back to top
Monday, December 9, 2024
spot_img
HomeTechnologyFounder of Oyo looks for fresh funding with valuation of $3.8 billion

Founder of Oyo looks for fresh funding with valuation of $3.8 billion

A proposal has been put forth by an investment vehicle backed by Oyo’s founder, Ritesh Agarwal, to inject an additional $65.1 million into the Indian hospitality startup, as per notices to shareholders reviewed by TechCrunch.

The investment, facilitated through Redsprig Innovation Partners, would place the SoftBank-backed company at a valuation of $3.8 billion, as outlined in terms communicated to shareholders.

Despite this representing a 38% premium to Oyo’s valuation of $2.3 billion in June, the current price tag still remains considerably lower than the startup’s peak valuation of $10 billion in 2019. Oyo has garnered over $3.4 billion in both equity and debt funding since its establishment, according to Tracxn.

In the June funding round, Redsprig injected approximately $100 million while Oyo raised $175 million.

It is uncertain who else is backing Redsprig and whether Agarwal has resolved the $2 billion loan he acquired in 2019 to repurchase Oyo shares from Peak XV and Lightspeed India.

The hospitality conglomerate is gearing up to submit, for the third time, an initial public offering within the next two months, according to a source familiar with the situation.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments