Mumbai, 22/9: SoftBank Group Corp has slashed the valuation of OYO Hotels on its books by more than 20 per cent as once high-flying Indian startup prepares for an initial public offering, people familiar with the matter said.
The Japanese investor, the largest shareholder in the hotel-booking firm, cut its estimated value for OYO to Rs 21,821 crore in the June quarter from an earlier Rs 27,479 crore after benchmarking it against peers with similar operations, said the people, asking not to be named because the information isn’t public. The lodging firm had reached a valuation of Rs 80,845 crore in a 2019 funding round.
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