OYO ’s founder and CEO Ritesh Agarwal has set up an investment firm called Aroa Ventures in Singapore. The newly-formed firm aims to invest in budding start-ups in the consumer, technology, and leisure infrastructure sectors.
This new fund is in partnership with Gaurav Gulati (co-founder) along with ex- COO of Innov8 (co-owner). The company will invest in the start-ups which meet the criteria of $500,000 to $1 million revenue collection per annum. Moreover, the Aroa Ventures’ official website also cleared about the intensity of the investment, the company will have an average level of investment with a deal size ranging between $1 million to $10 million.
According to a report shared in the public domain, Agarwal and Gulati are looking to “entrepreneurs of high repute, who are looking to build long-lasting businesses.”
Oyo which was itself considered as a start-up and was founded in 2013 has also received some beneficiaries from the top investing companies including SoftBank, Sequoia, Lightspeed, and DSG Consumer Partners. Oyo didn’t stop there in 2019 it earned two Chinese companies Didi Chuxing and Airbnb among its investors. However, ongoing tension between India and China is increasing the tension of Oyo.
Oyo is reviving after a strong tide in the form of the coronavirus pandemic. The company has started some sort of services last month. It is working under its ‘Sanitized Stay’ campaign which aims to provide safe and secure stays to the customers. The main ideology behind this campaign is to build confidence among customers who have canceled their travel plans due to the coronavirus outbreak.
Gaurav Ajmera, the chief operating officer (COO) India and South Asia, claimed that the company will witness a U-shaped to a V-shaped recovery but at a faster rate when compared to its other peers. He further commented on China’s recovery report by saying that the country has shown very positive signs of recovery.
However, Agarwal is not alone to earn from VC investments many other start-up founders have also done it. The list includes some popular names like – Flipkart co-founders Binny Bansal and Sachin Bansal; Freecharge co-founders Sandeep Tandon and Kunal Shah and the list goes on.