Oyo

Hospitality startup Oyo has finalised plans to pull its IPO and instead look to tap private investors for a fund infusion. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Paytm, Byju’s staff hunt for jobs■ P2P cos go easy on partnerships■ Info Edge reports quarterly resultsOyo may back out of IPO plan, opt for private raise Oyo Hotels & Homes, which first filed a draft application for an initial public offer (IPO) of over $1 billion in October 2021, is scrapping its public listing plans.…

Hospitality and travel-tech firm Oyo expects a consistent rise in its Profit After Tax (PAT) after doubling it sequentially in Q3 FY24 to Rs 30 crore, according to company Founder & CEO Ritesh Agarwal. Agarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday. Oravel Stays Ltd, which operates travel tech brand Oyo, had its maiden profitable quarter in Q2 FY24 with a PAT of Rs 16 crore. Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Image Source : FILE Who is Rakesh Kumar at OYO OYO, a global hospitality major recently announced the elevation of Rakesh Kumar as Chief Financial Officer (CFO), which will be effective from January 1 onwards. Abhishek Gupta, the current CFO, will be continuing his duties in an advisory and mentorship capacity with OYO till that time. At present, Kumar is working as the…

Oyo has introduced a new feature to make your summer vacations interesting. The company has announced the new Stay Now and Pay Later option for Indian travellers.As per Oyo’s Summer Vacation Index 2023, 82% Indians have plans to travel this summer, with 92% travelling domestically. Introduction of the Stay Now Pay Later feature allows travellers to plan their summer trips without the immediate financial burden, making travel more accessible and flexible. The company has entered into a partnership with Simpl, a…

Oravel Stays, which operates budget hospitality chain Oyo, has pre-filed its initial public offering (IPO) papers with the stock market regulator Securities and Exchange Board of India (Sebi) on Friday under the confidential pre-filing route. This and more in today’s ETtech Top 5.Also in this letter:■ Unacademy leadership to take salary cuts of up to 25%■ Digit Insurance re-files IPO papers after regulator concerns■ Building Instamart has taken a toll on me: Karthik Gurumurthy Oyo pre-files DRHP with Sebi; IPO size…

New Delhi: After the Paytm's IPO fiasco, Sebi has turned cautious while giving clearance to the initial share sales as it has returned the preliminary papers of half a dozen companies, including Oravel Stays, which operates hospitality chain OYO, in over two months. These companies have been asked to re-file their draft red herring prospectus (DRHP) with certain updates. Apart from OYO, the firms whose draft papers have been returned by the regulator are -- Go Digit General Insurance Ltd, a firm backed by Canada-based…

Oyo founder Ritesh Agarwal's father Ramesh Agrawal passed away on Friday after falling from a high-rise in Gurgaon, people familiar with the development told ET. “With a heavy heart, my family and I would like to share that our guiding light and strength, my father, Ramesh Agarwal passed away on 10 March. He lived a full life and inspired me and so many of us, every single day. His death is a tremendous loss for our family. My father’s compassion and warmth saw us through our toughest times and carried us forward. His…

SoftBank Group Corp. founder Masayoshi Son will join India’s prime minister and Asia’s richest man Mukesh Ambani at the wedding of Oyo founder Ritesh Agarwal next week, a rare social outing for a billionaire whose ties to the country run deep.ET reported on March 3 that Son will be travelling to India after more than four years and is likely to meet government officials, as well as founders and CEOs of the Japanese conglomerate’s portfolio firms during his day-long stay in New Delhi.It’s a sign of the Japanese…

Hospitality chain Oyo’s initial public offering (IPO) is likely to be delayed by three months as India’s capital markets regulator has asked the Ritesh Agarwal-promoted startup to update its draft IPO papers, people familiar with the matter told ET. The IPO was expected to be launched in the first half of 2023. The Securities and Exchange Board of India (Sebi) has asked Oravel Stays (Oyo) to update risk factors, its key performance indicators (KPIs), outstanding litigations and the basis for valuation in the company’s…

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 sacked 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.Also in this letter:■ Udaan, Ola, Oyo saw the most senior-level exits in 2022■ Startups, tech firms upskill blue-collar workers for larger roles■ Govt looks to clamp down on…