SoftBank’s Son to Join Modi at Oyo Founder’s Wedding Gala
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SoftBank’s Son to Join Modi at Oyo Founder’s Wedding Gala
(Bloomberg) -- SoftBank Group Corp. founder Masayoshi Son will join India’s prime minister and Asia’s richest man at the wedding of Oyo founder Ritesh Agarwal next week, a rare social outing for a billionaire whose ties to the country run deep.
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It’s a sign of the Japanese billionaire’s enduring relationship with India, where SoftBank has invested billions into startups and solar power. Son, who is the biggest backer of affordable stays firm Oyo parent Oravel Stays Ltd., has been a mentor to the 29-year-old Agarwal since 2015. An early investor in Oyo, Son provided a personal guarantee in 2019 to Agarwal’s $2 billion loan from Japanese banks allowing the younger entrepreneur increase his stake in Oyo to over a third.
Son’s presence is creating complexities for organizers of the New Delhi wedding reception, however. The 65-year-old, who increasingly prefers Zoom calls to in-person meetings even in his home base of Tokyo, has asked for Covid-negative tests from those he’s meeting, people familiar with the matter said.
Wedding ceremonies of India’s rich and upwardly-mobile are extravagant affairs with guest lists often running into the thousands. Entertainers like Beyoncė have been flown in, contributing to costs sometimes ballooning to tens of millions of dollars. At these celebrations, lines to greet the couple can run a mile long, with wait times growing to an hour or more.
It was at the wedding of Nikesh Arora, the former SoftBank president, that Son met figures such as Rajeev Misra and Alok Sama, who later spearheaded the company’s overseas expansions through the Vision Fund and the acquisition of chip architect Arm Ltd., people familiar with the matter said.
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