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OYO wins relief as Delhi HC rejects Zostel stake award

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OYO wins relief as Delhi HC rejects Zostel stake award
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After years of legal back-and-forth, the Delhi High Court has ruled in favour of travel-tech firm OYO, setting aside an arbitral award in its long-standing dispute with Zostel Hospitality, the parent company of ZO Rooms. The court held that OYO did not breach any agreement during the failed acquisition talks with Zostel. The judgment backs OYOโ€™s claim that it never took over any part of Zostelโ€™s business. It also said that the kind of agreement they had โ€” one that could be called off โ€” cannot be legally enforced. The High Court also rejected Zostelโ€™s request to carry out the earlier arbitration order. The dispute started back in November 2015, when OYO signed a non-binding, exploratory term sheet with Zostel to potentially acquire its business. The deal, however, fell through after due diligence failed, and both sides couldn't agree on final terms. Zostel initiated arbitration in September 2018 โ€” nearly three years after the talks โ€” which resulted in a March 2021 arbitral award that OYO promptly challenged. In February 2022, the Delhi High Court had already denied Zostelโ€™s plea for an injunction. The latest ruling firmly closes the chapter, stating that no definitive agreements were signed and no consensus was reached on essential commercial terms. โ€œThis vindicates our long-held position,โ€ an OYO spokesperson said in a statement, reaffirming that there was no binding agreement between the parties. However, earlier this month, the Hospitality firm reportedly postponed its planned October IPO following objections from its major investor SoftBank, which consists of a fresh issue worth Rs 7,000 crore and an Offer for Sale (OFS) of Rs 1,430 crore.

Oyo re-enters food biz with Townhouse Cafe QSR chain

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Oyo re-enters food biz with Townhouse Cafe QSR chain
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Oyo re-enters food biz with Townhouse Cafe QSR chain Hospitality major Oyo has forayed into the quick-service restaurant (QSR) space with the launch of its in-house brand, Townhouse Cafe. These cafes will be rolled out across company-serviced hotels (Townhouse by Oyo). Oyo has piloted the model since January 2025, covering 100 hotels across India. Over the coming months, it plans to scale this up in phases, targeting an ambitious 1,500 hotels, as per the companyโ€™s press release. Guests can place food orders through Oyoโ€™s app as well as partner OTAs. In addition to in-house kitchens, the company is rolling out QSR carts and lobby stores under the Townhouse Cafe brand to offer ready-to-eat meals. According to the release, OYO is building a network of food and beverage experts across Delhi, Mumbai, Bengaluru, Hyderabad, Pune, Indore, Kolkata, Jaipur, and Lucknow to support its food service operations. While Oyo is yet to file its full FY25 financials, the IPO-bound company reported revenue of Rs 5,389 crore in FY24, slightly down from Rs 5,464 crore in FY23. However, a 16% reduction in expenses helped it post a net profit after tax (PAT) of Rs 230 crore for the year. The QSR venture seems to be part of Oyoโ€™s broader push to boost revenue through allied services. This isnโ€™t the companyโ€™s first foray into food โ€” it launched a cloud kitchen business in 2019 but exited during the pandemic. While food operations are a natural extension of the hotel business, they require a distinct skill set and dedicated teams. Oyo likely gained valuable insights from its initial attempt and now appears better prepared to scale its food business in a more sustainable and strategic manner.

