OYO Homes expands to Dubai, Myntra cuts losses but suffers 80 percent dip in revenue
OYO Home uses existing OYO operations, technology, housekeeping, revenue management algorithms and distribution to help users find homes. In the past five years, OYO has made its mark in the domestic market, and now the hospitality brand is all set to expand its home segment globally. The chain recently made its debut in Dubai with 40 homes and plans to increase to 200 homes in the next six months.
How was 2018 for startup funding?
2018 was the year when Indian startups attracted new investors, welcomed new 'unicorns' and finally began showing signs of maturity. Across a total of 864 deals, the ecosystem raised $12.68 billion in equity funding, plus $1.14 billion in debt funding. The big boost came primarily from two deals in December: Swiggy’s $1 billion Series H round and BYJU’s $540 million!
Matrix Partners India closes third fund
Matrix Partners India closed Fund III with committed capital of over $300 million. A step in the right direction, this comes after Matrix Partners India recently made investments in dockless scooter-sharing platform Vogo, co-living startup Stanza Living, Fintech startup Ziploan, hyperlocal startup DailyNinja, among several others. We talk about future plans and how India is a rising market for the company, although they're being highly cautious about it as well.
Digiperform raises $3.6 M from HT Media
Edtech startup Digiperform raised $3.6 M from HT Media. The Delhi-based edtech startup will use the funds to accelerate its growth in the market and build brand awareness. Founded in 2014 by Manu Jolly and Vaibhav Vats, the digital educational platform offers short-term skill training courses for job seekers, working professionals and entrepreneurs - those looking to build on their digital skills.
Vantage Health raises $50 million
Healthtech startup Vantage Health raised $50 million from Cayman Islands-based fund IQGEN Holdings LCC. The Mumbai-based startup will use the funds to support its operations and technology development and says it's on a mission to automate and standardise primary healthcare followed by secondary healthcare or hospitals.
Delhi most popular travel destination: OYO
Hospitality brand OYO just released its ‘Travelopedia 2018’, a one-of-its-kind index indicating the travelling pattern and hotel-booking habits of Indians at large. And going by it, Delhi seems to be the most popular travel destination among OYO users. Moving down south, the state of Karnataka was declared to be the most welcoming in the country. While Goa emerged as the most-searched destination by Indians.
WeWork to buy back stake in its India business
Co-working space provider WeWork has turned its focus on India operations. The New York-based company is reportedly in talks to buy back stake in India business and take it to 51 percent, in a deal that could be worth around $1 billion. WeWork has about 20 office spaces in India across Gurugram, Mumbai and Bengaluru, with a total of 400,000 members at 425 locations in 100 cities across 27 countries.
Myntra narrows its losses
On one hand, Flipkart-owned Myntra narrowed its losses by 76 percent to Rs 151.2 crore for the financial year ending March 2018. But, it also incurred an 80 percent dip in its revenue in FY18. The fall was attributed to the company hiving off its B2B entity (Myntra Jabong India private Ltd), as per reports. The company claims, “We are moving forward in our strategic direction as per plan.”