Page 2 - Softbank

Softbank nominee likely to join Oyo board as non-executive director

IPO-bound unicorn OYO's parent firm Oravel Stays Ltd is set to appoint Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund, as a non-executive director on its board, sources said. The appointment is subject to shareholders' approval to be sought at an Extraordinary General Meeting (EGM), according to information accessed by PTI. Sumer will join Oravel Stays' Board as a nominee director of Softbank. Sources, speaking on condition of anonymity, said the move signals SoftBank's bullish stance on OYO, in light of the company turning profitable. Travel tech platform OYO reported financial year 2023-24 as the maiden profitable fiscal year with net earnings of nearly Rs 100 crore, founder Ritesh Agarwal said in a post on microblogging site X, formerly Twitter, recently. "SoftBank is actively supporting OYO and showing renewed interest in its prospects. They want to provide impetus to the company's growth in international markets," said a person ...

Softbank exits Paytm in June quarter at loss of around $150 mn: Report

Japan's Softbank investment arm Softbank Vision Fund exited from Paytm in the June quarter at a loss of around USD 150 million, sources aware of the development said. Softbank invested about USD 1.5 billion in One97 Communications -- the owner of Paytm brand -- in tranches in 2017. "Softbank has exited Paytm at a loss of 10-12 per cent. The total loss is around USD 150 million," one of the sources said. Softbank held around 18.5 per cent stake in Paytm before the company's initial public offering (IPO) in 2021. It held a 17.3 per cent stake through SVF India Holdings (Cayman) Ltd and 1.2 per cent through SVF Panther (Cayman) Ltd. SVF Panther sold its entire stake during the IPO for Rs 1,689 crore, about USD 225 million. "Softbank announced that it will exit Paytm in 24 months from the time of the IPO. The exit was in line with Softbank's plan. However, the company did anticipate loss at that time," another source said. Softbank had acquired Paytm shares at an average price of abo

Former SoftBank managing partner Lydia Jett rejoins Flipkart's board

The Flipkart board also comprises HDFC chief executive Keki Mistry and senior Walmart executives

Sebi approves IPO plans of FirstCry, SoftBank-backed Unicommerce eSolutions

While FirstCry had refiled its DRHP, Unicommerce classified more entities as promoters for IPO approval

Ola Electric working on building solid-state batteries: Bhavish Aggarwal

Solid-state batteries are expected to offer improved safety, a longer lifespan and faster charging compared with conventional lithium-ion batteries that use flammable liquid electrolytes

SoftBank signs indemnity clause over Unicommerce 'promoter' tag

Founders Kunal Bahl, Rohit Bansal enter into agreement to limit liabilities of Softbank

SoftBank founder Masayoshi Son ready for next big tech bet after hiatus

The billionaire warned his next big endeavor could be a big hit or a bad flop, but that SoftBank had no choice but to try

SoftBank Group-backed Oyo in talks to raise Rs 1,000 cr from family offices

After withdrawing its application for an IPO last month, Oyo is set to hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraising after increasing its authorised share capital

SoftBank develops AI voice tech to protect workers from angry customers

SoftBank aims to tackle the growing stress levels among call-centre staff, who are facing an increasing number of angry outbursts from dissatisfied customers

Fitch changes Softbank-backed Oyo's long-term rating from 'B-' to 'B'

Oyo had around $100 million in cash at end-March 2024, a committed undrawn facility of $25 million, and Fitch expects the company to generate about $50 million in free cash flow in FY25

Ecommerce company Amazon infuses Rs 1,600 crore into India entity

Amazon's chief rival Flipkart recently raised nearly $600 million in fresh funds from its parent company, Walmart, and another investor

SoftBank's Q4 profit hits $2.11 bn in sign of comeback gaining steam

Monday's result marks the second straight quarter of profit for SoftBank, although for the full year the company remained in the red

SoftBank Group seen returning to loss in Q4 despite tech stock strength

Analysts and investors are also eagerly awaiting clues about new growth investments as SoftBank has ample liquidity and can monetise its huge holding in Arm

SoftBank heads $1 billion funding for UK self-driving startup Wayve

The latest funding brings Wayve's total funds raised to just over $1.3 billion and marks the largest investment yet in a British startup focused on artificial-intelligence technology

WeWork strikes new restructuring deal that spurns co-founder Adam Neumann

WeWork would be majority owned by Yardi, a provider of software for commercial and residential property owners, according to lawyers and a company statement issued after Monday's hearing

Microsoft backed OpenAI bids for Japan business as it opens Tokyo office

Japan hopes to take advantage of AI as it looks to compete with an increasingly assertive China, accelerate the shift to digital services and alleviate deepening labour shortages

SoftBank-backed Meesho to roll out ESOP buyback program worth Rs 200 cr

The SoftBank-backed e-commerce firm Meesho is enabling opportunities for wealth creation for 1,700 past as well as present employees

SoftBank Group sells another 2% stake in crisis-hit Paytm to under 3%

The Japanese conglomerate held a 17.5% stake in Paytm in September 2022. Since then, it has trimmed its ownership through multiple open market deals

TMS Ep636: Private capex, Softbank AI, Novelis IPO, Mumbai Metaverse

Can private capex offset govt spend curbs in FY25? Can AI help Softbank turn around in India? What does Novelis IPO mean for Hindalco investors? What is Mumbai Megapolis Metaverse? Answers here

Indian banks' rush for clients set for reckoning after Paytm fiasco

India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank