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The valuation of the startup, which had to withdraw its DRHP a second time this year, is now lower than the $3.3 billion it has raised across multiple rounds so far.

The regional economy is expected to take a big hit in 2026, venture capital activity is starting to show signs of strain, and Saudi Arabia’s sovereign fund has a new investment strategy.
A debt-heavy global pivot to modest motels and accounting-led profits define the company now heading to Indian public markets.
Stories of great outcomes and easy funding kept the sector on its toes. The momentum is expected to continue going into 2026, but startups may need to rethink their strategy.