SoftBankโ€™s Sumer Juneja joins Oyo board as non-executive director

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SoftBankโ€™s Sumer Juneja joins Oyo board as non-executive director
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Hospitality major Oyo has officially appointed Sumer Juneja as a non-executive director. The development comes a month after he joined the firmโ€™s board as additional director, representing SoftBank. The board at Oyo has passed a resolution to appoint Juneja as a non-executive director, the firmโ€™s regulatory filing sourced from the Registrar of Companies (RoC) shows. Juneja is managing director of EMEA & India at SoftBankโ€™s investment advisors. He sits on multiple companiesโ€™ boards on behalf of SoftBank including Lenskart, Swiggy, Eruditus and Unacademy. Prior to SoftBank, Juneja was a partner at Norwest Venture and a member of Goldman Sachs Asia special situations group. The IPO-bound company recently closed its $175 million Series G round led by Patient Capital โ€” an entity run by Oyoโ€™s Ritesh Agarwal in Singapore โ€” at a post-money valuation of $2.4 billion. Oyoโ€™s valuation declined 70% from its peak valuation of $9.6 billion in August 2021, when the firm raised $5 million from Microsoft. The hospitality firm made a turnaround in business by churning profit of Rs 230 crore with an operating revenue of Rs 5,389 crore in FY24. For background, the firm bore a loss of Rs 1,286 crore in FY23. Recently, Oyo said that it will refile the IPO papers after concluding a large funding round. In May, it withdrew its draft papers (DRHP) for the second time in the wake of unfavorable conditions. For a better experience in the budget hotel segment, Oyo has been working to get more control on operations of its partners. As per sources, the Gurugram-based company is looking after the services such as laundry and room service. The company also got into luxury accommodation with the brand name โ€˜Sundayโ€™ which currently operates in three cities โ€”Jaipur, Chandigarh and Ahmedabad. Sunday Hotel is a joint venture between Oyoโ€™ parent company and its largest backer SoftBank. Sunday Hotel plans to open 25 properties in India by the end of FY25.

Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans

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Ixigo gets SEBI nod for IPO; Oyo withdraws listing plans
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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 companyโ€™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 SEBIโ€™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.

Exclusive: Bloom Hotels to raise $9 Mn in new round

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Exclusive: Bloom Hotels to raise $9 Mn in new round
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Exclusive: Bloom Hotels to raise $9 Mn in new round Delhi-based hospitality chain Bloom Hotels is set to raise Rs 77.7 crore (around $9 million) in its first funding round of 2025, with participation from Samena Capital Limited and Ikonika Holdings. Bloom Hotels' board has approved a special resolution to issue 7.77 crore compulsory convertible preference shares to raise the said amount, according to its filing with the Registrar of Companies (RoC). The proceeds will be used to fuel the companyโ€™s growth and expansion plans, the filing added. The hospitality company operates hotel brands such as Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. Currently, it has over 50 hotels across cities including Mumbai, Pune, Udaipur, Jaipur, and the NCR. The company has already secured around Rs 362 crore (approximately $45 million) from Samena Capital, which now holds a majority stake in the hospitality chain. Bloom Hotels is yet to file its financials for FY25. However, the company has witnessed over 5X growth in the past two years, with revenue rising from Rs 49 crore in FY22 to Rs 250 crore in FY24. It also reported a net profit of Rs 14 crore for the fiscal year ended March 2024. It competes with Treebo Hotels and FabHotels, which posted operating revenues of Rs 88.6 crore and Rs 224 crore, respectively, in FY24. It also faces competition from newer players like Salt Stayz and larger brands such as Oyo, through its Sunday Hotels.

Oyo raises $50 Mn from InCred at $2.38 Bn valuation

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Oyo raises $50 Mn from InCred at $2.38 Bn valuation
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Oyo has raised Rs 416.85 crore (approximately $50 million) from InCred Wealth and Investment. The funding is coming after a gap of almost three years for the Gurugram-based hospitality unicorn. The board at Oyo has passed a special resolution to issue 14,37,41,379 Series G CCPS at an issue price of Rs 29 each to raise Rs 416.85 crore or $50 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Oyo will use these proceeds for growth, global expansion (including acquisitions), and enhanced business plans, according to the filings. As per TheKredible estimates, the company has been valued at around Rs 19,756 crore or $2.38 billion post-allotment. Importantly, the new investor will command a 2.11% stake in the company (post allotment). In August 2021, US-based tech giant Microsoft had invested $5 million in the Lightspeed-backed firm at a valuation of $9.6 billion. The latest capital has come at a valuation haircut of more than 70% from its peak. Recently, Oyoโ€™s founder Ritesh Aggarwal said that the firm posted its maiden annual net profit of Rs 100 crore in FY24. The company didnโ€™t disclose its revenue for the last fiscal. In FY23, its revenue from operations grew 14.3% to Rs 5,464 crore from Rs 4,871 crore in FY22. During the period, the firm cut down losses by 33.7% to Rs 1,287 crore. Recently, Oyo withdrew its draft papers (DRHP) for the second time in the wake of unfavorable conditions. The firm may refile the IPO papers after the conclusion of the ongoing round in which Oyo is likely to raise more capital. Oyoโ€™s major investor SoftBank first reduced its valuation to $3.4 billion in 2022. However, the firm rejected the markdown then.

