OYO has $1 billion to fund operations until IPO: CEO Ritesh Agarwal : Bulletin: Business Today
Business Today

OYO has $1 billion to fund operations until IPO: CEO Ritesh Agarwal

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Vivek Punj | December 2, 2020

Auto sector revival hits a speed breaker in November

With the end of the festive season in the middle of November, revival in demand for automobiles in India has started to wane. Three continual months of growth led many to believe a strong revival was well and truly on. Instead, it slowed down 8.92 per cent on annual basis. This confirms auto sector's worst fear that the revival was merely on the back of pent up demand which would be unsustainable beyond festive season.

OYO has $1 billion to fund operations until IPO: CEO Ritesh AgarwalHospitality firm OYO Hotels and Homes is recovering from the coronavirus crisis and has around $1 billion to fund operations until its initial public offering (IPO), founder and group CEO Ritesh Agarwal told employees.The company, which saw its revenue fall sharply after the COVID-19 outbreak, is focussing on getting revenue per available room to 60-80 per cent of pre-pandemic levels across all markets, Agarwal said.

India may not need mass COVID-19 vaccination: ICMR

The government never spoke about vaccinating the entire country against coronavirus, said Union Health Secretary Rajesh Bhushan at the daily briefing on the pandemic on Tuesday. His response came in reaction to a question as to how it will take to vaccinate the entire population. ICMR chief Dr Balram Bhargava emphasised that vaccines would primarily be used to break the chain of COVID-19 transmission. Mass vaccination will not be necessary if this goal is achieved, Dr Bhargava added.

SEBI extends deadline for submission of reports; eases compliance for brokers

Amid the coronavirus pandemic, market watchdog Securities and Exchange Board of India (SEBI) has relaxed compliance requirements for depository  participants, trading members, clearing corporations and KYC registration agencies regarding submission of reports. In a major relief to trading and clearing members, the regulator has extended the deadline for submission of internal audit report and system audit report for the first half-year of FY21 to December 31, 2020.

Ambanis are now twice as rich as Asia's second-richest family

Reliance Industries chief Mukesh Ambani and his family are more than twice as rich as Asia's second-richest family, according to a report that compares the wealth of Asia's 20 richest families. His cumulative wealth of $76 billion has jumped by more than $25 billion since the rankings came out in 2019. While globally many companies and business empires have faced the brunt of the pandemic and incurred serious damages, the Ambanis stood their ground and remained Asia's richest family.

Policybazaar announces insurance products that cover job losses

Policybazaar has launched a new vertical where one can buy insurance products that cover job or income losses. According to Policybazaar, this new vertical will help users to learn about job loss products offered by India's leading insurers like SBI General, Shriram General, Universal Sompo, and Aditya Birla Insurance. The insurance plans not only cover salaried class but even self-employed people.

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