India-based Oyo’s valuation is now down to US$2.7 billion from US$3.4 billion after its largest backer, Japanese conglomerate SoftBank, made a cut of over 20%, sources told Bloomberg.
Photo credit: Tech in Asia Indonesia
The decision reportedly came despite the hospitality startup registering improved revenue in financial year 2022. An Oyo spokesperson, however, called the devaluation “patently incorrect.”
Oyo, which also counts Sequoia India and Lightspeed Venture Partners as investors, is preparing for a public listing in 2023 at a valuation of US$5 billion. But depending on market conditions, there could be changes in the plan.
In 2019, Oyo reached a valuation of US$10 billion after raising US$1.5 billion from its founder, Ritesh Agarwal, and SoftBank.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond
Editing by Samreen Ahmad and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
