Hospitality unicorn OYO, formally known as Oravel Stays Ltd., putting plans for an IPO on hold until September 2022.
The decision to defer the IPO is driven by two factors – 1) current downturn in the global public markets, 2)expectation of improvement in the startup’s financial performance.
Startup is now seeking regulatory permission to update its draft prospectus with March / June / Sep 2022 financials.
Updating the latest financial results will help to demonstrate quarter on quarter improvement in growth and operating efficiency.
OYO’s Q1 2022 revenues and financials have shown significant improvement and the Q2 2022 results are expected to be even better in light of the promising summer season.
OYO founded in 2013, backed by high-profile investors such as SoftBank, Lightspeed Venture Partners, Microsoft.