Indian Hospitality Startup OYO files for $1.1 Billion IPO

As Covid-19 travel restrictions ease, OYO joins the list of Indian tech unicorns riding the IPO wave.

Indian Hospitality Startup OYO files for $1.1 Billion IPO
Oyo rooms in Bangalore. Source: oyorooms.com.

The Indian Hotel chain OYO recently confirmed plans to go public and filed its draft IPO papers on Friday for an initial public offering in Mumbai. It is latest in this year’s long list of tech focused Indian firms to join the country’s stock exchange. The company seeks to raise up to $1 Billion by sale of new shares, as well providing current investors the option to sell up to $193 million of their own existing shares.

Oravels Stays Limited (OYO) is India’s third-highest valued private startup, founded by 19-year old Ritesh Agarwal in 2013. Designed as a platform to book budget hotel rooms, the startup has since expanded globally to include renting out and franchising of over 157,000 Hotels and houses across 35 countries including Malaysia, UAE and the United States.