Hospitality company Oyo has withdrawn its IPO application for the second time, choosing to seek private funding instead. The new funding round aims to raise $70-80 million at a reduced valuation of $2.3 billion, down from a peak of $9 billion in 2021. Founder Ritesh Agarwal is directly involved in securing investment from high-net-worth individuals. The funds will help refinance Oyo's debt, with InCred Wealth managing the process. Despite previous setbacks, Oyo anticipates hitting Rs 30 crore in net profit by Q3 FY24.