Analysis, guides and explainers on India's unlisted market — from IPO pipelines to ESOP liquidity.
<p data-pm-slice="1 1 []">Care Health Insurance, one of India’s fast-growing standalone health insurers, reported a significant jump in its Gross Written Premium (GWP) for FY25, rising from ₹6,864 Cr in FY24 to ₹8,318 Cr in FY25 — a healthy 21% year-on-year growth. However, despite the impressive growth in topline, the company saw a sharp decline in its profitability. Net profit (PAT) dropped by 49% and EPS halved. This raises a critical question: Why did profitability suffer when premium income surged?</p> <p><strong>1. Claims Incurred Outpaced Premium Growth</strong> One of the clearest reasons for declining profitability is the steep rise in claims incurred. Care Health reported claims of ₹4,096 Cr in FY25, up from ₹3,074 Cr in FY24 — a 33% increase. This is higher than the growth rate in Premium Earned, which stood at just 19% (from ₹5,329 Cr to ₹6,347 Cr).</p> <p>This indicates that for every rupee of premium collected, more was paid out as claims in FY25 compared to the previous year. This could be due to:</p> <ul data-spread="false"> <li> <p>Increased hospitalization costs</p> </li> <li> <p>A higher share of high-claim policies in the portfolio</p> </li> <li> <p>Pricing pressure and competitive undercutting</p> </li> </ul> <p><strong>2. Commission Expenses Rose Sharply</strong> Commission costs rose from ₹1,070 Cr to ₹1,357 Cr, growing 27% YoY. This suggests increased dependence on agents and distribution networks to acquire customers, possibly due to aggressive growth strategies. While this may have supported top-line growth, it has evidently eaten into the operating margin.</p> <p><strong>3. Operating Profit Nearly Wiped Out</strong> Operating profit dropped significantly from ₹356 Cr in FY24 to just ₹49 Cr in FY25. This 86% decline in operating profit underscores that core business operations became far less efficient. Even though NEP grew from ₹6,047 Cr to ₹6,733 Cr, the benefits of this growth were offset by higher claims and commissions.</p> <p><strong>4. Decline in Other Revenue Streams</strong> "Other Revenue" plummeted from ₹81 Cr in FY24 to just ₹9 Cr in FY25. While this component is small compared to core premiums, the reduction indicates fewer auxiliary income opportunities or one-time gains.</p> <p><strong>5. PAT and EPS Slashed by Half</strong> The final impact of all these pressures is seen in bottom-line metrics. PAT dropped from ₹305 Cr to ₹155 Cr and EPS fell from 3.14 to 1.59. Even a rise in income from investments (₹143 Cr to ₹173 Cr) couldn't arrest the fall in net profits.</p> <p><strong>Conclusion</strong> Care Health Insurance's FY25 performance highlights the importance of not just growing premium volumes, but doing so profitably. The company needs to relook at its underwriting practices, customer acquisition costs, and claims management strategies. Unless operating metrics improve, continued GWP growth will not translate into value for shareholders.</p> <p>For investors and analysts, the FY25 numbers are a cautionary tale that <strong>topline growth must be accompanied by margin discipline</strong>. As competition intensifies in India's health insurance sector, sustainable profitability will matter more than just scale.</p>
<h3 data-pm-slice="1 1 []"><strong>Overview</strong></h3> <p>BlackRock, one of the world’s largest asset management firms, is reportedly in advanced talks to invest <strong>₹500 crore</strong> into the <strong>promoter group of B9 Beverages</strong>, the parent company of <strong>Bira91</strong>, via <strong>structured debt</strong>. The funding comes at a critical time when Bira91 is grappling with <strong>liquidity issues</strong>, a sharp drop in sales, and high operational losses.</p> <p>The move is structured in a way that part of the funding will go directly into <strong>B9 Beverages as primary capital</strong>, while another portion will be used by the <strong>founders to buy out early-stage investors</strong>, such as Peak XV Partners (formerly Sequoia India) and Sofina.</p> <p>Additionally, the company plans to launch a <strong>₹100 crore rights issue on May 22</strong>, expected to close by June 2025.</p> <div><hr /></div> <h3>🧾 <strong>What’s Triggering the Liquidity Crunch at Bira91?</strong></h3> <p>Despite having strong brand recall and a youthful image, <strong>Bira91 has faced severe headwinds in FY24</strong>, leading to financial stress:</p> <ol start="1" data-spread="true"> <li> <p><strong>Sharp Revenue and Volume Decline</strong></p> <ul data-spread="false"> <li> <p><strong>Revenue fell 23% YoY</strong> to ₹638 crore in FY24 (from ₹824 crore in FY23).</p> </li> <li> <p><strong>Sales volume dropped</strong> from 9 million cases to just 6–7 million.</p> </li> <li> <p>This led to a <strong>cash flow mismatch</strong> and pressure on working capital.</p> </li> </ul> </li> <li> <p><strong>High Net Losses</strong></p> <ul data-spread="false"> <li> <p>Net loss for FY24 stood at ₹748 crore — a continuation of heavy losses from the previous year (₹445 crore in FY23).</p> </li> <li> <p>The company’s cost structure remains <strong>highly inefficient</strong>, burning cash faster than it can generate revenues.</p> </li> </ul> </li> <li> <p><strong>Operational Disruptions</strong></p> <ul data-spread="false"> <li> <p>A <strong>delay in re-registering product labels</strong> due to a name change temporarily blocked product movement to market, directly affecting sales and liquidity.