OYO IPO TECH HEADWINDS
OYO opens first luxury hotel in Dubai, eyes boosting premium property portfolio
OYO announced the opening of its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa, targeting Indian tourists after Dubai's visa policy change.
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.
Cred’s secured loan play; Rubrik interview
Happy Tuesday! Kunal Shah-led fintech startup Cred is prepping for an entry into the secured credit space. Details of this and more in today’s ETtech Morning Dispatch.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
Oyo’s maiden annual profit; RBI guidelines for fintech SRO
In a significant turnaround, hospitality startup Oyo reported its first annual profitable fiscal on Thursday. This and more in today’s ETtech Top 5.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
- Go To Page 1
Paytm Q4 losses tripled; Oyo IPO withdrawn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.
China tech giant Alibaba posts modest yearly revenue growth
Chinese ecommerce giant Alibaba announced Tuesday a modest increase in annual revenue, at a time when the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
BlueStone, Ixigo chart IPO route; a new low for Paytm
Online jeweller BlueStone and travel tech platform Ixigo are planning to list on the public bourses. Details of this and more in today’s ETtech Top 5.
Can buy into IT midcaps on 15-20% correction: Dipan Mehta
Dipan Mehta of Elixir Equities is positive on software companies, particularly HCL Tech., but he would prefer to go for midcap IT stocks. But there I should expect some more correction before I look at buying into those companiesHe questions the credibility of Zee's management and doubts their ability to create value. Mehta prefers to wait and watch the performance of recently listed banking and power financier companies before making investment decisions.
Oyo expects consistent PAT rise in upcoming quarters, CEO Ritesh Agarwal tells employees
Agarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday.
Tata Tech could explore opportunities in high-tech, medical equipment soon, says CEO Warren Harris
We are first and foremost a professional services company and that's where we are primarily focused on investing & growing. In terms of industry focus, we think there is more than enough opportunity in automotive, aerospace, transport & construction heavy machinery. In automotive, farm, highway construction, and mining equipment (opportunity) is there."
Oyo to prepay over Rs 1,600 crore debt via buyback
The move comes on the back of Ritesh Agarwal-led startup reporting its first-ever profit in the second quarter of 2023-24, with a profit after tax (PAT) of Rs 16 crore.
Mamaearth parent Honasa’s IPO at a crossroads, and other top tech, startup stories this week
This week the much-awaited initial public offering (IPO) of omnichannel retailer Honasa Consumer Ltd, the parent of beauty and personal care brands such as Mamaearth and The Derma Co, was launched.
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.
40 Indian startups slated to go public or be IPO-ready by FY25: Redseer
A report from consulting firm Redseer estimated that by FY28, there will be a significant increase in the number of companies that are either listed or ready for an IPO, with a strong emphasis on profitability.
India’s Startup Mafia 2.0: Oyo, Ola, Udaan lead the wave of entrepreneurship; more women logging out of tech jobs
India’s top internet firms like Flipkart have been fertile breeding grounds for entrepreneurs who left jobs to start something of their own. Drawing on a record inflow of venture capital in the past decade, 297 founders set up some 253 new companies, bolstering India’s Startup Mafia. This and more in today’s ETtech Morning Dispatch.
Fitch revises Oyo's outlook to 'positive', affirms ratings
Fitch affirmed the ratings on the $660 million senior secured term loan facility due 2026, issued by Oyo's fully owned subsidiary, Oravel Stays Singapore, at 'B-'. The outlook revision is on the optimism that Oyo is on track to generate positive EBITDA and cash flow from operations sustainably, driven by a greater reduction in operating costs despite weaker-than-expected growth in gross booking values (GBV) in FY23.
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.
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.
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.
The unravelling of GoMechanic after SoftBank-Khazanah funding collapsed; Oyo to refile IPO papers
With SoftBank and Malaysia’s Khazanah pulling the plug on GoMechanic funding round after EY flagged issues like inflated revenues, fictitious garages, the startup has admitted to making what its founder Amit Bhasin called “grave mistakes”. Bhasin also confirmed that the firm will sack about 70% of its employees as its investors including the likes of Sequoia, Tiger Global, Chiratae Ventures, have initiated a financial audit of the firm.
2022 Year in Review | Is the startup IPO party over?
The market for initial public offerings fell off a cliff in 2022 in India and around the world. In India, IPO activity saw a dramatic slowdown in 2022 after a record-breaking 2021. Read on to find out why, and what to expect in 2023.
Oyo revives IPO plans; Ola sacks 200 more engineers
Oyo Hotels & Homes, which filed for an initial public offering in October 2021 but put it off earlier this year because of the pandemic and global macroeconomic headwinds, is reviving its plans for a stock-market debut after cost cuts and recovery in travel helped it reduce losses.
SoftBank-backed Oyo seeks to resurrect IPO after growth resumes
Oyo and founder Ritesh Agarwal are trying to pull off a successful IPO after a series of setbacks in their efforts to change the hotel and lodging industry. SoftBank Group Corp. founder Masayoshi Son was an early and enthusiastic backer, and the Japanese conglomerate holds about 47% in the Gurgaon-based startup. The 28-year-old Agarwal owns about one third.
Oyo plans IPO after September, may settle for lower valuation
Oyo was initially targeting a valuation of $11 billion for its listing.
Load More