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<ul><li><keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> announced the appointment of <keyword id="8358499" type="UNKNOWN" weightage="20" keywordseo="betsy-atkins">Betsy Atkins</keyword> on its board as an independent director. </li><li>Atkins as the CEO of <keyword id="8358498" type="UNKNOWN" weightage="20" keywordseo="baja-corporation">Baja corporation</keyword> which invested in companies like <keyword id="6363100" type="ORGANIZATION" weightage="20" keywordseo="yahoo">Yahoo</keyword> and <keyword id="6357395" type="UNKNOWN" weightage="20" keywordseo="eBay">eBay</keyword>. </li><li>Her expertise lies in scaling companies leading them to successful IPO and acquisitions. </li></ul>OYO announced the appointment of Betsy Atkins as independent director into its board. Atkins is the CEO of Baja corporation, where she has built three early stage funds, and invested in companies like Yahoo and eBay. Interestingly, Atkins’ expertise lies in scaling companies and leading them to successful IPOs and acquisitions. Her entry could all but confirm the many rumours that OYO might soon be heading for an IPO. “She is an expert at scaling companies through the hyper-growth stage and leading them to successful access to the public markets and acquisitions, which makes her a great addition to OYO, as the company moves towards its next phase of growth,” said Oyo in a press release. Having established itself in the Indian and Chinese markets, OYO is now investing heavily in the US market. Atkins joins Oyo’s board which has eminent people like Mark Schwartz, Vice Chairman of Goldman Sachs and Chairman of Goldman Sachs Asia Pacific; Munish Varma of SoftBank Vision Fund; Bejul Somaia ofLightspeed India Partners Advisors; and Mohit Bhatnagar of Sequoia Capital India Advisor on the board of OYO. ‘’OYO, with its unique asset-light business model and strong data capabilities, is creating something entirely new for the more than 3 billion middle-income travellers and city dwellers who need accommodations that meet their standards and also their budgets,” Atkins said.

Yahoo and eBay investor Betsy Atkins joining OYO’s board is a sign of the company’s IPO plans

Softbank-backed <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> is set to refile its much-awaited <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said. JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said. In preparation for the refinancing, OYO has already moved its application with markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="153" meta.entityid="SEBI">SEBI</keyword> to withdraw its current draft red herring prospectus (<keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword>). The company intends to refile an updated version of the DRHP, after the bond issuance. Oravel Stays Ltd, OYO's parent company, had in November prepaid a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback involved repurchasing 30 per cent of its outstanding Term Loan B of USD 660 million. The move brought down its outstanding loan amount to around USD 450 million. A source closely involved in the company's IPO plans told PTI, "The refinancing will result in material changes to OYO's financial statements. Hence as per existing regulations, it will need to revise its filings with the regulator". "Since the decision for refinancing is at an advanced stage, it doesn't make sense to continue pursuing IPO approval with the current financials. So it's prudent to withdraw the current application," he added. The refinancing will extend the repayment timeline to five years -- versus the repayment of the remaining TLB due in 2026 -- the source said. The bond issuance would significantly lower the current effective interest rate of 14 per cent on its existing USD 450 million Term Loan B (TLB) facility. "The refinancing is expected to result in annual interest savings of USD 8-10 million (Rs 66.4-83 crore) in the first year, after accounting for the costs associated with the bond issuance. The company anticipates annual savings of USD 15-17 million (Rs 124.5 -141.1 crore) thereafter, almost all of which would get added to its net profits. Post the debt refinancing, the company is open to contemplating an equity round, to reaffirm investor confidence before a public listing to fortify its financial strength," the source said. In September 2021, OYO had filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a Rs 8,430 crore IPO. The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around USD 4-6 billion instead of the USD 11 billion it was targeting initially. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a>

