Two senior executives at Oyo have left the budget-hospitality startup, mere months before the company plans to list. Ankit Gupta, who joined the unicorn Two senior executives at Oyo have left the budget-hospitality startup, mere months before the company plans to list.
Two senior executives at Oyo have left the budget-hospitality startup, mere months before the company plans to list.
Their departures come at a time when Oyo — backed by SoftBank, Lightspeed and Peak XV — has delayed its listing plans multiple times — factoring in the ongoing market conditions — and is currently slated to go ahead with it later this year.
It has since postponed the plans and pared down the target raise to about $600 million in a listing currently slated for November.
The executives departure is the latest in a series of not-so-favorable developments for Oyo, which was once valued at $10 billion.
SoftBank, the largest investor in Oyo, last year marked down the value of its holding in the startup, giving it a valuation of $2.7 billion.
Oyo has raised $3.23 billion in equity (primary + secondary) and debt funding rounds over the years, according to insight platform Tracxn.
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This is the best summary I could come up with:
Two senior executives at Oyo have left the budget-hospitality startup, mere months before the company plans to list.
Their departures come at a time when Oyo — backed by SoftBank, Lightspeed and Peak XV — has delayed its listing plans multiple times — factoring in the ongoing market conditions — and is currently slated to go ahead with it later this year.
It has since postponed the plans and pared down the target raise to about $600 million in a listing currently slated for November.
The executives departure is the latest in a series of not-so-favorable developments for Oyo, which was once valued at $10 billion.
SoftBank, the largest investor in Oyo, last year marked down the value of its holding in the startup, giving it a valuation of $2.7 billion.
Oyo has raised $3.23 billion in equity (primary + secondary) and debt funding rounds over the years, according to insight platform Tracxn.
The original article contains 270 words, the summary contains 153 words. Saved 43%. I’m a bot and I’m open source!