OYO HOTELS & HOMES
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.
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Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Paytm Q4 losses tripled; Oyo IPO withdrawn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.
Big Tech, few Indian entities oppose ex-ante regulation under new law; others lend their support
Digital firms including Apple, Google, Meta, Amazon, Flipkart, and Uber resisted ex-ante obligations under a new digital competition law. Some home-grown companies like Oyo, Zomato, and Swiggy had reservations, while others endorsed the framework. The Govil panel has now recommended separate digital competition legislation with an ex-ante framework after holding meetings with a cross-section of stakeholders, including the large digital players who had submitted their views.
Oravel Stays to launch self operated premium hotels under the Palette brand
The company said to ensure 'enhanced' guest experience and service delivery, it will take direct operational control of select Palette hotels in 'high-growth' and 'promising' locations. Oravel Stays intends to open 12 additional self-operated Palette hotels by the end of the year.
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.
BeatO appoints Amit Gupta as chief product officer
Gupta has held key leadership positions in leading global organisations and has a proven track record of driving product strategy and technological innovation across diverse markets.
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.
Khazanah in talks to lead Oyo Hotel’s $400 million fund raise
Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is in discussions to lead a $400 million funding round in Oyo Hotels & Homes Pvt., the Indian hotel-booking company backed by Softbank Group Corp. Oyo, founded by Ritesh Agarwal, filed for an IPO for the second time in March, but has not yet decided on the timing. The company is seeking funds for expansion and debt reduction.
Oyo inaugurates 65 hotels and homes in Ayodhya for pilgrims
Budget hospitality chain Oyo has inaugurated 65 hotels and homestays in Ayodhya, days before the consecration of the Ram Temple. The properties, with prices starting at Rs 1000, aim to provide comfortable and affordable accommodations for pilgrims and travellers visiting Ayodhya. Oyo has partnered with the Ayodhya Development Authority and the Uttar Pradesh State Tourism Development Corporation for smooth operations.
Oyo to report maiden net profit of Rs 16 crore in ongoing quarter
In an email to the company’s top management, Agarwal said Oyo has published its annual accounts for FY23 and that it has achieved operational profitability in FY23, clocking an adjusted Ebitda of Rs 277 crore.
Ankit Gupta, Mandar Vaidya move on from Oyo
"We are proud of their achievements at Oyo and are thankful for their leadership. Both roles were already transitioned six months ago to Varun Jain, COO India, and, Gautam Swaroop, CEO, Oyo Vacation Homes, respectively," an Oyo spokesperson said
Oyo to end FY24 with 1500 'Super Oyos'
Oyo said it is supporting its hotel partners to improve consistently in experience and aims to end financial year 2024 with over 1500 hotels which can be tagged as Super Oyos.
Oyo to add over 1000 hotels under Accelerator Programme by December
Oyo said it also plans to add over 100 first generation hoteliers operating these hotels across India.
Fitch revises outlook on Oyo's IDRs to positive from stable
Fitch said it has also affirmed the rating on the $660 million senior secured term loan facility due 2026, issued by Oyo's fully owned subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'.
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 writes to NCLT to expedite MCA inquiry on FHRAI executive committee
In August last year, NCLT’s principal bench, New Delhi had passed an order wherein it directed MCA to look into the affairs of FHRAI and examine if it conducts itself in a manner compliant with the provisions of Companies Act.
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