AZB & Partners had to ensure their client, Hero Enterprise, received rights in hotel aggregator OYO on an equal footing with other investors in OYO’s Series D round funding, in addition to safeguarding sound exit options for the company upon maturity of its investment.
“Given that this was a Series D round in which existing investors were also investing, the firm had to ensure parity in terms of rights and privileges for Hero,” said AZB partner Nandita Govind, based in Delhi.
Hero Enterprise’s investment amount in OYO was confidential. However, the hotel company was able to raise ₹16 billion (US$250 million) from its investors, which included SoftBank Group, Sequoia Capital India, Lightspeed Venture Partners and Greenoaks Capital.
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