Funding and acquisitions in Indian startup this week [12 - 17 Aug]

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Funding and acquisitions in Indian startup this week [12 - 17 Aug]
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During the week, 25 Indian startups raised around $432 million in funding. These deals count 6 growth-stage deals and 16 early-stage deals while 3 early-stage startups kept their transaction details undisclosed. During the previous week, 28 early and growth-stage startups cumulatively raised $151.18 million in funding. [Growth-stage deals] Among the growth-stage deals, 6 startups raised $350 million in funding this week. Hospitality platform Oyo spearheaded its $175 million worth Series G round. Electric scooter manufacturer Ather Energy raised $71 million to join the unicorn club followed by wealth and asset management firm Neo, wealthtech startup Syfe, trade credit infrastructure platform Vayana, and payment gateway and point of sales (PoS) provider Innoviti with $48 million, $27 million, $20.5 million, and $8.5 million in funding, respectively. [Early-stage deals] Further, 16 early-stage startups secured funding worth $82.09 million during the week. Electric vehicle maker Kinetic Green led the list followed by Electric scooter manufacturer Fresh Bus, D2C home, kitchen, and personal care brand Beco, e-mobility startup Kazam, and Healthcare startup 4baseCare among others. As many as 3 startups that did not disclose the funding amount raised are; Adukale, CricHeroes, and Flam. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 9 deals followed by Delhi-NCR, Mumbai, Pune, Chennai, Kochi, and Ahmedabad. Segment-wise, Fintech startups are in the top spot with 7 deals. E-commerce, EV, AutomotiveTech, Healthech, Proptech, and Food & beverages startups followed this list among others. [Series-wise deals] During the week, Seed funding deals are on top with 8 deals followed by 6 Series A, 2 pre-Series A, 2 Series B, and 2 Series G deals. Pre-seed, pre-Series B, Series C, Series D, and Series E deals are next on the list. [Week-on-week funding trend] On a weekly basis, startup funding jumped 186% to $432.09 million as compared to around $151.18 million raised during the previous week. The average funding in the last eight weeks stands at around $232.42 million with 26 deals per week. [Fund launches] Two startup-focused funds launched this week. 35North Ventures has successfully raised Rs 100 crore for its second AIF, focusing on early-stage investments. Simultaneously, Prudent Equity has launched a new PMS fund targeting stable returns through a value investing approach. [Key hirings and departures] Equivalent to 5 key hirings took place this week including Amrit Singh, Henrik Aslaksen, Balaji Prasanna by Lighthouse Canton, Akanksha Srivastava Byrnes by Vahdam India, and Vinod Dasari by Zetworks. While, Freshworksโ€™ chief product officer, Srinivasagopalan Ramamurthy left the firm. [Mergers and Acquisitions] As many as 4 merger and acquisition deals were witnessed this week. Agritech firm Jai Kisan acquired Kushal Finnovation Capital, Veefin took over Nityo Tech, OYO acquired Checkmyguest, and Radio Mirchiโ€™s parent ENIL purchased Gaana.com. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [In Talks] Zepto to raise $340 Mn a $5 Bn valuation [Financial results this week] Unpacking Oyoโ€™s profitability and its financial position in FY24 True Balanceโ€™s profit zooms over 2X to Rs 138 Cr in FY24 Nykaa profits spike over 50% in Q1 FY25; invests Rs 265 Cr in Dot & Key Awfis posts Rs 257 Cr revenue in Q1 FY25, improves profits Ola Electric reports Rs 1,644 Cr revenue in Q1 FY25; losses fall 17% TBO reports Rs 418 Cr revenue and Rs 61 Cr profits in Q1 FY25 Yatra profits plunges 27% in Q1 FY25; revenue continues to fall EaseMyTrip posts Rs 152 Cr revenue and Rs 34 Cr profit in Q1 FY25 MapMyIndia posts Rs 35.8 Cr profits in Q1 FY25 [News flash this week] PhonePe and G-Pay dominate UPI volume in July; Navi sees 2X spike Ecom Express, ArisInfra, and Smartworks next to launch IPO, files DRHP To cut costs, Byjuโ€™s shuts half of tuition centers: Report Unicommerce and FirstCryโ€™s IPOs list at 118% and 40% premium Shadowfax and OfBusiness are planning to launch an IPO soon RBI clamps down on P2P lending irregularities Paytm fined Rs 47.12 lakh for stamp duty non-payment [Conclusion] The weekly funding spiked 186% to $432.09 million this week. Meanwhile, two startup-focused funds launched this week namely Prudent Equity and 35 North. Edtech giant BYJUโ€™S is undergoing significant cost-cutting measures as it faces financial challenges. The company is reportedly shutting down nearly half of its 250 tuition centers across India. This decision comes amidst delayed salary payments for employees and a broader financial crunch. After a muted listing of Ola Electric last week, Unicommerce and FirstCry listed with 118% and 40% premium this week. Meanwhile, Ecom Express, ArisInfra, and Smartworks have filed the DRHP with SEBI and are next to launch an IPO. Following the trend, Shadowfax and OfBusiness are also planning for public listing soon. Additionally, the Reserve Bank of India (RBI) has tightened regulations for Non-Banking Financial company peer-to-peer (NBFC-P2P) lending platforms to curb violations and enhance transparency. The new guidelines prohibit practices such as promoting P2P lending as an investment product, cross-selling insurance, and certain fund transfer mechanisms. Paytm has been issued a fine of Rs 47.12 lakh by the Office of Collector of Stamps, New Delhi, for non-payment of stamp duty on the allotment of equity shares in previous years. The fintech giant has stated that while there were delays in submitting some applications, all relevant documents were filed on time.

