OYO Rooms offers rooms for Rs 1,200-5,500 in all major cities.
Oravel Stays - which operates hospitality tech firm OYO - on Friday pre-filed its Draft Red Herring Prospectus with stock market regulator Sebi, sources said. Sources close to the company told PTI, OYO may launch its initial public offering (IPO) around Diwali this year. Unlike the traditional route where companies have to launch the IPO within 12 months from the Sebi approval, or final observation; in the pre-filing route, an IPO can be floated within 18 months from the date of Sebi's final comments.
Tech giant Microsoft Corporation has invested nearly $5 million (about Rs 37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares on a private placement basis by the latter, according to a regulatory filing by the hospitality chain. An extraordinary general meeting of Oravel Stays Pvt Ltd (OYO), which runs the OYO Rooms chain of hotels, on July 16 approved issue of the equity shares and Series F2 compulsory convertible cumulative preference shares (Series F2 CCCPS) for "an aggregate consideration amounting to rupee equivalent of $4,971,650 to Microsoft Corporation on a private placement basis", as per an RoC filing by the company.
With Nikesh Arora's exit from Softbank, India's start-ups have lost one of its biggest supporters.
Indian startups have raised $42 billion in 2021, up from $11.5 billion in the previous year, a report by Orios Venture Partners said. The report titled 'The Indian Tech Unicorn Report 2021' said India saw 46 unicorns (companies with $1 billion valuations) in 2021 alone, more than doubling the total number of unicorns to 90. These include ShareChat, Cred, Meesho, Nazara, Moglix, MPL, Grofers (now Blinkit), upGrad, Mamaearth, GlobalBees, Acko, Spinny and others. India - with 90 unicorns - is the third-largest unicorn hub behind the US (487) and China (301), and ahead of the UK (39).
Experts believe more efforts would be needed in future funding rounds.
Internshala is inviting applications from students, freshers across the country.
Japanese tech investor SoftBank may end up investing around $1 billion in India in 2022, nearly a third of what it did last year, according to people closely tracking its plans. Last year, SoftBank undertook investments of $3.2 billion in 12 deals. In the first five months of CY22, the giant investor has invested $400-500 million in five deals.
How many 22 year olds gets the ears and eyes of Yogi Deveshwar, Kumarmangalam Birla, Shashi Ruia, T V Narendran and Naveen Patnaik?
Nikesh Arora has an engineering degree in electronics and worked for a brief period at Wipro, selling computers.
With the 21 unicorns collectively valued at $73.2 billion, India is the fourth biggest in terms of unicorns, behind the US, China and the UK, as per the Hurun Global Unicorn List.
SoftBank-backed OYO now 100,000 rooms brand, eyes another 100,000 by Mar 1
Taizo Son, SoftBank founder Masayoshi Son's youngest brother, is also planning to enter India.
The net worth of India's richest man, Mukesh Ambani, dropped 28 per cent, or USD 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. The chairman and managing director of the diversified Reliance Industries saw his wealth decline by USD 19 billion (app Rs 144,400 crores) in the February-March period, taking his global ranking down eight places to 17th, the Hurun Global Rich List said.
Investments totaling over $9.5 billion in Jio Platforms by a clutch of private equity firms, following social media giant Facebook's $5.7 billion mid-April investment in the company, helped overall.
Education topped the table with nearly $1.755 billion as against $379 million last year, followed by real estate which received $754 million.
Start-ups that did not have a business model and, hence, could not grow or attract new funding, are shutting shop.
As per market estimates, the new round would value the city-based firm at about $ 4-5 billion.
Marquee recruiters made premium offers, with consulting leading the pack by making 25.04% of the offers, followed by IT/ITeS (18.59%), e-commerce (10.55%) and BFSI (10.13%).
Day 1 saw Microsoft make the highest number of offers while Intel emerged as one of the top recruiters on Day 2.
Others in the top 10 include Uday Kotak at the 6th place with a wealth of Rs 94,100 crore, Cyrus S Poonawalla at 7th position with Rs 88,800 crore assets, Cyrus Pallonji Mistry at 8th spot with a wealth of Rs 76,800 crore, Shapoor Pallonji at 9th position with a net worth of Rs 76,800 crore and Dilip Shanghvi at 10th slot with Rs 71,500-crore wealth.
The Microsoft chief's comments come in the wake of Bill Gates' call for levying taxes on robots that take away jobs from people.
Paytm, which recently hived off its e-commerce and payments bank businesses into separate companies, would use these fresh funds to bolster the two businesses
'Co-living is a phenomenon that is bound to strike the right chord with young people everywhere and India will lead the charge as the testing ground for all such ideas.'
Aggregators provide standardised amenities and predictability of services, whereas online travel agents give wider choices and packaged travel deals.
Arora will resign less than two years since he joined the Japanese Internet conglomerate
Nikesh Arora is one of the highest-paid business leaders globally.
SoftBank's investments in the past two years include $627 million in online-retailing marketplace Snapdeal and leading a $210 million funding round in taxi-hailing app Ola Cabs.
Exercise. Check e-mails. Wake up to a cup of tea.
PM app downloaded 2.5 million times, to see 20-fold growth in user base
In about a year, top e-commerce companies are expected to raise as much funds as the three sector leaders raised in about five years.
The Forbes 5th annual '30 Under 30' list features 600 women and men.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
India's first true e-commerce marketplace is struggling for its survival and in it lies valuable lessons for pure play aggregators, say experts.
With a new $100-billion technology fund, SoftBank is likely to go after market leaders.
Fewer e-commerce companies hired candidates from B-schools this year.
These days, one frequently hears of consolidation, rollback and even closure from the start-up world.
Education, jobs, health and more: Experts share their wishlist.
Start-ups are changing the way people take vacations.
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