OYO withdraws DRHP, to refile IPO post refinancing: Sources

<keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">Oyo</keyword> Oyo CEO <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>. <ul class="summary-list"><li>Indian hotel platform Oyo has confirmed that CEO and founder Ritesh Agarwal will raise his stake in his company as part of a $1.5 billion financing round. </li><li>Agarwal is to acquire shares from Oyo's existing investors Lightspeed and Sequoia to increase his stake.</li><li>The deal will see Agarwal inject $700 million in fresh capital into his company, with a further $800 million coming from existing backers. In total, Oyo will raise $1.5 billion in fresh capital.</li><li>The deal comes as Oyo faces intensifying media scrutiny over its budget hotel platform, and after the canned IPO of another SoftBank-backed property firm, WeWork.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Ritesh Agarwal, chief executive and cofounder of budget hotel platform Oyo, is to raise his stake in the SoftBank-backed firm in a $2 billion <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> deal. The financing, announced on Monday, is an unusual move for a founder, and see the 25-year-old executive boosting his stake by buying shares from Oyo's existing backers Sequoia and Lightspeed. The two investors will remain shareholders and committed to the company. A spokesperson told Business Insider that Agarwal is financing the deal via support from "global institutionalized banks and his financial partners," without giving specific details. Along with the buyback, Agarwal and Oyo's backers will inject $1.5 billion of fresh capital into the business, with $700 million of that coming from Agarwal. The new funding values the firm at $10 billion. Read more: <a href="https://www.businessinsider.com/wework-uber-oyo-what-like-living-on-softbank-companies-2019-7?r=US&amp;IR=T">I spent 24 hours living on SoftBank services like Uber, WeWork, and Oyo. It revealed some flaws in Masayoshi Son's grand $100 billion investment vision.</a> Oyo is a fast-growing platform for budget hotels and operates on a franchise basis. The company turns failing local hotels into Oyo franchises, provides some capital to redecorate and ensure there's functioning WiFi, then sells those rooms through its booking platform. The promise to hotel owners is a boost in occupancy rates and revenue. The company has expanded to more than 80 countries, including China. It has more than 500,000 rooms on its platform, and says it's seen a 3.8 times increase in revenue growth year-on-year. It employs some 20,000 staff. The firm has raised more than $2 billion in total, giving it a massive war chest to fund its expansion. It has also attracted growing scrutiny from critics <a href="https://www.reuters.com/article/us-india-oyo-focus/as-softbanks-oyo-booms-some-indian-hotels-cry-foul-and-check-out-idUSKBN1WM075">and the press</a>, partly thanks to its apparent similarity to another <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> backed property business, WeWork. Scott Galloway, an NYU professor who has been heavily critical of WeWork, compared the two. "Just like WeWork, OYO is a REIT [real estate investment trust] with too much SoftBank capital," <a href="https://www.profgalloway.com/mdma">he wrote last week</a>. WeWork's CEO Adam Neumann announced <a href="https://www.businessinsider.com/wework-co-founder-adam-neumann-is-stepping-down-as-ceo-2019-9?r=US&amp;IR=T">at the end of September that he would step down</a> and the firm was forced to delay its IPO after an onslaught of negative press about the business model behind its core office sharing offering, its valuation, and unconventional company culture. Oyo's business has ballooned beyond budget hotel rooms <a href="https://www.oyorooms.com/officialoyoblog/2019/07/16/introducing-oyo-workspaces-a-better-way-to-work-for-everyone-in-india">to office-sharing</a>, student accommodation, high-end Airbnb-style "homes," upmarket business hotels, and <a href="https://www.oyorooms.com/officialoyoblog/2019/08/29/weddingz-in-launches-the-wedding-trunk-a-bi-annual-magazine-to-serve-as-the-perfect-wedding-guide">even magazine publishing</a>. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-use-ps4-xbox-controllers-iphone-ios13-2019-9">How to use PS4 And Xbox controllers with the iPhone</a></h3> <pre style="display: none;">function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</pre>

Oyo to raise $1.5 billion of which $700 million will come from its founder Ritesh Agarwal

IPO-bound <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> on Thursday said it has appointed <keyword id="10052750" type="General" weightage="20" keywordseo="prakash-padariya" source="Orion">Prakash Padariya</keyword> as the Chief Information Security Officer for IT and security teams. ''In his role at OYO, Prakash will helm a security strategy for OYO's systems globally, including regions such as India, SEA (Southeast Asia), Europe, the USA and the UK,'' the hospitality technology platform said in a statement. At OYO, Prakash will lead the operations for teams working specifically for IT and cyber security services. He will also be responsible for leveraging technologies such as Big Data Analytics and Artificial Intelligence to enhance the cyber security functions. Padariya joins OYO from the Netherlands-headquartered online payment solutions provider PayU, where he had served in a similar role, the statement said. Padariya will directly report to the company's Chief Technology Officer Ankit Mathuria. ''I am super excited to join OYO at this stage where all of travel is transforming and resurging post COVID-19. I am honoured to be a part of this team and can't wait to start developing solutions to enhance the maturity of all of OYO's products to the next level of security and privacy,'' Padariya said. SEE ALSO <a href="https://www.businessinsider.in/retail/news/amazon-and-future-agree-to-discuss-an-out-of-court-settlement-after-nearly-2-years-of-legal-battle/articleshow/89968120.cms">Amazon and Future agree to discuss an out of court settlement after nearly 2 years of legal battle</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a> <a href="https://www.businessinsider.in/business/startups/news/mobikwiks-upasana-taku-says-all-the-companies-that-made-their-grand-entry-into-bnpl-will-have-a-grand-exit-too/articleshow/89960652.cms">INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too</a>

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Yahoo and eBay investor Betsy Atkins joining OYO’s board is a sign of the company’s IPO plans

Sanchita Dash

OYO withdraws DRHP, to refile IPO post refinancing: Sources

PTI

Oyo to raise $1.5 billion of which $700 million will come from its founder Ritesh Agarwal

Shona Ghosh

OYO appoints Prakash Padariya as Chief Information Security Officer

PTI

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