SoftBank cuts valuation of IPO-bound Oyo to $2.7 billion | Mint
04 November 2024
SoftBank Group Corp. has slashed the valuation of Oyo Hotels on its books by more than 20% as once high-flying Indian startup prepares for an initial public offering, people familiar with the matter said.
The Japanese investor, the largest shareholder in the hotel-booking firm, cut its estimated value for Oyo to $2.7 billion in the June quarter from an earlier $3.4 billion after benchmarking it against peers with similar operations, said the people, asking not to be named because the information isn’t public. The lodging firm had reached a valuation of $10 billion in a 2019 funding round.
SoftBank Group Corp. has slashed the valuation of Oyo Hotels on its books by more than 20% as once high-flying Indian startup prepares for an initial public offering, people familiar with the matter said. The Japanese investor, the largest shareholder in the hotel-booking firm, cut its estimated value for Oyo to $2.7 billion in the June quarter from an earlier $3.4 billion after benchmarking it against peers with similar operations, said the people, asking not to be named because the information isn’t public. The lodging firm had reached a valuation of $10 billion in a 2019 funding round.
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