Oyo, the Indian budget-hotel chain startup, is finalizing a fresh fundraise of about $100 million to $125 million that slashes its valuation to $2.5 billion, two people familiar with the matter told TechCrunch.
Once one of the hottest Indian startups, Oyo operates an OS of sorts to help hoteliers accept digital bookings and payments. The startup was once operational in dozens of markets, including the U.S. and Europe, but has since curbed its international play.
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