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Hospitality unicorn OYO’s valuation has almost doubled in a year, reaching $10 billion between September 2018 and October 2019, despite significant losses in the financial year ending on March 31.
The losses have reportedly mounted due to the rise in operating expenses fuelled by the company’s aggressive expansion in overseas markets.
The provisional net loss of the company jumped from Rs 360.43 crore in the previous financial year to Rs 2,384.69 crore this year, according to unaudited financials prepared by a valuation expert.
“The numbers are based on a valuation report prepared by OYO’s valuers (not auditors) that includes certain provisional financials for FY 19. It may be pointed out that the valuation parameters such as share prices are based on fair market value and are not reflective of the share premium price,” an OYO spokesperson said in a statement.
“We would like to clarify again that these are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year and file with the RoC as well,” the spokesperson added.
But this did not reduce the growth in the valuation of the company backed by Japanese billionaire Masayoshi San’s Softbank Vision Fund. The major boost came from the $700 million investment made by OYO CEO Ritesh Agarwal in October this year through RA Hospitality Holdings (Cayman).
OYO announced in October that it would raise $1.5 billion in the Series F funding round, whereby RA Hospitality Holdings will infuse approximately $700 million as primary capital in the company, with the balance $800 million being supplemented by other existing investors.
A significant part of the funds will be diverted towards its growth plans in the US market, and in strengthening the company’s position in the vacation rentals business in Europe, the company said.
Earlier this year, RA Hospitality Holdings received Competition Commission of India approval to invest $2 billion in OYO.
“In order to facilitate this transaction, Lightspeed Venture Partners and Sequoia, are selling part of their shareholding in OYO to help the founder increase his stake while remaining invested and committed to the company’s long-term mission,” OYO said.
OYO had raised over $1 billion in its last financing round, announced in September 2018, led by SoftBank through SoftBank Vision Fund, with participation from existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital and supported by new strategic partners like Airbnb.
OYO is present in over 80 countries. As per the company, it witnessed “3.8x” year-over-year revenue growth in August 2019.
However, the company’s growing losses provoke comparison with the struggling co-sharing workspace company WeWork which recently laid off 2,400 employees following its failed attempt to go public.
This long-anticipated layoff is the biggest move by Japanese technology conglomerate SoftBank Group Corp, which is providing a $9.5 billion lifeline and will soon own about 80 per cent of WeWork’s shares. (IANS)
The pond that Sharavanabelagola is named after Image source: wikimedia commons
A shop in the tourist section that sells handmade items Image source: wikimedia commons
Keywords: Shravanabelagola, Jainism, Chandragupta Maurya, Ashoka, Karnataka
By Siddhi Jain
The author who named the book after her twin sons -- Puhor and Niyor -- is a parent who has seen and heard the tales of ridicule and discrimination suffered by many in India and beyond. She says the book is an artistic illustration for kids that details how different families can live and coexist. Whether it's children with two dads or two moms, children with a single dad or single mom, and even multiracial family units, Borthakur's book teaches love, understanding, and compassion towards unconventional families.
Beyond race, gender, color, and ethnicity which have formed the bases for discrimination since the beginning of time, this book aims to bring to light a largely ignored issue. For so long, single parents have been treated like a taboo without any attempt to understand their situations; no one really cares how or why one's marriage ended but just wants to treat single parents as villains simply for choosing happiness and loving their children.
Homosexual parents, a relatively new family system, is another form that has suffered hate and discrimination for many years. Pritisha emphasizes the need to understand that diversity in people and family is what makes the world beautiful and colourful. 'Puhor and Niyor's Mural of Family Stories' is a firm but compassionate statement against all forms of discrimination on the bases of sexual identity, gender, race, and even differences in background
The Guwahati-born author says, "With this book, I'm not trying to take away the job of parents in forming habits, I simply want to do my part as a parent. It is important that we impart the right values in our kids in a bid to build a better, more inclusive and tolerant global society that is fair to everyone." The author's first attempt at a book was an Assamese poetry 'Anubhav', published in 2010.
Set to be published under the label of Author's Channel, the book is like an adventure; a journey into uncharted territories, untouched subjects and matters long ignored. In her words. "The book takes a critical stand in defense of people in society who have had to undergo severe emotional torture for no cause of theirs. It is a terrible conception to think such people any less of a human just for being different," says publisher Aruna Naidu. By September 30, this title, priced at Rs 299, will be available online and in offline bookstores. (IANS/ MBI)
Rajesh U Pandya, Managing Director, KAI India, gives easy and completely doable tips to follow at home:
* Refrain from harsh soaps: You should be mindful of the soap you are using to wash your hands. Your soap can have a moisturizing element in it like aloe vera or shea butter. Ensure that you're washing your hands with normal water as hot water can make your hand's skin dry and scaly.
Make use of your personal nail clipper to cut your nails. | Pixabay
* Be aware of nail or cuticle inflammation or redness: If there are any signs of infection, disinfect the skin as soon as possible with an anti-bacterial or anti-fungal ointment.
(Article originally written by N.Lothungbeni Humtsoe) (IANS/ MBI)
Keywords: Nails, groom, hand, exfoliate, chew, nail clipper, bite, cuticle