Private equity (PE) firms General Atlantic (GA) and Norwest Venture Partners are in talks with investors in Oravel Stays Pvt. Ltd to pick up a stake in the hotel operator, two people with knowledge of the development said.
Oravel operates the hospitality tech firm Oyo Hotels & Homes. Apart from founder Ritesh Agarwal, its top investors include Peak XV Partners (formerly known as Sequoia Capital India), Lightspeed Venture Partners and SoftBank.
"Some early investors are being approached to offer their stakes. The incoming investors are seeking a large secondary portion. A deal is more certain if there is a large portion up for grabs," said one of the people cited above.
Avendus Capital is advising Oyo on the transaction.
The SoftBank-backed troubled hotels aggregator has been able to script a turnaround, leading to heightened interest among new investors, these people said. Some existing investors may also find it amenable to sell now as the initial public offering (IPO) has been delayed, they added.
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