The prolonged wait for OYO's public market debut might conclude in 2024, according to SoftBank Vision Funds, one of its major backers.
During an earnings call, Navneet Govil, executive managing partner and Vision Fund CFO at SoftBank Investment Advisers, said Oyo's Initial Public Offering (IPO) is expected in the coming year or so to go public.
Govil expressed satisfaction with their India portfolio, including Paytm, Delhivery, Meesho, Flipkart, and Ola.
"We are very pleased with the India portfolio. Ola Electric and Firstcry filed for listing in December 2023. Oyo is also expected in the coming year or so to go public. There is no rush. All our portfolio companies will go public when the time's right...," he said, MoneyControl reported.
SoftBank Investment Advisers has invested around $11 billion in Indian startups since November 2018, with exits valued at $6.2 billion-$6.5 billion.
The online hotel aggregator, founded by Ritesh Agarwal, filed for an initial public offering for the second time in March, reducing the target amount to be raised by about two-thirds, as per Bloomberg. However, Oyo has yet to decide on the IPO's timing.
{{/usCountry}}The online hotel aggregator, founded by Ritesh Agarwal, filed for an initial public offering for the second time in March, reducing the target amount to be raised by about two-thirds, as per Bloomberg. However, Oyo has yet to decide on the IPO's timing.
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Khazanah in talks to lead Oyo's $400 million fund raise
In other news, Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is reportedly in discussions to lead a $400 million funding round in Oyo, reported Bloomberg citing sources.
The Indian hotel-booking company, backed by SoftBank Group Corp.,
Oyo aims to raise funds for expansion and debt reduction. Avendus Capital Pvt. is advising Oyo on the fundraiser.
Talks with Khazanah are ongoing, and they may decide not to invest. Oyo is also in discussions with other investors for the fundraising, the report added.
Khazanah has been increasing investments in India, including in companies like logistics provider Xpressbees and fast-food chain Wow! Momos.