Sonder currently has 8,500 spaces signed across 26 cities in six countries.
Southeast Asian banks are investing in the region’s biggest ridehailing rivals, Go-Jek and Grab, to hitch a ride on their expansion into financial services.
SpaceBox provides integration solutions for individual hotels targeting younger people.
The proceeds will be used to advance technology and expand its presence in new markets.
Anbang bought the properties’ owner, Strategic Hotels & Resorts Inc., from Blackstone Group LP for about $6.5 billion in 2016.
The move, unprecedented among leading privately held, new-age Indian startups, will help Agarwal raise his stake to around 30% from the current 10%.
The clause was introduced in Oyo’s Articles of Association when the company raised $250 million led by SoftBank in late 2017.
The high-profile divestment would be part of Prime Minister Narendra Modi’s efforts to raise $15.3 billion selling stakes in state-run companies.
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