The transaction is expected to value Wow! Momo at about Rs 860 crore, an almost three-fold jump from its last funding round in June last year.
The startups want a revision in rules that govern the listing of startups on Indian stock exchanges.
Additionally, a number of high-profile angel investors are also expected to pump money into the company.
This is the second ed-tech bet by Owl in India in the last three months.
"Our association with Drivezy will help us add a new dimension to our service offerings,” Gaurav Ajmera, COO — India and South Asia at Oyo, said.
The development comes even as a number of marquee investors, such have launched their seed-stage investment vehicles, at a time when early-stage financing for India’s startup ecosystem has dipped.
Acquisition comes about a month after the SoftBank-backed company committed 300 million investment in its European vacation rentals business
PremjiInvest, Chiratae Ventures among those looking to partially sell their holdings.
The consumer-focused investment firm, led by Deepak Shahdadpuri, will now have about $200 million worth of assets under management, doubling from when it closed its second investment vehicle two years ago.
The investment is part of a larger Series-C round and while company executives declined to specify the exact size of the ongoing capital raising round, it is expected to cross $100 million.
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