“We would like to clarify again that these are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year and file with the RoC as well,” the spokesperson added. But this did not reduce the growth in the valuation of the company backed by Japanese billionaire Masayoshi San’s Softbank Vision Fund. The major boost came from the $700 million investment made by OYO CEO Ritesh Agarwal in October this year through RA Hospitality Holdings (Cayman). OYO announced in October that it would raise $1.5 billion in the Series F funding round, whereby RA Hospitality Holdings will infuse approximately $700 million as primary capital in the company, with the balance $800 million being supplemented by other existing investors.

A significant part of the funds will be diverted towards its growth plans in the US market, and in strengthening the company’s position in the vacation rentals business in Europe, the company said. Earlier this year, RA Hospitality Holdings received Competition Commission of India approval to invest $2 billion in OYO. “In order to facilitate this transaction, Lightspeed Venture Partners and Sequoia, are selling part of their shareholding in OYO to help the founder increase his stake while remaining invested and committed to the company’s long-term mission,” OYO said.