Updated May 22nd, 2024 at 20:13 IST

OYO likely to raise equity funds from private investors at $3-4 bn valuation: Ritesh Agarwal

Oyo, which is aiming an IPO and is backed by Softbank, had its maiden net profitable year in FY24.

Reported by: Business Desk
Oyo IPO: Navigates delays, aims for $400-600 billion IPO range | Image:Oyo
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Setting cash registers ringing: Having created a buzz with its foray into India’s travel and tour business, travel tech platform OYO, which is getting ready to launch its maiden public issue, is likely to raise equity funds from institutional investors at a valuation of $3-4 billion, the company’s founder Ritesh Agarwal told employees on Wednesday, as per sources.
Oyo, which is aiming an IPO and is backed by Softbank, had its maiden net profitable year in FY24 when it posted a Profit After Tax (PAT) of Rs 99.6 crore. The company registered a profit after tax (PAT) of Rs 100 crore in the March quarter, sources said. Oyo Rooms, a key player in the travel-booking platform, is navigating the IPO terrain, albeit with considerable delays. After resubmitting its draft red herring prospectus (DRHP), Oyo aims for an IPO range of $400-600 billion, entirely through a primary issuance, to address substantial debt repayment.

(With PTI inputs)

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Published May 22nd, 2024 at 20:13 IST