Indian Startup OYO Raised Funds for IPO

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Indian Startup Oyo Raised Funds for IPO

Highlights

  • Oyo, an Indian hotel giant is planning to go for an initial public offering and submitted the papers to the local market regulator.
  • Indian Hotel chain, Oyo is all set to issue new shares up to 80 billion rupees while the current shareholders could sell their shares up to 14 billion rupees.
  • Startup backers SoftBank estimates to sell their share.

In the last couple of months, we have seen Zomato, which is the leading food delivery platform in India, made a debut by listing in IPO in July. After this, one of the largest online payment giants Paytm has filed for IPO listing for 2.2 billion dollars.

Now, Oyo also comes into the public market. This 8-year-old hotel chain is now planning to raise approx $1.16 billion and submitted the papers (pdf).

Oyo helps hotels to accept bookings and payments through the online platform and streamline their hospitality business with fewer efforts.

Few of the startup backers such as SoftBank, Lightspeed, Airbnb, and Sequoia Capital India.

During filing, Oyo stated that SoftBank hopes to sell their stakes around $175 million.

This filing made by Oyo marks an important impact on the immense growth in the international market of this hotel chain.

Gurgaon based startup faced a major downfall in its revenue during Covid -19 pandemic.

In this filling, Oyo mentioned that India, Europe, Indonesia, and Malaysia are the countries that contributed majorly to the revenue growth in the last couple of years.

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