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India’s Oyo, once valued at $10 billion, seeks new funding at 70% discount
Oyo, the Indian budget-hotel chain startup, is negotiating with investors to raise a new round of funding that could cut the Indian firm's valuation to $3 Oyo is negotiating with investors to raise a new round of funding that could cut its valuation to $3 billion or lower.
The proposed terms, if they materialize, would represent a steep drop from the peak valuation of $10 billion at which Oyo raised a funding round in 2019. The deliberations for the new funding follow Oyo withdrawing its draft red herring prospectus for an initial public offering for the second time, a source said. According to local media, Oyo’s founder and chief executive, Ritesh Agarwal, told employees that the company expects revenue for the fiscal year ending March to be more than $682 million.
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