OYO LIQUIDITY
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.
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-'.
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
Moody's expects Oyo to generate positive Ebitda for FY24
Moody's also said on Monday it has affirmed Oravel Stay Limited’s (Oyo’s) B3 corporate family rating (CFR) as well as the B3 rating of the backed senior secured term loan issued by its wholly owned subsidiary - Oravel Stays Singapore Pte Ltd.
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.
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CREDAI, Venture Catalysts partner to form $100 million proptech fund
The proposed fund will be investing in start-ups bringing in innovative disruption in the real estate sector. It will invest in early to growth stage start-ups that have the potential to transform the real estate industry through technology, data analytics, blockchain, artificial intelligence (AI), and augmented reality.
Lightspeed raises $500 million to invest in startups across India, Southeast Asia
Bejul Somaia, partner, Lightspeed, who set up the fund’s India franchise in 2007, has been promoted to the global leadership team.
India needs new digital law, says MoS; Udaan IPO by next May
India’s 22-year-old Information Technology Act is now dated, and the country needs a “new digital law” that takes into account things like online privacy and data monopolies, union minister of state for electronics and IT Rajeev Chandrasekhar said.
Qatar Insurance Company, HNIs acquire stake in IPO-bound Oyo
The secondary transactions, which were executed at Rs 110 per share and include nearly 1.43 crore equity shares as well as 2,500 preference shares, peg Oyo's valuation at around $9.56 billion.
Flipkart tops Indian tech Esops list with Rs 17,000 crore pool
The homegrown e-tailer was followed by Oyo, Zomato, Paytm and Nykaa, according to data exclusively sourced by ET from executive search firm Longhouse Consulting.
I will advise Vijay Shekhar Sharma to hang in there; good cos bounce back: Sanjeev Bikhchandani
“Many of the new age tech companies have got very good long-term prospects. Immediate euphoria may push the share prices up in a frothy market beyond their intrinsic value. If there is a crash, it will go way below but then it will come back up again because of the intrinsic value.”
Investors feeling like commodity due to liquidity surplus: A91 Partners
A91 wants to stick to backing companies which have sound business fundamentals and not be governed by mark ups to determine the success of its portfolio firms.
Paytm courts Swiss RE, Info Edge cofounder on startup IPOs
Paytm has been waiting for more than a year for regulators to approve its acquisition of general insurance firm Raheja QBE. Now, it is on the verge of bringing on board a Swiss veteran of the insurance business as a strategic partner.
Will Zomato, Paytm pull off an Infosys with their upcoming IPOs?
With respect to these unicorn listings, Indian markets could potentially be at the inflexion point today that Jeff Bezos and others found themselves in, while building a powerful, self-sustaining ecosystem in the US. Like Infosys, India will attract an entirely new class of global investors. The latter, having seen similar models play out in Nasdaq and Shanghai, would eagerly play the multiples arbitrage India’s listed unicorns would provide.
Oyo is raising a loan that’s seen as a precursor to listing
Oyo Rooms is in the process of raising around Rs 4,400 crore from a bunch of international investors through a Term Loan B (TLB) issuance, in a move that can be seen as a precursor to listing of a company.
Oyo to pay 8 months’ salary as part of Covid-19 bereavement support
Oyo wants to do more not just for its employees, but also for the “extended Oyo family”, Oyo Rooms CEO Ritesh Agarwal says.
Hotel wars
In today's ETtech Morning Dispatch: MakeMyTrip has been told to relist Treebo and FabHotels, rivals of its partner Oyo; IT sector may escape the brunt of Haryana's job reservation law; and Blackstone is said to have called off its Mphasis stake sale.
Oyo raises Rs 54 crore from Hindustan Media Ventures
The fresh fundraising by the hospitality startup came at a time when it is slowly recovering from the impact of coronavirus pandemic.
SoftBank's India portfolio has fared well despite Covid-19: Rajeev Misra
Rajeev Misra, who also serves on the board of SoftBank Group Corp, said the central government’s move to put curbs on capital emanating from China would ultimately be replaced, but it would be difficult to replicate the technological know-how Chinese strategic investors bring to local companies.
Senior executives quit Oyo, company extends furloughs for some employees
For its employees on the leave with limited benefits plan, Oyo said it is offering a cash benefit equivalent to their notice pay basis last drawn compensation in March 2020.
Oyo India offers voluntary separation or leave extension to employees
The company said that for those who opt for VSP, the company will provide benefits such as financial assistance, relaxation on ESOP vesting, continued health coverage, parental insurance, and extension of Oyo exigency fund.
After 133% rally, has SoftBank's Son pulled off yet another escape from the abyss?
SoftBank has benefited from a rebound in its portfolio of companies, particularly Alibaba. The e-commerce giant hit record after record this year, with its market valuation pushing past $700 billion. Uber Technologies Inc., a key Vision Fund investment, has more than doubled since its mid-March trough.
What COVID-19 crisis means for India’s startup funding ecosystem in 2020
The COVID-19 crisis has brought a change in startup investment patterns. Venture capital firms are shifting their focus from tech-centric startups to the ones operating in sectors such as FMCG, online grocery delivery, home entertainment etc.
Startups like Zomato, Oyo offer more Esops to staff to ease pay cut pain
In April, Zomato initiated a voluntary salary reduction programme, which also offers affected employees’ additional stock in lieu of the cash cut from their pay cheques.
Masa Son unveils a $41 billion asset sale to silence his critics
Son is trying to salvage his reputation as one of the world’s foremost tech investors, a name based largely on a prescient early bet on Alibaba, which grew to dominate e-commerce in the world’s No. 2 economy. But he’s struggled since to match that success, after sinking money into a string of struggling startups from Uber Technologies Inc. to WeWork and Oyo Hotels.
SoftBank plans $4.8 billion buyback after Elliott’s call
Elliott wants SoftBank to set up a special committee to review processes at the Vision Fund, the world’s largest single investment pool for tech startups.
SoftBank falls most in 7 years on concerns over coronavirus, investment in startups
SoftBank's investments include a number of startups that are restructuring or scaling back: WeWork is recovering from its failed IPO last year, Oyo Hotels is cutting 5,000 jobs after its business in China crumbled. Uber is reducing operations and costs in search of profitability.
Oyo in talks for Lovely varsity’s hostel assets
Deal may be structured as a multi-decade lease.
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