OYO's $9Bn valuation 💸, boAt to go public 📊, Politicians inviting Tesla 🚘
Oyo is said to target $9-billion valuation, boAt to file DRHP for its IPO, Politicians line up to woo Elon Musk’s Tesla, Funding Deals & more.
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Oyo is said to target $9-billion valuation in IPO🏩
Oyo Hotels & Homes, the once hard-charging Indian startup that struggled during the pandemic, is eyeing a valuation of about $9 billion in its initial public offering after preliminary conversations with potential investors.
The SoftBank Group Corp.-backed startup is expected to get the green light to proceed with the offering this week or next after filing preliminary documents last year.
Oyo’s offering will be among the biggest IPOs since Paytm’s. In its preliminary filing, the company said it planned to raise Rs 8,430 crore through the sale of new shares and some secondary shares, or those held by existing investors.
Ritesh Agarwal founded the Gurgaon-headquartered Oyo, formally known as Oravel Stays Pvt. Ltd., in 2013. He conceived of Oyo as a way to standardise the hotel stay experience, delivering extras like premium linen and high-speed internet service, the brand’s bright red OYO logo ubiquitous across Indian cities.
boAt to file DRHP for its IPO by January-end🎧
Imagine Marketing, a company that which manufactures D2C brand boAt is likely to file DRHP for its IPO by January-end. Imagine marketing IPO will have a fresh issue and OFS Rs 1,000 crore each. It is looking to launch its IPO by April-May 2022 and is likely to raise around Rs 2,000 crore via a public listing.
boAt, operated by Imagine Marketing, had raised nearly Rs 750 crore ($100 million) from the US-based Warburg Pincus early this year. Qualcomm Ventures invested Rs 50 crore in April at a valuation of Rs 2,200 crore. In 2019, boAt received Rs 20 crore as venture debt from BAC Acquisitions, cofounded by the Flipkart founder Sachin Bansal. The startup had generated about Rs 700 crore in revenue for FY20.
Wealth management solutions provider INDmoney has raised roughly $75 million as part of its ongoing Series D round led by Steadview Capital and Tiger Global.
Short video application Chingari has raised $15 million in a funding round led by Republic Capital.
Student housing startup Your-Space has raised $10 million (around Rs 75 crore) from a clutch of investors for the expansion and growth of its business.
Cloud-tech HR venture ZingHR has raised $10 million from Tata Capital Funds.
Politicians line up to woo Elon Musk’s Tesla🏭
Leaders from non-BJP-governed states of Maharashtra, Punjab, West Bengal and Tamil Nadu have joined Telangana in inviting Elon Musk’s Tesla to set up its electric car manufacturing facility in their states after the tech mogul recently tweeted about facing challenges in launching operations in India.
K. T. Rama Rao - Minister of Municipal Administration and Urban Development of Telangana
Jayant Patil - Cabinet Minister of the Water Resources Department
Md. Ghulam Rabbani - Minister for Minority Affairs & Madrassah Education of West Bengal
Navjot Singh Sidhu - Member of Punjab Legislative Assembly
Thangam Thennarasu - Minister of Archaeology of Tamil Nadu
The Tesla boss had on Thursday tweeted about ongoing challenges in India, in the latest of numerous such tweets over the past few years.
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