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Meesho to rename legal entity ahead of $1 Bn IPO

EntrackrEntrackr ยท 2m ago
Meesho to rename legal entity ahead of $1 Bn IPO
Medial

Meesho to rename legal entity ahead of $1 Bn IPO Homegrown e-commerce platform Meesho has received board approval to change its legal name as part of a strategic move ahead of its public listing. The companyโ€™s board and members have approved a special resolution to rename the entity from โ€œFashnear Technologies Private Limitedโ€ to โ€œMeesho Private Limited,โ€ according to a regulatory filing with the Registrar of Companies (RoC). This development comes just a month after reports indicated that Meesho is preparing for a $1 billion IPO. According to media reports, the firm shortlisted Morgan Stanley, Kotak Mahindra Capital, and Citi as its IPO advisers, with discussions ongoing to include JP Morgan in the syndicate. The bankers have reportedly valued Meesho at $10 billion for its IPO, with plans to file draft documents in the coming months. The company aims to list on the stock exchange around Diwali this year. On a year-on-year basis, the company saw a 33% year-on-year revenue growth, reaching Rs 7,615 crore in the fiscal year ending March 2024. It also reduced its adjusted losses by 97% to Rs 53 crore. During the first nine months of FY25, Meesho delivered 1.3 billion orders.

OYO adds 3,500 corporate clients in FY25, records 20% YOY growth

EntrackrEntrackr ยท 2m ago
OYO adds 3,500 corporate clients in FY25, records 20% YOY growth
Medial

Hospitality firm OYO has announced that its business accelerator division added over 3,500 new corporate clients in FY25, marking a 20% year-on-year growth in its corporate portfolio. According to OYO, it now has a network of more than 6,500 corporate clients with this addition. Mumbai emerged as the top-performing market, adding over 700 new corporate clients in the past year, followed by Hyderabad with 400 and Pune with 350. Other major metro cities, including Chennai and Bangalore, also played a key role in the surge in corporate accounts. Some of the key brands added in FY25 include SBI Life, Cult.fit, and Sun TV Direct, further strengthening OYOโ€™s presence among large enterprises and pan-India organisations. This business vertical caters to the travel and accommodation needs of corporate clients, offering smooth check-ins at more than 1,100 conveniently located, company-serviced hotels in over 300 cities, tailored meal options, conference facilities, event management support, and customised holiday packages. With a pipeline of potential partnerships and continued focus on innovation in corporate travel, OYO aims to accelerate its expansion with a focus on premium brands such as SUNDAY, Palette, Clubhouse Townhouse, Townhouse O, and Collection O. According to market research, India has emerged as the fourth-largest business travel market in the Asia-Pacific region. OYO offers more than 40 integrated products and solutions to patrons who operate over 170,000 hotel and home storefronts in more than 35 countries, including India, Europe, and Southeast Asia.

Zomato board approves renaming company to โ€˜Eternalโ€™

EntrackrEntrackr ยท 5m ago
Zomato board approves renaming company to โ€˜Eternalโ€™
Medial

Zomato board approves renaming company to โ€˜Eternalโ€™ Food tech major Zomato has received board approval to change its legal name from โ€˜Zomato Ltdโ€™ to โ€˜Eternal Ltd.โ€™ On February 6th, Zomatoโ€™s board approved a resolution to rename the company from โ€˜Zomato Limitedโ€™ to โ€˜Eternal Limited,โ€™ according to a regulatory filing sourced from the National Stock Exchange. โ€œWhen we acquired Blinkit, we started using โ€œEternalโ€ (instead of Zomato) internally to distinguish between the company and the brand/app. We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there. We would like to rename Zomato Ltd., the company (not the brand/app), to Eternal Ltd,โ€ said Deepinder Goyal, founder and CEO of Zomato. Goyal added that the companyโ€™s corporate website will transition from zomato.com to eternal.com. Additionally, its stock ticker will change from ZOMATO to ETERNAL. As of now, Eternal will comprise four major businesses: Zomato, Blinkit, District, and Hyperpure. The development comes weeks after Zomatoโ€™s quarterly results and a couple of months after its $1 billion fundraise via QIP. The Gurugram-based companyโ€™s revenue from operations surged 64.4% to Rs 5,405 crore in Q3 FY25, compared to Rs 3,288 crore in Q3 FY24. However, its profit took a hit, slipping 57.2% YoY to Rs 59 crore during the period. Meanwhile, the company re-entered the 10โ€“15 minute food delivery space and invested Rs 500 crore in its quick commerce subsidiary, Blinkit. Zomato also made history as the first new-age Indian tech company to join the Bombay Stock Exchange (BSE) Sensex 30, replacing JSW Steel Limited in Indiaโ€™s benchmark index of the top 30 companies.

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