OYO founder Ritesh Agarwal has floated a venture capital (VC) fund - Aroa Ventures - focused on early-stage startups in technology, leisure infrastructure and consumer sectors with annual revenues ranging $500,000-$1 million. It will have an average deal size of $1 million-$10 million.
The VC also includes Gaurav Gulati, co-founder and ex-COO of Innov8, which was acquired by OYO for $31 million in March 2019. Aroa Ventures was registered in 2019 in Singapore with Agarwal and Thomas Hufnagel as shareholders, Entracker reported. Agarwal owns 100 percent of the entity.
OYO did not respond to queries, the report added.
As per reports however, Agarwal and Gulati are looking to “entrepreneurs of high repute, who are looking to build long-lasting businesses.”
Moneycontrol could not independently verify the report.