Budget-friendly Hotel chain Oyo gears up for new Fundraise
The Indian budget-friendly hotel chain startup, Oyo is under talks of confirming a fresh fundraise of more than $100 million to $125 million that reduces its evaluation to c, two people subjected to this matter stated.
That’s a sharp drop in the value of Gurgaon-based startup Oyo’s value, which was valued $10 billion in 2019. The startup is stressing to elevate from institutional financial backers, has been firmly diving into high-net worth investors from the past few months recently.
An official working in the financial venture working with Oyo, InCred says, “We genuinely feel that this asset makes a lot of sense today. Being profitable and @70% discount to the previous valuation. Listing expected in 18-24 months”.
Once one of the hottest Indian startups, Oyo operates an OS of sorts to help hoteliers accept digital bookings and payments. The startup was once operational in dozens of markets, including the U.S. and Europe, but has since curbed its international play.
This new fundraise permits Oyo to shelve its plan for an IPO in the previous month. As equipped by major financial backers in India such as Peak XV Ventures, Microsoft, SoftBank, Peak XV and Ventures has reserved its application for IPO from the Indian market regulator – Securities and Exchange Board of India, two times in the past four years.
Being one of the inventive startups in India, Oyo functions an OS of categories to aid hoteliers admit online bookings and transactions. Once the startup was functional in many grounds of markets such as Europe and USA, but meanwhile now, the startup has limited its services and offerings in global play.
