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The rating of Oyo , once India ’s second - most valuable inauguration at $ 10 billion , has dip to $ 2.4 billion in a new financing round , multiple source told TechCrunch .
The Gurugram - headquarter inauguration , which operates a chain of budget hotels , has raised $ 173.5 million in a Series G support . Patient Capital , run by Oyo founder and chief executive Ritesh Agarwal ; InCred Wealth , which pools capital from high - net - worth individuals ; and J&A Partners delivered most of the capital in the new round .
Oyo ’s current rating has fall below its total Das Kapital raised , which Tracxn , a data insight platform , reports(paywall ) as approximately $ 3.3 billion in combined fairness and debt financing .
TechCrunch describe in May that Oyo was seeking to produce a funding rhythm thatcould lower its evaluation to $ 3 billion or lower . “ We abnegate any rumour , including that of the valuation in the article , ” a spokesperson for the budget hotel chain told TechCrunch in May . “ There is no concrete transaction , countenance alone a rating discussion at this stage . ”
The startup , mired in a series of controversies , did not respond to a request for input .
This is n’t the first time Oyo ’s Agarwal has invested in the startup . He agreed to put $ 1.5 billion in Oyo at a rating of $ 10 billion in 2019 . To date , Oyo has n’t commented on how Agarwal procure that capital , at what terms and what is its current position .
The new cut in evaluation is just a surprise . SoftBank , which owns more than 40 % of Oyo , internally cut the valuation of the Indian startup to $ 2.7 billion in 2022 . Oyo said at the time that there was “ no rational base ” for the markdown of its valuation .
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Oyo count SoftBank , Airbnb , Peak XV Partners , Microsoft and Lightspeed Venture Partners among its backers .
The new funding follow Oyowithdrawing its draught carmine Clupea harangus prospectusfor an initial public offering for the second time before this twelvemonth . The Indian startuporiginally file the paperwork to go public in 2021 , seeking to raise about $ 1.2 billion at a evaluation of $ 12 billion at the time .
India ’s market governor , SEBI , has never approved the startup ’s diligence for an initial public offering .
