OYO valuation drops by $2 billion. When comparing to the other chain hotels it is the smallest drop.
OYO’s valuation had soared to $10 billion in November 2019, When Ritesh pumped in $2 billion into the company. Due to this COVID-19 pandemic, OYO’s valuation dropped to $8 billion.
During this coronavirus pandemic, many hospitality industries got crashed and faced heavy losses in their businesses. However, Other major hotel chains like Indian Hotels Co, Lemon Tree, and other few have a huge fall on their valuation compared to OYO’s valuation.
Even after the 20% drop in valuation OYO Rooms remains the third most valued Indian startup after Vijay Shekhar Sharma’s PAYTM ($16 billion), and BYJU’s ($10.5 billion).