SoftBank, the largest investor in Oyo, has cut the Indian hotel chain’s valuation to $2.7 billion at a time when the startup is months away from going public, a source familiar with the matter said.
An Oyo spokesperson said the startup has improved its finances in recent months, and it believes the speculation about a valuation cut is inaccurate. The markdown makes “no rational basis,” the spokesperson added. SoftBank declined to comment.
Oyo — whose backers include Sequoia India and Lightspeed Venture Partners India (both of which have taken significant exits from the