Online hotel aggregator OYO has raised Rs 417 crore (approximately USD 50 million) from Incred, reflecting a significant valuation drop to Rs 19,756 crore (USD 2.38 billion), which is 76 per cent lower than its peak valuation of USD 10 billion, as per media reports.
This investment is part of a larger USD 100 million funding round that OYO is securing from family offices and high net-worth individuals before it refiles its draft prospectus for an initial public offering (IPO), according to media reports.
In May, OYO withdrew its IPO application for the second time while it seeks to refinance a USD 450 million loan and raise funds through the fresh issuance of shares, as per media reports.
Sources indicate that OYO achieved an adjusted EBITDA of Rs 888 crore ($107 million) in FY24, compared to Rs 274 crore ($33 million) in FY23, according to media reports.
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