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Hospitality giant OYO has secured ₹550 crore ($65 million) from founder Ritesh Agarwal's Redsprig Innovation, raising its valuation to $3.79 billion. The funds will support global expansion, strategic growth, and corporate objectives. With profitability in FY24 and disciplined cost management, OYO is strengthening its position ahead of a potential IPO.
Oyo, the Indian hotel chain startup, is nearing a deal to raise between $100 million and $125 million, slashing its valuation to $2.5 billion from a previous $10 billion in 2019, according to TechCrunch. The company has faced challenges raising from institutional investors and has recently targeted high-net-worth individuals, emphasizing its profitability and significant valuation discount. Amidst these fundraising efforts, Oyo has retracted its plans for an IPO, previously aiming for a $1.2 billion raise at a $12 billion valuation in 2021. The company, with backers including SoftBank and Airbnb, has withdrawn its IPO application twice in four years, indicating a strategic pivot away from rapid global expansion to stabilizing its core operations.