Oyo Hotels, an Indian startup, is reviving plans to go public after cost cuts and a revival in tourism helped it cut losses.

The hotel booking company filed new financial documents on Monday and is now targeting an IPO in early 2023, assuming India’s stock market remains firm and economic conditions improve, according to people familiar with the matter. Oyo, formally known as Oravel Stays Ltd, is working internally to secure an IPO in January, as executives encouraged by a pick-up in demand requested anonymity to discuss confidential plans.

Oyo filed preliminary IPO documents in 2021 but shelved plans to go public earlier this year after the prolonged pandemic hurt its growth and forced the company to lay off thousands of jobs. The company disclosed its latest financials in an appendix to its IPO filing on Monday, with data showing narrowing losses and a rebound in sales through March 2022 and the next three months.

The startup now focuses on four main regions: India, Malaysia, Indonesia and Europe, where it operates holiday homes. One of the people said it had slashed operations in markets previously considered critical, such as the US and China, where headcount is now in the single digits.

Oyo and founder Ritesh Agarwal are trying to pull off a successful IPO after a series of setbacks in transforming the hotel and lodging industry. Masayoshi Son, the founder of SoftBank Group, was an early enthusiastic backer, and the Japanese conglomerate holds about 47% of the Gurgaon-based startup. Agarwal, 28, owns about a third of the shares.

The restarted listing plans underscore how the Indian stock market is bucking the trend of falling global tech shares. Accelerating inflation, lingering Covid-19 infections, and the war in Ukraine has sent the tech-heavy Nasdaq down 27% this year. Meanwhile, India’s benchmark NSE Nifty50 gained 1%.

Oyo reported a loss of Rs 18.9 billion ($237 million) in March 2022, nearly halved from the previous 12 months. The figures were restated from previously undisclosed figures and included in an appendix to an IPO filing provided by its bankers.

Annual loss before EBITDA narrowed to Rs 4.8 billion from Rs 18.7 billion. On this basis, the gain for the three months that ended June 2022 was Rs 105.75 million, while the net loss was Rs 3.5 billion.

Revenue from contracts with clients rose 21% to Rs 478 crore in the financial year ended March 2022, with tourism picking up as the pandemic eases. Revenue was still well below the Rs 131.7 billion booked for fiscal 2020 before the full impact of the coronavirus began.

OYO filed its preliminary documents, the so-called draft red herring prospectus, or DRHP, in September last year for a $1.1 billion IPO but has not been approved to go public for 12 months. Earlier this year, it attempted to submit additional documents and gain regulatory approval. According to researcher CB Insights, the startup was recently valued at $9 billion.

Backed by prominent investors such as SoftBank and Lightspeed Venture Partners, it has expanded widely into Southeast Asia, China, Europe and the US by signing guaranteed returns with hotel partners. At one point, founder Agarwal set his sights on the title of No. 1 branded accommodation operator worldwide.