Private equity (PE) firms General Atlantic (GA) and Norwest Venture Partners are in talks with investors in Oravel Stays Pvt. Ltd to pick up a stake in the hotel operator, two people with knowledge of the development said.
Oravel operates the hospitality tech firm Oyo Hotels & Homes. Apart from founder Ritesh Agarwal, its top investors include Peak XV Partners (formerly known as Sequoia Capital India), Lightspeed Venture Partners and SoftBank.
“Some early investors are being approached to offer their stakes. The incoming investors are seeking a large secondary portion. A deal is more certain if there is a large portion up for grabs," said one of the people cited above.
Avendus Capital is advising Oyo on the transaction.
The SoftBank-backed troubled hotels aggregator has been able to script a turnaround, leading to heightened interest among new investors, these people said. Some existing investors may also find it amenable to sell now as the initial public offering (IPO) has been delayed, they added.
“No term sheets have been signed," the second person cited above said.
Bu hikaye Mint Mumbai dergisinin October 06, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin October 06, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
India in economic sweet spot, inflation to moderate: Moody's
India's economy is in a sweet spot and its inflation is expected to moderate despite a temporary spurt, Moody's said, projecting optimism about the country's growth prospects despite recent underwhelming data.
Incentive engine to drive modern ships
Subsidies for green, high-tech ships under ₹18,000 cr policy
Cement firms wage war on costs as competition soars
India's cement makers who once flexed their pricing muscles are caught in a bruising price war, eroding margins at a time of rising demand.
Saudi Arabia doesn’t have enough money for its futuristic city
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed, and in recent days the world’s largest construction project replaced its chief executive of six years.
EV adoption is a marathon, not a sprint: Audi India
The slowdown in electric vehicle (EV) sales is temporary, and the industry will grow over time, Audi India head Balbir Singh Dhillon said, pointing to the need for extensive charging networks and supportive government policies.
India's trade gap with China soars in Apr-Oct
The country's green transition increases reliance on Chinese imports
14 nations eye India's generic drug model
Countries will specify their requirements, with HLL and MEA coordinating with them for the pharma exports
India urges $1.3 tn annual climate grant
Intervening on behalf of like-minded developing countries (LMDCs), India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal (NCQG) till 2030.
Over 600 mn cyberattacks daily, AI can secure devices
Microsoft is developing a password-free authentication process to eliminate the risk of breaches
Small businesses ramping up cybersecurity, thanks to AI
Rising AI adoption is helping cybersecurity providers hike their marketable base in India
