Oyo, India’s once-ambitious funds resort chain, has withdrawn its IPO software from the Securities and Alternate Board of India (SEBI) for the second time, dealing a contemporary blow to its already waning ambitions.
The Gurgaon-based startup, which was valued at $10 billion at its peak, terminated its IPO plans on Could 17, in accordance with the regulator’s web site. Oyo initially submitted paperwork to SEBI for a public itemizing in 2021, however withdrew and resubmitted it in 2023.
SEBI has not accepted any of OYO’s functions, elevating questions in regards to the startup’s readiness for public scrutiny. Oyo has been working to safe a brand new spherical of funding at a valuation of $3 billion or much less, TechCrunch reported earlier this month. Oyo denies elevating funds at this valuation.
Nonetheless, an individual conversant in the matter instructed TechCrunch that the corporate is at the moment making an attempt to lift funds at a valuation as little as $2 billion to $2.3 billion. It has raised greater than $3 billion in fairness and debt thus far.
Oyo, which is backed by SoftBank, Peak XV, Lightspeed, Airbnb and Microsoft, was as soon as hailed as a disruptor within the funds resort trade. However the startup has confronted criticism for its enterprise practices lately, even shedding 1000’s of staff in 2020 to chop prices.
