SoftBank tips

Just two days after the Economic Times reported that Oyo had met with regulators to expedite its IPO, it reported that the hotel operator wanted to back out of the public offering.

Hospitality company Oyo, once a beacon of India’s startup ecosystem, has seen its valuation drop from a peak of $10 billion in 2019 to $2.4 billion in its latest funding round.

It’s been a huge couple of weeks for travel startups. Eight of them announced $1.1 billion in funding over the past two weeks.

Klook, an online travel agency for tours and activities, transport, and travel services, said it had raised $210 million (about $290 Singaporean dollars) in capital with a mix of venture equity and bank financing.

Jongyoon Kim, the CEO of South Korea-based superapp Yanolja, sees Tesla as the metaphor for its company highlighting how the electronic vehicle company has been rethinking the entire value chain.

The initial public offering of India-based budget hotel operator and aggregator Oyo may be further pushed back from its intended deadline of a launch within the first quarter this year.

Chinese hospitality company H World Group – formerly Huazhu – has sold one-fifth of its holding of Indian hospitality company Oyo to United Arab Emirates-based family offices and institutional investors for around $9 million, a source told Skift.