BUSINESS
Madhuri Dixit, her husband Dr Sriram Nene, and Dr Ritesh Malik, founder of Innov8, have also bought together 2 million shares in the company.
Often, Bollywood celebrities diversify their investment in luxury lifestyle brands and, real estate business to build their brands and portfolio. A shift from the roles as brand ambassadors and endorsers, high-profile celebrities like Shah Rukh Khan, Gauri Khan, Madhuri Dixit, Sidharth Malhotra, and Amrita Rao have become financial backers for this booming travel startup, which has reportedly raised funding to increase its current valuation to nearly Rs 36000 crore. The company recently raised over Rs 1,400 crore in its Series G funding round. It is none other than OYO, founded by Ritesh Agarwal.
Shah Rukh Khan, Madhuri Dixit and others invest in Ritesh Agarwal's OYO
As per reports from Skift, Shah Rukh Khan’s wife and producer, Gauri Khan, has picked around 2.4 million shares in OYO’s latest fundraiser. Madhuri Dixit, her husband Dr Sriram Nene, and Dr Ritesh Malik, founder of Innov8, have also bought together 2 million shares in the company. Amrita Rao and her husband, radio jockey Anmol Sood, have also invested in Innov8 via the secondary market. Earlier, Sidharth Malhotra and Kiara Advani backed the company by buying shares in OYO.
The development comes ahead of OYO’s much-awaited IPO, with a potential valuation range of $6-7 billion as per sources quoted by PTI. So far, OYO has raised $3.47B in funding from investors like SoftBank Vision Fund, Lightspeed India and Airbnb, with a current valuation of Rs 36,000Cr. The company has 810 active competitors, including 66 funded and 45 that have exited, according to Tracxn.
Meanwhile, celebrity investing in travel startups isn't a new move, as earlier in 2012, Salman Khan took a less-than-5% 5% stake in Yatra when he became their brand ambassador. In 2013, Sachin Tendulkar picked up 7.5% equity in UAE-based OTA Musafir.com.
OYO: Ritesh Agarwal’s multicrore company
OYO serves in the B2C, B2B space in the Travel and Hospitality Tech market segments with a primary business model in online travel platforms. It enables consumers to book accommodations in multiple categories such as townhouses, vacation homes, corporate stays and resorts. It also allows accommodation owners to advertise and list their rooms.