Oyo in funding talks at 70% drop in valuation

Oyo is in discussions to raise fresh funds at a valuation of US$3 billion or less, TechCrunch reported, citing people briefed on the situation. The amount is a far cry from the India-based hospitality firm’s US$10 billion valuation in 2019, when its founder Ritesh Agarwal looked to borrow US$700 million to buy back shares.
The potential fundraise might include secondary sales, possibly reducing Oyo’s value to around US$2.5 billion. If the proposed deal happens, the firm’s valuation would be lower than its total disclosed capital raised to date of US$3.2 billion.