https://techcrunch.com/2022/09/22/softbank-slashes-oyos-valuation-to-2-7-billion/

SoftBank, the largest backer of Oyo, has cut the Indian hotel chain’s valuation to $2.7 billion despite the startup claiming it has improved its finances in recent months, a person familiar with the matter said.

An Oyo spokesperson said the markdown makes “no rational basis.”