analysts are attempting to analyse the fine print with few details available. The overall move is believed to be part of the firm’s larger plan to list in the US in 2-3 years.

A deal such as this, where a founder has brought back stake from early investors before an initial public offering, is unheard of in India or pretty much anywhere else, analysts pointed out. 

On Friday,