OYO 2021 PROFITS
SoftBank's Sumer Juneja to join Oyo board
Sumer Juneja will join Oravel Stays Ltd as non-executive director, pending EGM approval, representing SoftBank Vision Fund. OYO, backed by SoftBank, reported Rs 100 crore profit in FY 2023-24, per founder Ritesh Agarwal. The board includes Aditya Ghosh, Dr. Deepa Malik, Troy Alstead (ex-COO of Starbucks), and W Steve Albrecht. SoftBank aims to boost OYO globally.
Oyo finalises Rs 1,000 crore fundraise from Indian family offices
Oyo fundraise: Hospitality startup Oyo is raising around Rs 1,000 crore from family offices and investors. The fundraise aims to value Oyo at about $2.5 billion, marking a significant decrease from its peak valuation of $9 billion in 2021. Oyo is slated to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraise.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Oyo posts maiden annual net profit of Rs 100 crore in FY24: founder Ritesh Agarwal
Oyo reported its first profitable fiscal year in 2023-24 with a net earning of nearly Rs 100 crore. Founder Ritesh Agarwal highlighted growth prospects in key markets like Nordics, South East Asia, US, and UK. Fitch Ratings upgraded Oyo's credit rating, acknowledging its strong performance.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Oyo withdraws IPO application, opts for private funding at 70% valuation cut
Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
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Paytm Q4 losses tripled; Oyo IPO withdrawn
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
OYO withdraws DRHP, to refile IPO post refinancing: Sources
OYO IPO: Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said.
TCS Q4 net profit up 9%; two partners leave Lightspeed
Revenue from operations saw a marginal 3.5% year-on-year increase to Rs 61,327 crore. In constant currency terms, TCS clocked a revenue growth of 2.2% in the March quarter. The growth was led by the India business (up 38%), followed by the UK (6.2%).
When Byju’s made its presence felt, in absence; and other top stories this week
Upgrad cofounder Ronnie Screwvala huddled up with a group of founders and edtech leaders to discuss the way forward from the perception hit, which the sector has taken as a result of the doings of just one company.
Oyo may back out of IPO plan, opt for private raise
In a response to emailed queries by ET, Oyo said the information is inaccurate. Oyo’s first public offer filing was returned by the markets regulator in January 2023, requiring the SoftBank-backed firm to refile its draft red herring prospectus (DRHP) with updates and revisions. The startup then made a confidential pre-filing with Sebi for a significantly smaller-sized IPO.
Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
ET Startup Awards 2023: Profitability ‘biz’word for Indian startups now
With union minister for commerce and industry Piyush Goyal and minister of state for electronics and information technology Rajeev Chandrasekhar as the guests of honour, ET feted eight startup champions at a gala ceremony in Bengaluru on Saturday.
Oyo talking to Apollo for $660 million refinance as IPO delayed
Oravel Stays Pvt, as Oyo’s parent company is known, is seeking to extend maturity to five years compared with the existing 2026 deadline, one of the people said, asking not to be named as the negotiations are private. A decision could be reached as early as next month, another person said
Dealshare fires 130, shutters B2B vertical; SoftBank, Oyo parent Oravel partner for premium hotels
Ecommerce platform Dealshare has sacked 130 employees and shut down its business-to-business vertical, just over a month after Vineet Rao stepped down as chief executive.
Oyo clocked adjusted ebitda of Rs 175 crore in Q1, CEO Ritesh Agarwal tells employees
Oyo had reported its maiden EBITDA positive quarter in an addendum filed with Sebi for its IPO reporting a Rs 7 crore adjusted EBITDA in quarter one of the last financial year.
Byju’s, Meesho face valuation cuts; electric two-wheeler beneficiaries’ tally under FAME slashed
On Tuesday, BlackRock further marked down the valuation of edtech firm Byju’s, while Fidelity Investments slashed Meesho’s valuation by 10%. This and more in today’s ETtech Top 5.
System of a down round: valuation markdowns hit Indian startups; to affect fundraising, IPO plans
Some of India’s biggest startup stars have seen their valuations slashed, and fallout is likely to impact fundraising, public offerings and employee morale in the entire ecosystem
Wipro, Tech Mahindra post subdued earnings; Oyo says it is cash flow positive
After IT bellwethers TCS, Infosys and HCLTech posted muted results in the fourth quarter of FY23 and struck a note of caution with their FY24 guidance, Wipro and Tech Mahindra, too, have followed suit, rounding off a weak earnings season for the country’s IT pack. This and more in today’s ETtech Top 5.
Oyo tells employees it turned cash flow positive in Q4 2023
Sources said the positive cash flow trajectory is expected to continue into the first quarter of FY2024. The company’s cash corpus on the balance sheet is Rs 2,700 crore.
Oyo pre-files confidentially for smaller IPO
Pre-filing, introduced by the Securities and Exchange Board of India in November last year, allows the details of the preliminary filing to be kept confidential, unlike in the normal filing where the DRHP becomes a public document. This option provides companies greater flexibility on the issue size during the initial stage, and they can change the amount of freshly issued shares in the proposal by up to 50% till an updated DRHP is filed.
Oyo pre-files DRHP, IPO size likely slashed; Unacademy leadership to take salary cuts
Oravel Stays, which operates budget hospitality chain Oyo, has pre-filed its IPO papers with the stock market regulator Sebi on Friday under the confidential pre-filing route. This and more in today’s ETtech Top 5.
Indian startup IPO plans get redrawn amid tech turbulence; SVB sold to First Citizens Bank
As the so-called funding winter continues, Indian startups like Oyo and Mamaearth are redrawing their Initial Public Offering (IPO) plan. This and more in today’s ETtech Top 5.
Exclusive: Dealshare lays off 100 employees; Oyo eyes first profitable year
Last year, Dealshare expanded to 150 cities and towns across India as it chased growth above all else. Now, the company has laid off 100 employees and shut down operations in many places as it pivots from growth to profitability amid the funding winter.
Expect first full year of Ebitda profitability, Oyo tells employees
The hospitality chain had reported an adjusted Ebitda of Rs 63 crore in the first half of FY23 (H1FY23) according to previous filings with the Securities and Exchange Board of India (Sebi).
Quarter’s delay likely in Oyo IPO as Sebi seeks updated filing
Regulator wants risk factors, KPIs, outstanding litigation, basis for valuation refreshed in DRHP, which may take up to 3 months
IPO-bound Oyo reports EBITDA of Rs 56 crore in Q2 as per financials submitted to Sebi
SEBI had given Oyo the permission to submit updated financials before it examined and finally processed the company’s IPO application.
SoftBank slashes Oyo’s valuation to $2.7B; Zetwork’s revenue up six-fold in FY22
Zetwerk, a business-to-business manufacturing services marketplace, said on Thursday its revenue jumped six-fold to Rs 4,961 crore in FY22 from Rs 835 crore in the previous fiscal year. The startup, which became a unicorn in August 2021, said demand for its services shot up during the pandemic as customers increasingly preferred reliability and transparency in supply chains.
1 mn bookings done on NYE weekend, OYO CEO Ritesh Agarwal braces himself for an eventful 2022
The OYO bookings made on the same day for New Year's eve in 2021 was 58 per cent.
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