Here’s a rewritten version of the content with a provocative and controversial tone:
“BOOM! Oyo’s Bubble Bursts: Once-Prideful Startup Now Worth a Laughable $2.4 Billion!
In a shocking turn of events, the overhyped Oyo, once India’s second-most valuable startup at $10 billion, has seen its valuation slashed to a paltry $2.4 billion. Yes, you read that right – the startup’s valuation has plummeted by a whopping 76%!
And the cherry on top? Oyo has managed to raise a mere $173.5 million in its latest funding round, with investors like InCred Wealth, Patient Capital, and J&A Partners reportedly coughing up the cash. Who’s the real winner here?
TechCrunch had been reporting on Oyo’s desperation to raise funds at a lower valuation back in May, and it seems like the startup has finally caved in. The once-mighty Oyo, which was once valued at a whopping $12 billion, is now nothing more than a shadow of its former self.
But wait, it gets better! SoftBank, Oyo’s biggest backer, had already written off the startup’s value to $2.7 billion back in 2022. So, who’s surprised that the startup’s valuation has continued to plummet?
Oyo’s got a long list of high-profile backers, including SoftBank, Airbnb, Peak XV Partners, Microsoft, and Lightspeed Venture Partners. Guess it’s time for them to start worrying about their investments!
And what’s the cherry on top? Oyo had to withdraw its IPO plans for the second time earlier this year, citing “unfavorable market conditions”. Yeah, right! India’s market regulator, SEBI, hasn’t approved the startup’s application for an IPO yet, and it’s clear why – Oyo’s valuation is a joke!”
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