SoftBank-backed budget hotel chain Oyo has pulled its application for an initial public offering (IPO), The Economic Times reported. 

Oravel Stays, the parent company of Oyo Hotels and Homes, has withdrawn the draft prospectus filed with the Securities and Exchange Board of India (Sebi) for its IPO.

The Ritesh Agarwal-led company is instead looking at private funding from investors at a valuation of  $2.3 billion, down over 74% from its peak valuation of $9 billion when it received funding from Microsoft in 2021. 

According to the report, Oyo is looking to raise about $70-80 million from these investors.

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