Funding and acquisitions in Indian startup this week [01 - 06 July]

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Funding and acquisitions in Indian startup this week [01 - 06 July]
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This week, 24 Indian startups raised around $270.3 million in funding. These deals count 4 growth-stage deals and 20 early-stage deals. In the previous week, over 25 early and growth-stage startups cumulatively raised more than $211 million in funds. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $234.2 million in funding this week. E-commerce company Purplle topped with its $120 million Series F round. Hospitality firm OYO, EV startup Matter and agritech brand Arya.ag followed with $50 million, $35 million and $29.2 million funding respectively. [Early-stage deals] Moreover, 20 early-stage startups secured funding worth $36.13 million during the week. D2C brand Comet spearheaded the list followed by health startup Watch Your Health, fintech startup Dice, logistics tech firm Ripplr, and media & entertainment startup Pepul. Automotive tech Bike Bazaar, SaaS startup Wify, and logistics firm Lobb also raised funding among others. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with seven deals followed by Delhi-NCR, Mumbai, Pune and Ahmedabad among others. Segment-wise, e-commerce startups grabbed the top spot with four deals. Healthtech, proptech, agritech and logistics startups followed this list. [Series-wise deals] During the week, Seed funding deals led the list with 5 deals followed by 4 Series A and pre-Series A deals. Pre-seed and debt funding also saw 3 deals and 2 deals respectively. [Week-on-week funding trend] On a weekly basis, startup funding slipped 76.73% to $211 million as compared to around $906 million raised during the previous week. The average funding in the last eight weeks stands at around $404 million with 28 deals per week. [Fund launches] Japanese automaker Suzuki is diving into Indian social impact investing with Next Bharat Ventures. This Rs 340 crore fund targets early-stage startups tackling challenges in rural areas and the informal economy. Focusing on sectors like agriculture tech and financial inclusion, Next Bharat Ventures will invest Rs 1 crore to Rs 8 crore per startup, aiming to support up to 20 ventures annually over the next few years. [Key hirings] Hereโ€™s a summary of the key hirings and departures: Among key hirings, Mandar Vaidya, formerly of OYO, took the helm as CEO at Cloudphysician. The investment world welcomed Ajay Mittal to ValuAble as a General Partner and Investment Manager, transitioning from Ascent Capital. Paytm saw a shift with Swati Rustagi taking on a Vice President role at Adobe. Pickrr bolstered their product team with Kunal Bariwal joining as Lead Product at CaptainBiz. Finally, Softbank appointed Lydia Jett as an Independent Director for Flipkart. [M&A] Indian crypto exchange CoinDCX has fully acquired BitOasis, a Middle Eastern virtual asset platform. Both teams will merge, with BitOasis retaining its brand. In the HR tech space, US-Indian platform Phenom gobbled up Tydy, a human resources tech firm, in its fifth acquisition. While Nodwin Gaming, the esports arm of Nazara Technologies, is acquiring German esports agency Freaks 4U Gaming in a two-part share swap deal worth Rs 271 crore, solidifying their position in the esports market. [Layoffs and shutdowns] Edtech giant Unacademy has laid off 250 employees in a restructuring effort aimed at streamlining operations and boosting efficiency. The company seeks to achieve sustainable growth and profitability. While the exact number of impacted employees is undisclosed, Unacademy assures support for those affected during