Oyo, once valued at $10 billion, shelves IPO plans for second time
Reading Time: < 1 minutesOyo, the once high-flying Indian budget hotel chain, has withdrawn its IPO application from the Securities and Exchange Board of India (SEBI) for the second time in a fresh blow to its already diminished ambitions.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 May 17, according to a disclosure on the regulator’s website. Oyo had initially filed paperwork with SEBI in 2021 for a public listing but withdrew it and refiled in 2023.
Oyo, backed by SoftBank, Peak XV, Lightspeed, Airbnb and Microsoft, was once hailed as a disruptor in the budget hotel industry. But in recent years, the startup has been criticized for its business practices, and in 2020 even laid off thousands of employees to cut costs.
Ref: techcrunch
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