Oyo founder Ritesh Agarwal's investment vehicle, Redsprig, is injecting $65.1 million into the hotel startup, boosting its valuation to $3.8 billion, despite a substantial drop from its $10 billion peak.
This investment, which signifies a 38% premium over Oyo’s recent valuation of $2.3 billion, still indicates a considerable decline from the company's former peak, highlighting ongoing challenges in the hospitality sector.
Redsprig's previous investment of $100 million in Oyo’s last funding round emphasizes Agarwal's commitment despite uncertainties about his settling of a significant loan and the company's fluctuating market position.
Oyo is reportedly preparing to file regulatory documents for an IPO within two months, marking a critical phase in its efforts to regain investor confidence and stabilize its market standing.
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