OYO MONEY
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 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.
Paytm Q4 losses tripled; Oyo IPO withdrawn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 launches Shark Tank-inspired loyalty programme
Customers can avail a free night's stay after seven room nights, an additional 5% discount on Oyo's network of over 3,800 Wizard hotels in India, as well as other rewards in the form of Oyo money under Wizard Shark. Valid for three months, the programme offers free membership renewal. Originally launched in August 2018, Oyo's Wizard programme, with more than 4.4 million active members, is among the largest loyalty programmes in the hospitality industry in India, the company said.
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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 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.
SoftBank plans AI tour for founders to boost technology adoption
SoftBank Group Corp. will take a group of its Indian startup founders to Silicon Valley next month for an artificial intelligence tour as the Japanese investor steps up efforts to infuse its portfolio companies with the technology.
'Never lose sight of profitability.' Oyo founder Ritesh Agarwal's golden advice for every founder
Ritesh Agarwal, the billionaire founder and CEO of OYO Rooms, highlighted the importance of profitability for companies, stating that no company can survive indefinitely without generating profits.
Byju's and the debt trap haunting Indian tech startups
Loss-making startups taking on debt is a sure-shot recipe for disaster, said a founder who has seen several funding cycles. “In the era of easy money and low interest rates, investors and lenders drastically lowered the bar on asset quality as they were desperate to fill the hole in their P&L ( profit & loss). But lenders who burned their fingers will never come back to the product,” he said.
India’s Startup Mafia 2.0: Oyo, Ola, Udaan spawn most number of entrepreneurs
Drawing on a record inflow of venture capital in the past decade, 297 founders have set up some 253 startups, igniting talk of a new-look “startup mafia,” as such cohorts of entrepreneurs are termed in industry parlance.
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
Sebi takes stricter approach in IPO clearance; returns draft paper of 6 cos
The six companies had filed their preliminary initial public offering (IPO) papers with Sebi between September 2021 and May 2022 and their papers were returned during January-March (till March 10).
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.
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
Oyo IPO likely to get delayed by a quarter as SEBI seeks refiling with updated information
Oyo has been asked to update information such as updated risk factors, key performance indicators (KPIs), outstanding litigations and basis for valuation, the people cited above said.
Startups laid off 18,000 employees in 2022; Udaan, Ola, Oyo saw the most senior-level exits
This time last year, India’s startup ecosystem was counting unicorns. Now, it’s tallying layoffs. According to data compiled for us by Longhouse Consulting, 52 of India’s new-age companies fired almost 18,000 employees between them in 2022. Shockingly, almost half of these took place at just 15 edtech companies as Covid’s retreat battered the sector.
Oyo starts internal probe after couple filmed in Noida hotel
The two accused had booked the same room in the Phase 3 police station area last month where they placed a hidden camera before checking out.
CloudFeather Games raises $1.25 million in funding from Lumikai
CloudFeather Games will use the funding to hire key personnel in business development, product, and tech.
FHRAI urges SEBI to reject Oyo IPO citing irregularities
FHRAI had previously raised concerns about significant inaccuracies and inadequate disclosures in Oyo's Draft Red Herring Prospectus (DRHP).
Shopify for travel sector: TravClan gives a lifeline to traditional travel agents in the age of internet bookings
As people across the world grab every opportunity to travel, after being shut in due to Covid, a New Delhi firm is out to make sure offline travel agents are very much a part of the ecosystem that is increasingly becoming online.
Hotel and restaurant body urges Sebi to reject Oyo IPO citing irregularities
FHRAI has cautioned that Oyo’s IPO will wipe out public wealth while enriching its founders and key management.
Oyo may downsize IPO; exclusive chat with Nykaa CEO
Oyo plans to reduce the size of its IPO to less than $1 billion, given the prevailing market conditions. In conversation with Nykaa CEO Falguni Nayar after her company’s Q3 results.
Nykaa and Oyo: a tale of two IPOs
On Thursday, Nykaa will become the second Indian tech startup to launch an IPO, after Zomato. The company has seen its business recover gradually since last April and is planning an international push, its founder said earlier today.
More funds eye Paytm IPO; govt may rethink safe harbour rules
Paytm's highly anticipated IPO has drawn the attention of various funds in the US and Europe.
Google’s app billing rules under fire; Zostel asks Sebi to suspend Oyo's IPO
An Industry body has asked India’s competition regulator to put on hold Google’s tweaks to its Play Store payment rules, which require developers of paid apps to use its proprietary payments system and pay a 30% commission on every transaction.
ET Startup Awards 2021, Oyo files for $1.2B IPO, and more
From the ET Startup Awards 2021 to 28th Indian startup unicorn of 2021 and Oyo’s long-awaited IPO filing, it’s been an action-packed few days at ETtech.
IPO-bound Oyo's legal troubles; UPI booms again
A legal challenge from former rival Zostel, relating to a botched acquisition in 2015, threatens to disrupt Oyo's IPO plans.
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