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Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

EntrackrEntrackr · 1y ago
Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
Medial

Le Travenues Technology Limited, which operates the travel booking platform ixigo, has received the final nod from SEBI for its initial public offering (IPO), the market watchdog notified on Wednesday. In February, Ixigo re-filed its draft red herring prospectus (DRHP) with SEBI for an IPO as the firm proposed to raise Rs 120 crore worth of fresh issue and an offer for sale (OFS) of up to 66,677,674 equity shares. As per DRHP, Elevation Capital, Peak XV Partners and the company’s co-founders Aloke Bajpai and Rajnish Kumar will participate in the offer for sale. The company will use the funds for investments in technology as well as data science, including cloud and server hosting, technology on artificial intelligence and customer engagement. For the nine months ending December 2023, Ixigo recorded Rs 491 crore in revenue from operations with a profit of Rs 65.7 crore. In FY23, its revenue from operations jumped 32% to Rs 501 crore from Rs 379.6 crore in FY22. It also turned profitable in FY23 with Rs 23.4 crore profit against Rs 21 crore loss in FY22. Meanwhile, hospitality firm Oyo has withdrawn its draft IPO papers. As per the SEBI’s website, Oyo parent Oravel Stays withdrew the document on May 17. The Ritesh Aggarwal-led company did not mention the reason behind the back out. Oyo had plans to raise up to $450 million through the sale of dollar bonds. As per a media report, Oyo is seeking funding to the tune of $80-90 million from family offices at an 80% valuation haircut. Earlier, travel tech platform TBO, co-working space provider Awfis and general insurance company Digit also received a nod from SEBI and got listed on the stock exchanges. In the past six months, a clutch of startups have filed their draft IPO papers and are waiting for the approval from SEBI. The notable names include Ola Electric, FirstCry, MobiKwik, and Unicommerce.

OYO posts over Rs 200 Cr profit in Q1 FY26; rebrands parent as PRISM Life

EntrackrEntrackr · 3m ago
OYO posts over Rs 200 Cr profit in Q1 FY26; rebrands parent as PRISM Life
Medial

OYO posts over Rs 200 Cr profit in Q1 FY26; rebrands parent as PRISM Life As per the company’s annual report 2024-25, OYO clocked a profit after tax (PAT) of over Rs 200 crore in Q1 FY26, a sharp jump from Rs 87 crore in the same quarter last year. Oravel Stays Limited, which operates OYO, kicked off FY26 on a strong note with profits more than doubling in the first quarter of the ongoing fiscal year. The report further highlighted that the company achieved an EBITDA of Rs 550 crore during the quarter, while revenues surged 47% year-on-year to Rs 2,019 crore. Its gross booking value (GBV) grew 144% YoY to Rs 7,227 crore, reflecting strong recovery and demand momentum across markets. Alongside the financials, the company’s board has also cleared a 1:1 bonus share issuance for existing shareholders. For the full year FY25, OYO reported a consolidated revenue of Rs 6,252.8 crore, 16% more than the previous fiscal, with an EBITDA of Rs 1,100 crore, and a consolidated PAT of Rs 2,448 crore. Its GBV for the year stood at Rs 16,250 crore, growing 53% year-on-year. In a strategic move to sharpen its identity as a lifestyle and hospitality tech conglomerate, Oravel Stays has introduced a new parent brand PRISM Life (shortened as PRISM). The new identity will act as the corporate umbrella housing OYO and its other premium brands such as Belvilla, Palette, Clubhouse, and Sunday Hotels. The Gurugram-based company has also been pushing premiumisation while expanding globally. In FY25, it deepened its footprint in the US through the acquisition of Motel 6 and Studio 6, and scaled its home business under Belvilla, Dancenter, and CheckMyGuest in Europe. By March 2025, OYO’s portfolio included over 120,000 vacation homes and 21,000 hotels across more than 35 countries. Founder and chairman Ritesh Agarwal said in his letter to shareholders that the long-term goal is to transform the group into one of the world’s leading lifestyle companies under PRISM, leveraging technology, AI-driven revenue management, and diversified hospitality brands.

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