Oyo, the once high-flying Indian budget hotel chain, has withdrawn its IPO application from the Securities and Exchange Board of India (SEBI) for the second time, in a fresh blow to its already subdued ambitions.
This Gurugram headquartered startup is at its peak Earned a $10 billion valuationput its IPO plan on hold on May 17, according to exposure on the regulatory website. Initially Oyo Filed the paperwork with SEBI in 2021 For public listing but it was withdrawn and refiled in 2023.
SEBI has not yet approved any of Oyo’s applications, raising questions about the startup’s preparedness to face public scrutiny. oyo is happening Struggling to secure new round of funding At a valuation of $3 billion or less, TechCrunch reported earlier this month. Oyo had denied that it was raising capital at that valuation.
However, the company is now attempting to raise funds at a lower valuation of $2 billion to $2.3 billion, a source familiar with the matter told TechCrunch. It has so far raised more than $3 billion in the form of equity and debt.
Backed by SoftBank, Peak XV, Lightspeed, Airbnb and Microsoft, Oyo was once hailed as a disruptor in the budget hotel industry. But in recent years, startups criticized for its business practices, and was also fired in 2020 thousands of employees To cut costs.
oyo-once-valued-at-10-billion-shelves-ipo-plans-for-second-time-techcrunch
