Oyo, the as soon as high-flying Indian funds resort chain, has withdrawn its IPO software from the Securities and Change Board of India (SEBI) for the second time in a recent blow to its already diminished ambitions.
The Gurugram-headquartered startup, which at its peak commanded a valuation of $10 billion, pulled the plug on its IPO plans on Might 17, in keeping with a disclosure on the regulator’s web site. Oyo had initially filed paperwork with SEBI in 2021 for a public itemizing however withdrew it and refiled in 2023.
SEBI has but to approve both of Oyo’s purposes, which raises questions concerning the startup’s readiness to face public scrutiny. Oyo has been scrambling to safe a brand new spherical of funding at a valuation of $3 billion or much less, TechCrunch reported earlier this month. Oyo had denied that it was elevating capital at that valuation.
Nonetheless, the corporate is now trying to boost cash at a valuation as little as $2 billion to $2.3 billion, a supply aware of the matter instructed TechCrunch. It has raised greater than $3 billion in fairness and debt up to now.
Oyo, backed by SoftBank, Peak XV, Lightspeed, Airbnb and Microsoft, was as soon as hailed as a disruptor within the funds resort business. However in recent times, the startup has been criticized for its enterprise practices, and in 2020 even laid off 1000’s of staff to chop prices.
