Oyo, RBI, Zomato, Meta, Apple, RBI, Zoom Car, Vi, Byju's, Google, etc.

Vaishali Sharma
May 09, 2024

From Startups to Giants: Covering All of India's Business in Less than 5 Minutes

Oyo Seeks New Funding at Drastically Reduced Valuation: What You Need to Know

Funding Negotiations Underway:

Oyo, the Indian budget-hotel chain startup, is in talks with investors, including Malaysia’s sovereign wealth fund Khazanah, to secure a new round of funding.
This funding round could significantly slash Oyo’s valuation to $3 billion or even lower, according to three sources familiar with the matter.

Potential Valuation Decline:

The proposed terms suggest a steep decline from Oyo's peak valuation of $10 billion in 2019, potentially marking a 70% discount.
The new funding round may include secondary transactions, valuing the startup as low as $2.5 billion.

Ongoing Deliberations:

While discussions are ongoing, the terms of the funding may evolve, and the round may not materialise, caution the sources.
This move follows Oyo's withdrawal of its draft red herring prospectus for an initial public offering (IPO) for the second time.

Previous Valuation Adjustments:

SoftBank, Oyo's major investor holding over 40% stake, internally reduced the startup's valuation to $2.7 billion in 2022.
Oyo refuted rumours regarding the valuation decline, emphasising its focus on performance and engagement with investors.

IPO Status:

Oyo's IPO plans have faced regulatory hurdles, with India's market regulator, SEBI, yet to approve the startup's application.
Oyo originally aimed to raise $1.2 billion at a $12 billion valuation through its IPO in 2021.

Financial Outlook:

Despite challenges, Oyo's founder and CEO, Ritesh Agarwal, reportedly informed employees that the company expects revenue for the fiscal year ending March to exceed $682 million.

Meta's Arun Srinivas Discusses AI's Role in Advertising

AI as the Creative Powerhouse:

Arun Srinivas, Meta's head of ads business (India), highlights AI's transformative potential in advertising, positioning it as the "creative agency and factory at scale" for advertisers.
He emphasises AI's integral role in Meta's platforms since 2006, driving personalised user experiences.

Impact on User Engagement:

Srinivas notes that over 50% of Instagram content is now recommended by AI, contributing to increased user engagement.
Meta's AI-driven recommendation systems have substantially improved content delivery, with 30% of Facebook feed posts now powered by AI, doubling over the past two years.

Appeal to Advertisers:

The enhanced predictive capabilities of Meta's AI make it appealing for advertisers seeking higher returns on investment.
Srinivas underscores how AI-driven features simplify the creative process, offering quick turnarounds and empowering advertisers to focus on core campaigns.

New AI-Powered Features:

Meta's latest AI enhancements include full image and text generation capabilities.
Advertisers can create image variations with text overlay and expand images to fit various platforms.
Text Generation features generate ad headlines and primary text, reflecting brand voice and key selling points.

Industry Adoption:

Leading brands like Dream11 and Mondelez are leveraging Meta's AI products for user acquisition and content generation during events like IPL and T20 seasons.
Companies like Mamaearth and Good Glamm utilise AI for personalised shopping campaigns, enhancing user experience and engagement.

Future Outlook:

Srinivas anticipates AI-driven advertising to continue evolving, offering advertisers innovative tools for effective campaign management and content creation.
Meta remains committed to advancing AI capabilities to meet the dynamic needs of advertisers and users alike.

Google introduces Google Wallet in India for Android users, expanding its payment services.
India is projected to become the world's third-largest consumer market by 2026, surpassing Germany and Japan, according to UBS.
Zomato launches India's first crowd-supported weather infrastructure, providing valuable weather data.
Vodafone Idea aims to clear vendor dues by the next fiscal year and plans to offer premium 5G plans, analysts suggest.
RBI grants Bank of Baroda permission to onboard customers through the BoB World app, streamlining banking services.
Tata Power expresses confidence in its solar business and plans to add more consumers under the PM Surya Ghar Yojna.
UPI service providers seek regulatory intervention to make transactions more financially rewarding.
Zoomcar intends to expand its fleet by over 5,000 cars by the end of FY24 and 20,000 cars by FY25, enhancing its car sharing platform.
Nitin Gadkari anticipates that hydrogen fuel for future vehicles will be derived from 100% ethanol in the coming years.
Sales of a new oral diabetes and obesity drug surge 100% in India.
Vi aims to be 5G ready by the end of FY26 and plans to increase tariffs in the coming quarters.
Byju's unveils a new sales model for growth, with managers acting as mentors to drive success.
The Department of Telecommunications aims to crack down on rising spam calls and messages within the next 100 days.

TikTok takes legal action against the US government over a law that could potentially result in the app's ban.
Threads, an app by Instagram, is experimenting with cross-posting features globally.
German car industry leaders caution against potential backlash from EU tariffs on Chinese electric vehicles.
Amazon introduces its first electric seaport trucks as part of its initiative to reduce tailpipe emissions.
Google DeepMind reveals AlphaFold, an advanced machine learning model designed to predict the structure and characteristics of proteins, marking a significant advancement in bioinformatics.

Apple introduces updated versions of Logic Pro and Final Cut Pro, integrating AI capabilities to enhance functionality.
The US government considers restrictions on China's access to AI software powering applications like ChatGPT.
Israeli startup Panax secures a $10 million Series A funding round for its AI-based cash flow management platform.
Samsung Medison announces plans to acquire French AI ultrasound startup Sonio for $92.7 million.
Meta enhances its AI tools for advertisers, enabling them to generate entirely new images, not just backgrounds.
Opera's AI assistant gains the ability to summarise web pages on Android devices, providing users with condensed versions of content.
Google DeepMind unveils a new iteration of AlphaFold, a groundbreaking machine learning model adept at predicting the structure and behaviour of proteins.

Founders: Andrew McCollum, Chris Hughes, Dustin Moskovitz, Eduardo Saverin, Mark Zuckerberg
Year Of Foundation: Feb 4, 2004
Headquarter: San Francisco Bay Area, Silicon Valley, West Coast
Industry:
Meta is a social technology company that enables people to connect, find communities, and grow businesses.
Why Is It in the News?
Meta Confirms That Its AI Image Generator Will Soon Be Used to Create Advertisements.