Oyo plans to raise funds at 60% valuation cut

Travel-tech unicorn Oravel Stays is looking to raise a small round of equity from private investors, including family offices, at a valuation of around $3-4 billion, which will be a decline of 60% from its last discussed valuation of $10 billion. With this, Oyo will join a list of unicorns, which includes Pharmeasy and Udaan, that has recently raised funds in a downround.

‘Oyo has also been approached by friendly investors and may do a small equity round at a $3-4 billion valuation, or at Rs 38-45 per share to further reduce its debt,’ its CEO Ritesh Agarwal told employees in a company townhall on Wednesday, according to sources.