OYO, a hotel startup, got a fresh round of funding of $50 million from InCred Wealth and Investment after a long gap of 3 years. This money will be used for the company’s growth, expansion plans (including buying other companies), and other business goals. The investment values OYO at around $2.38 billion, which is significantly lower than its peak valuation of $9.6 billion in 2021. This means the company’s valuation has dropped by more than 70%.

On a positive note, OYO recently reported its first ever annual profit and its revenue has also been increasing. However, the company decided to hold off on its plans to go public (IPO) for now due to market conditions. They might try again to IPO after raising more capital.pen_sparktunesharemore_vert

JULY 4

CoinDCX acquires Bitoasis

Indian exchange for cryptocurrencies The Middle East and North Africa (MENA) region’s well-known virtual asset trading platform, BitOasis, has been bought by CoinDCX. This is CoinDCX’s first overseas venture following a strategic investment in BitOasis in the previous year.

The BitOasis team will remain in charge of operations under the BitOasis name even after CoinDCX acquires them. Through this acquisition, BitOasis’ MENA market experience—where it has handled over $6 billion in trading volume and drawn over $40 million in funding—is now available to CoinDCX.

Leading cryptocurrency exchange CoinDCX is renowned for its quick deposits and withdrawals in addition to offering a wide range of financial services and products pertaining to cryptocurrencies. In April 2022, the company crossed the $2 billion valuation milestone, having achieved unicorn status (worth exceeding $1 billion) in 2021.