Softbank-backed Oyo sees recovery in India picking pace, offers no timeline to IPO

File photo of OYO founder and CEO Ritesh Agarwal and SoftBank CEO Masayoshi Son.

India’s Oyo Hotels and Homes chief executive said on Wednesday the SoftBank-backed hospitality startup’s business was likely to return to levels seen before the second wave, but did not provide a timeline for its potential public offering.

“In India, if all goes well, in a couple of weeks our numbers will be back to pre-wave two and then growing from there,” Founder and CEO Ritesh Agarwal said at a Reuters Next Newsmaker event on Wednesday.

The hotel aggregator, in which SoftBank owns 46% stake and is one of its biggest bets, has endured months of layoffs, cost cuts and losses during the global health crisis.

But with easing travel curbs and increasing vaccinations, the travel demand is slowly recovering in India, with local tourism attractions witnessing a higher traffic.

“Staycations are in vogue and the trend of ‘work from anywhere’ is not a short-term one,” Agarwal said.

He said Oyo, which aggregates bookings for India’s budget hotel and allows guests to book hotels via its mobile app, would consider a potential public offering, but did not provide a timeline.

“We are looking at upcoming IPOs very closely, I’m sure our board will weigh in on our business progress and general listings of technology companies.”

Fuelled by foreign funds and interest from mom-and-pop investors India has seen several listings this year.

Food delivery startup Zomato filed for an IPO in late April and One97 Communications Ltd, the parent of Indian payments firm Paytm, is set to file a draft prospectus as early as July 12.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.