Oyo was as soon as the second largest startup in India, with a valuation of US$10 billion, however its valuation has dropped to US$2.4 billion in a brand new spherical of financing.
The Gurgaon-based startup has raised $173.5 million in Sequence G funding. InCred Wealth, Affected person Capital and J&A Companions participated within the new funding spherical.
TechCrunch reported in Could that Oyo was searching for a funding spherical that would decrease its valuation to $3 billion or much less. “We deny any rumors, together with the valuation rumors within the article,” an organization spokesperson instructed TechCrunch in Could. “There are not any concrete transactions at this stage, not to mention valuation discussions.”
The valuation lower isn’t a surprise. SoftBank, which owns greater than 40% of Oyo, has internally lowered the valuation of the Indian startup to $2.7 billion in 2022.
Oyo’s backers embody SoftBank, Airbnb, Peak XV Companions, Microsoft and Lightspeed Enterprise Companions.
The brand new funding comes after Oyo withdrew its draft preliminary public providing prospectus for the second time earlier this yr. The Indian startup initially filed paperwork to go public in 2021, searching for to boost about $1.2 billion at a valuation of $12 billion on the time.
India’s market regulator SEBI has not but permitted the startup’s IPO software.
