The valuation of Oyo, as soon as India’s second-most precious startup at $10 billion, has dipped to $2.four billion in a brand new funding spherical.
The Gurugram-headquartered startup has raised $173.5 million in a Series G funding spherical. InCred Wealth, Patient Capital and J&A Partners invested within the new spherical.
TechCrunch reported in May that Oyo was looking for to lift a funding spherical that might decrease its valuation to $three billion or decrease. “We deny any rumors, including that of the valuation in the article,” an organization spokesperson instructed TechCrunch in May. “There is no concrete transaction, let alone a valuation discussion at this stage.”
The lower in valuation is hardly a shock. SoftBank, which owns greater than 40% of Oyo, internally lower the valuation of the Indian startup to $2.7 billion in 2022. Oyo mentioned on the time that there was “no rational basis” for the markdown of its valuation.
Oyo counts SoftBank, Airbnb, Peak XV Partners, Microsoft and Lightspeed Venture Partners amongst its backers.
The new funding follows Oyo withdrawing its draft crimson herring prospectus for an preliminary public providing for the second time earlier this 12 months. The Indian startup initially filed the paperwork to go public in 2021, looking for to lift about $1.2 billion at a valuation of $12 billion on the time.
India’s market regulator, SEBI, has not permitted the startup’s utility for an IPO.
