Oyo files to go public

Budget hotel network Oyo has filed the paperwork with the local market regulator to go public and plans to raise about $1.16 billion at a valuation over $12 billion. The company, backed by many prominent investors such as SoftBank, Airbnb, Lightspeed Venture Partners, Sequoia Capital India and Microsoft, was most recently valued at $9.6 billion.

Oyo made a loss of $528 million on a total income of $600 million in the financial year that ended in March this year and stated in the filing today that India, Indonesia, Malaysia and European markets represent about 90% of its overall revenue. The start-up works with over 157,000 partners and helps them operate hotels, resorts and homes.