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OYO Records A Valuation Drop Of $2 Billion, Now Valued At $8 Billion

Pritish raj by Pritish raj
August 4, 2020
in News
2 min read
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Annual OYO Valuation Drop Japan Travelopedia Oyo-Rooms-nextbigbrand.in

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  • OYO ‘s value dropped to $8 billion, making it a valuation drop of $2 Billion according to Hurun’s most recent report during coronavirus pandemic. The Hurun Global Unicorn Report 2020 values the unicorn of hospitality at $8 billion, compared to the last known $10 billion market value.

OYO ‘s value dropped to $8 billion, making it a valuation drop of $2 Billion according to Hurun’s most recent report during coronavirus pandemic. The Hurun Global Unicorn Report 2020 values the unicorn of hospitality at $8 billion, compared to the last known $10 billion market value.

Yet other big hotel chains including Indian Hotels Co, Lemon Tree, and Chalet Hotels, to name a few, have a sharper net worth decline compared to OYO, which is the third-largest startup in India after Paytm ($16 billion) and Byju’s ($10.5 billion after its current fundraising). OYO’s fall in value is a reasonable estimation as its publicly traded rivals have seen the market-beating.

According to Hurun, the fall in valuation has been identified as a component of the Covid19 effect on the hospitality market, in line with the AirBnB value markdown. “We took the post-COVID situation into account, and we changed some of the companies’ valuation. Hospitality is one of the highly impacted sectors, it’s a no brainer. Airbnb has downgraded its valuation and we have adopted a conservative in-line approach to that valuation in terms of nearest comparable results, “said Hurun Report India MD and Anas Rahman Junaid, Chief Researcher.

The value of OYO had risen to $10 billion in November 2019, when founder and CEO Ritesh Agarwal poured into the company in $2 billion. With that change, Agarwal ‘s value of OYO had almost doubled.

However, due to the Covid19 pandemic, the hospitality unicorn was seriously impacted. Founder Ritesh Agarwal said in a video message to his employees in April that he can not imagine any other industry being impacted worse than travel, tourism, and hospitality because of coronavirus. Agarwal had previously reported a 15-20 percent decrease in revenue and occupancy compared to Covid-19. Later Agarwal had said that its March revenues globally fell by more than 50 percent -60 percent.

Though the market has slowly reopened and hotels have opened doors, as India continues to record high numbers of coronavirus cases it will still take time before normalcy sets in.

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Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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