Oyo Valuation Plummets Over 75% in New Funding Round

• Oyo's valuation has dropped from $10 billion to $2.4 billion in a recent Series G funding round.
• The Gurugram-based budget hotel chain raised $173.5 million, with significant contributions from Patient Capital, InCred Wealth, and J&A Partners.
• Oyo's current valuation is now below its total capital raised, which is approximately $3.3 billion.
• SoftBank, a major backer, had internally cut Oyo's valuation to $2.7 billion in 2022, a move Oyo previously disputed.
• The new funding comes after Oyo withdrew its IPO application for the second time earlier this year.
• India’s market regulator, SEBI, has never approved the startup’s application for an IPO.

Source: Techcrunch