India's Oyo, once valued at $10B, finalizes new funding at $2.5B valuation [TechCrunch]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: TechCrunch
That's a steep decline in the Gurgaon-headquartered startup's value, which was worth $10 billion in 2019. The startup, struggling to raise from institutional investors, has been aggressively pitching high-net-worth individuals in recent months. “We genuinely feel that this asset makes a lot of sense today. Being profitable and @70% discount to the previous valuation. Listing expected in 18-24 months,” a representative of InCred, a financial firm working with Oyo, pitched in a message (seen by TechCrunch) to a startup founder. TechCrunch reported early last month that Oyo was seeking to raise funds at a $3 billion valuation or lower . At the time, Oyo vehemently denied the “rumors, including that of the valuation.” The new round is likely to grow bigger in size, said the aforementioned sources, who requested anonymity as the matter isn't public. The new funding follows Oyo shelving its plan for an IPO last month . The startup — which counts SoftBank, Peak XV Ventures, Lightspeed
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