this transition. Koo, the Indian microblogging platform that focused on local languages, is shutting down. Founder Apramyea Radhakrishna announced the closure on LinkedIn, stating they couldnโ€™t find a buyer. Radhakrishna expressed his vision for a local language platform in India but acknowledged the high costs of running a social media app. [Potential deals] Bengaluru-based logistics and distribution platform Ripplr is close to securing Rs 40 crore (around $4.7 million) in debt financing from Northern Arc. Meanwhile, B2B sweets supplier Scandalous Foods, backed by investors like Anthill Angel Fund and EvolveX, is reportedly seeking fresh capital to fuel its growth. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Zomato stops Xtreme delivery service; relaunches intercity food delivery [Financial results this week] Ixigo posts Rs 656 Cr revenue and Rs 73 Cr PAT in FY24 Mylabโ€™s op revenue nosedives to under Rs 100 Cr in FY23, slips into losses NoBroker in FY23: Op revenue grows 87% to Rs 609 Cr; losses up by 64% Akumentisโ€™ income crosses Rs 400 Cr in FY24; posts Rs 57 Cr profit [News flash this week] DPIIT recommends removal of angel tax; Finance Ministry to take final call Zerodha set to stop zero brokerage model after SEBIโ€™s new circular SoftBank-backed FirstCry, Unicommerce get SEBI approval for IPO Zomato receives Rs 9.5 Cr demand notice from GST Swiggyโ€™s two-punch for users: Eatlists and UPI Payments on the Menu Karnataka cracks down on illegal bike taxis after driver protests Delhiveryโ€™s drone dream takes flight with MCA nod [Conclusion] After a sudden spike in the weekly funding last week, the startups saw a nearly 77% drop in funding to $211 million this week. Only fund startup-focused fund launched this week namely BizDateUp. The Commerce Ministry has proposed removing the โ€œangel taxโ€ on startups in India. This tax, currently at 30%, is levied on investments exceeding the fair market value of the startup. Many argue the angel tax stifles startup growth and innovation. The government implemented it in 2012 to combat money laundering, but its effectiveness is debated. While DPIIT-registered startups were exempted last year, many still received tax notices. The Commerce Ministryโ€™s recommendation is a positive step for startups, but the final decision lies with the Finance Ministry. SoftBank-backed startups FirstCry and Unicommerce received approval from SEBI to launch their initial public offerings (IPOs). FirstCry, a kidsโ€™ retailer, initially filed its IPO application in December 2023 but faced delays due to SEBI requesting more financial data (beyond Q1 FY24). Unicommerce, an e-commerce software company, filed its IPO application in January 2024 and will only offer existing shares for sale, with no new issuance of shares. Food delivery giant Zomato recently shut down its intra-city logistics service โ€œXtremeโ€ due to a lack of customer demand. Meanwhile, Zomatoโ€™s woes deepened with another Goods and Services Tax (GST) demand notice of Rs 9.45 crore from Karnataka authorities. This adds to previous notices exceeding Rs 585 crore, all stemming from a dispute over GST on delivery charges. Zomato argues they only collect these charges on behalf of partner restaurants and shouldnโ€™t be liable for GST. In a separate move, Zomato is relaunching its intercity food delivery service โ€œLegends.โ€ IPO-bound Swiggy is piloting new features. The first feature โ€œEatlistsโ€ allows users to create and share curated lists of their favorite dishes within the app, similar to creating music playlists. Secondly, Swiggy is testing a new in-app UPI payment system developed in collaboration with Yes Bank and Juspay.

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