RITESH AGARWAL JAPANESE LENDERS DEBT
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Hospitality company Oyo has withdrawn its draft IPO papers for the second time, which it had filed in March 2023.
Paytm Q4 losses tripled; Oyo IPO withdrawn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.
Amidst a funding winter, large startups show healthier balance sheets; and other tech stories this week
While some startups have shown profits, even those who haven’t been able to get into the black yet reported strong revenue and Ebitda numbers.
How digital payments became democratic – the UPI way, and other top tech & startup stories this week
Unified Payments Interface (UPI), the real-time bank transfer mechanism, breached the 10 billion monthly transaction volume mark last month. And with the festive season not too far away, one can only expect it to grow more in the coming months. But what does this 10 billion really mean — and how did we get here?
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Goldman may part-convert Pharmeasy debt to equity; P2P lenders look to diversify partnerships
Goldman Sachs is likely to convert some of its loan to online pharmacy PharmEasy into equity. Buoyed by binding commitments from existing investors, the epharnacy also plans to pay back a considerable chunk of its debt following the rights issue in September. This and more in today’s ETtech Morning Dispatch.
Cash-strapped Vedanta closing in on $1.5-$2 billion fund from Farallon
The structure being worked out involves part of the funding, $800-$900 million against corporate guarantees of Vedanta Limited (VDL), Agarwal’s flagship listed Indian natural resources conglomerate, for which RBI approval is awaited. The remaining pay out will be offshore to Agarwal’s promoter entities, according to sources.
PSU bank stocks deliver up to 96% return in FY23. Will the magic repeat in next fiscal?
In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns.
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.
From an industry leader to a defaulter: Rise and fall of Venugopal Dhoot
The eldest son of late Nandlal Madhavlal Dhoot, who founded the Videocon Group in 1984, Venugopal was largely responsible for driving the conglomerate to diversify into various verticals, such as oil and gas, real estate and retail, beyond its successful consumer electronics and home appliances business.
ETtech Interview | Accessing all kinds of capital to close large multi-billion dollar buys: Byju Raveendran
Raveendran told ET in an interview that formal commitments were in from several lenders and that between the time the company made the news official and now, negotiations on the terms of the loan led to the delay in closing the transaction.
Eye on revival, Oyo secures $660 million debt
Fidelity, Citadel, Varde Partners & other global investors subscribe to startup's TLB offer
Oyo seeks $600 million loan amid virus surge
The high-profile startup, the first Indian unicorn to seek debt from foreign institutional investors, targets a loan with a five-year tenure
Anil Agarwal plans to move $1 bn from listed Vedanta as loans
Limited disclosures raise corporate governance questions; Group debt at $15 bn, Cairn already paid $310 mn shows co records
Oyo’s Ritesh Agarwal says failures of WeWork changed everything
It is not as if the signs of trouble for the hotel chain have only started now. Trouble had been brewing at Oyo even before the Coronavirus outbreak created a furore across the globe.
Why did Oyo founder take a risky $2 billion bet?
The unprecedented move has raised eyebrows due to the massive debt financing raised by the entrepreneur by pledging his shares. Founder & CEO Ritesh Agarwal did not say how he would service the debt. When asked if he would opt to refinance the loan, he said that he is focused on building a good business, and if he does, the refinancing will happen.
Oravel board okays $1.5b for Oyo from SoftBank, RA Hospitality
The investment comes a little over a month after the company stated that its founder and group chief executive Agarwal would invest $700 million into the company he founded in 2013, with the rest coming in from SoftBank and other unnamed investors.
Oyo founder Ritesh Agarwal investing $700 m in $1.5-B fresh round
Investment to be routed via RA Hospitality and financed by the $2-2.2b debt Oyo CEO had raised.
Oyo founder’s $1.5 billion stock buyback plan gets CCI nod
Ritesh Agarwal plans to undertake a $1.5 bn stock buyback, & pump in an additional $500 mn into OYO.
Oyo sets aside €300 million for its vacation rental business
The firm intends to drive deeper into Europe with the investment that may also see Oyo, through its Oyo Vacation Homes business, take on Airbnb.
Oyo's Ritesh Agarwal finds backing from Mizuho, Nomura
Japanese financial groups to fund Oyo founder’s $2-billion share purchase plan.
Oyo founder Ritesh Agarwal set to raise stake to 30% in $2.2 billion transaction
Oyo boss is set to buy stake from Sequoia, Lightspeed and infuse $700 m in primary investment.
Ritesh Agarwal’s Cayman based firm to bring funds to Oyo
The Cayman island SPV will look to make fresh investments in the hospitality chain.
Oyo founder in talks to buy back $1.5 billion shares
The move, unprecedented among new-age Indian startups, will help Agarwal raise his stake to around 30%.
Samurai sunrise: Japanese bank MUFG is the new go-to financier for who's who of India Inc
For once, India's favourite bankroller is not a Wall Street bank, nor a Swiss or a blueblooded British one.
Essar Steel lenders back ArcelorMittal, file plan with NCLT
The National Company Law Tribunal likely to hear matter after Diwali while Ruias weigh caveat option.
Ritesh Jain’s what I read this week: Money trail & TN’s ticking time bomb
A continued increase in service tax over the past few years could have led to tax avoidance by small business owners, leading to more cash transactions.
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