OYO BOARD
Healthtech startup Cloudphysician appoints Oyo's Mandar Vaidya as India CEO
Cloudphysician's new India CEO, Vaidya, drives tech-enabled healthcare with industry expertise, strategic partnerships, and global expansion.
A pivotal event for online commerce; and other top tech, startup stories
Stay tuned to know how the latest capital infusion into Zepto impacts the workings of this fledgling sector.
Zepto’s mega fundraise; Oyo funding gets shareholder nod
Quick commerce company Zepto has raised $665 million from new and existing investors. This and more on today’s ETtech Top 5.
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Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.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Paytm Q4 losses tripled; Oyo IPO withdrawn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.
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.
Lightspeed appoints Vivek Gambhir, Kevin Aluwi as venture partners for India, Southeast Asia
The move to bolster its India and Southeast Asia team comes at a time when local and global peers such as Peak XV Partners, Elevation Capital and Accel have doubled down on the region by raising record capital amid a funding downturn.
Prosus may have promoter tag in Swiggy’s $1 billion IPO
While Swiggy prepares to file its IPO papers, New Delhi-based wearables and audio accessory brand Boat is likely to reconsider its plan to make an IPO in 2024, people in the know of its plans said. In 2022, it had withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India citing market conditions.
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
Govt notifies Angel Tax rules for startups; Zerodha’s FY23 revenues & profits soar
The government notified the new Angel Tax rules on Tuesday, retaining the five valuation methodologies suggested in the draft rules. The rules aim to fix the fair market value of startups.
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's growth is ahead of schedule, cost controls are better than ever: Steve Albrecht
Steve Albrecht, a non-executive independent director on Oyo's board said in terms of corporate governance, the company is at a 'very professional' level at this point and cost controls are better than ever.
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.
OYO founder Ritesh Agarwal missed out on college experience, but credits Thiel fellowship for 4 lessons that helped his entrepreneurial spirit
OYO Rooms founder Ritesh Agarwal has reflected on his decision to drop out of college to become an entrepreneur. At 20, Agarwal founded OYO Rooms which has since become one of the world's top hotel chains.
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 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.
SoftBank-backed Oyo to reduce planned IPO by two-thirds amid tech headwinds
In the filing, Oyo will outline plans to sell just a third of the new shares it originally planned, eroding the amount of fresh capital it is expected to receive.
Oyo tells employees it expects nearly Rs 800 crore adjusted EBITDA in FY24
People familiar with the matter said Agarwal told staffers during the town hall that this can be attributed to 'sustained growth' in India, Indonesia, the US and UK besides ‘relevant optimisations’ and ‘synergies’ in the European vacation homes market.
Delhi HC gives relief to Oyo in Rs 1,140 crore angel tax demand by income tax department
"The primary issue here was around the income tax department raising concerns about the investments made by the parent company Oravel Stays into the subsidiar," a source familiar with matters at the company said.
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).
Oyo to refile updated DRHP with Sebi by mid-Feb
The company had filed its draft red herring prospectus (DRHP) for the IPO with Sebi in September 2021 and is aiming to raise Rs 8,430 crore. Oyo’s last submission to Sebi was the updated financial results of the first half of financial year 2022-23.
Sebi returns OYO's draft IPO papers; asks to refile with updates
The company had filed its Draft Red Herring Prospectus (DRHP) with Sebi in September 2021 and is aiming to raise Rs 8,430 crore
Oyo EBITDA sees 8-fold jump in Q2, loss narrows to Rs 333 cr sequentially
As per the addendum, first-half revenue rose 24% to Rs 2,905 crore from the year ago. It swung to a profit of Rs 63 crore in the first half from a loss of Rs 280 crore in the year earlier, as per adjusted ebitda. Ebitda grew eightfold to Rs 56 crore in the second quarter, driven by a 23% sequential rise inmonthly revenue per property or gross booking value (GBV) per hotel to Rs 4 lakh. It reported revenue of 1,446 crore in the second quarter
FHRAI writes to Sebi to stop OYO from launching IPO after CCI penalty
The hospitality industry body alleged that "OYO is responsible for the systemic depredation of the budget segment hotel business and its market as a means to achieve a notional billion-dollar valuation which is a serious cause of concern for the hospitality ecosystem of the country."
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