Photo credit: Oyo
Indian hospitality major Oyo hit the brakes on its latest bid to list on India’s Securities and Exchange Board (SEBI), TechCrunch reported.
The company had initially attempted to go public in 2021 and refiled in 2023. SEBI has not approved either filing, casting doubt on Oyo’s readiness for a stock market debut.
It has grappled with several other setbacks over the past few years. In 2022, Oyo underwent job cuts that affected 600 employees, while its valuation was reportedly slashed to US$2.7 billion by longtime backer SoftBank.
Valued as high as US$10 billion in 2019, Oyo reduced its IPO valuation target to US$7 billion in 2022 while also aiming for a more modest raise at listing.
Earlier this month, the company was said to be raising pre-IPO capital at a drastically lowered valuation of US$2 billion to US$2.3 billion – a 70% plunge compared to its 2019 peak.
In January, Oyo was reportedly eyeing a US$400 million fundraise led by Khazanah Nasional, Malaysia’s wealth fund. The company, however, had shut down rumors that it was raising funds.
Aside from SoftBank, Oyo’s other investors include Peak XV and Microsoft. Oyo has banked US$3.2 billion in disclosed funding to date, according to Tech in Asia‘s database. Its most recent fundraise was in 2021.
See also: Khazanah’s Oyo bet points to greater focus on overseas deals, say investors
Editing by Putra Muskita and Eileen C. Ang
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