</p> </li> </ul> </li> <li> <p><strong>Supply Chain & Inventory Pressures</strong></p> <ul data-spread="false"> <li> <p>Like many consumer product companies, Bira has been hit by <strong>supply chain bottlenecks</strong> and the costs of holding unsold inventory.</p> </li> </ul> </li> <li> <p><strong>Investor Exit Pressure</strong></p> <ul data-spread="false"> <li> <p>The company is also attempting to <strong>facilitate exits for early-stage investors</strong>, adding to capital needs at a time when internal accruals are weak.</p> </li> </ul> </li> </ol> <div><hr /></div> <h3>💸 <strong>Deal Structure & Strategic Intent</strong></h3> <ul data-spread="false"> <li> <p><strong>Total Structured Debt</strong>: ₹500 crore from BlackRock</p> </li> <li> <p><strong>Use of Funds</strong>:</p> <ul data-spread="false"> <li> <p>Part will go into <strong>B9 Beverages as capital</strong></p> </li> <li> <p>Part will fund <strong>promoter buybacks of early-stage investors</strong></p> </li> </ul> </li> <li> <p><strong>Tranche-Based Disbursement</strong>: The funding will be split into <strong>two tranches</strong>, subject to performance and compliance metrics.</p> </li> <li> <p><strong>Coupon-Linked Structure</strong>: Expected to be back-ended with a coupon, based on revenue/EBITDA performance</p> </li> </ul> <div><hr /></div> <h3>🧠 <strong>UnlistedZone View</strong></h3> <blockquote> <p>This deal is a <strong>critical capital lifeline</strong> for Bira91 but also highlights the inherent risks in scaling a brand-driven, capital-intensive consumer business. While BlackRock’s entry gives confidence, it is important to note that the <strong>investment is structured debt</strong>, not equity — signaling the <strong>risk-reward tradeoff is skewed toward downside protection</strong> for the investor.</p> </blockquote> <p>Until Bira91 shows <strong>consistent volume recovery</strong>, <strong>margin improvement</strong>, and <strong>operational discipline</strong>, the company may remain dependent on external funding to survive and grow. For unlisted market investors, this serves as a reminder that <strong>brand strength alone is not sufficient</strong> without clear financial sustainability.</p>
<p>In a decisive verdict, the Delhi High Court has nullified the 2021 arbitration award that had upheld Zostel Hospitality's claim to a 7% equity stake in Oravel Stays Pvt. Ltd. (OYO). The Court determined that the award was legally untenable as it relied on a Term Sheet that was explicitly non-binding and hence unenforceable under Indian law.</p> <p><strong>Basis of the Dispute: A Non-Binding Term Sheet</strong><br />The origin of the dispute lies in a Term Sheet signed on November 26, 2015, involving OYO, Zostel, and certain shareholders including Tiger Global and Orios Venture Partners. The document outlined OYO’s potential acquisition of specific Zostel assets—namely its tech platform, IP, employee base, and hotel network—in return for Zostel shareholders receiving a 7% equity stake in OYO. However, the Term Sheet was marked non-binding except for a few provisions such as confidentiality and exclusivity. Importantly, it stated that the transaction would proceed only upon execution of final and definitive agreements.</p> <p><strong>Arbitration Proceedings and Award in 2021</strong><br />When the deal failed to materialize, Zostel initiated arbitration in 2018, alleging it had already transferred its key assets and fulfilled its obligations. On March 6, 2021, the arbitral tribunal sided with Zostel, holding that although the Term Sheet was labeled non-binding, the parties' conduct gave it legal enforceability. The arbitrator stopped short of ordering share allotment but held that Zostel was “entitled” to specific performance and could pursue further proceedings to secure the shares.</p> <p><strong>OYO’s Challenge and the Court’s Verdict</strong><br />OYO contested the arbitral award in the Delhi High Court under Section 34 of the Arbitration and Conciliation Act, 1996. Justice Sachin Datta, who presided over the matter, ruled in favor of OYO on May 13, 2025. The Court held that there was no concluded contract between the parties, and thus, no grounds for awarding specific performance. It noted that the tribunal's decision effectively sought to enforce an incomplete agreement, which runs contrary to established principles of contract law in India.</p> <p><strong>Failure to Establish a Binding Contract</strong><br />A significant portion of the Court’s reasoning focused on the absence of a "consensus ad idem"—a meeting of minds—on essential commercial terms such as the Shareholders’ Agreement, Share Subscription Agreement, and the Business Transfer Agreement. These elements, the Court stressed, are crucial in validating a transaction of this nature. Without mutual agreement on such material components, there can be no enforceable contract, let alone grounds for specific performance.</p> <p><strong>Court’s Disapproval of Tribunal’s Approach</strong><br />The Court also found fault with the arbitral tribunal for not addressing the core relief sought—i.e., the actual issuance of shares to Zostel. Instead, the tribunal allowed Zostel to initiate further legal steps to pursue share allotment. The Court considered this an improper and incomplete adjudication of the dispute. It emphasized that such directions could mislead parties into seeking enforcement of a non-existent agreement, thereby creating legal uncertainty.</p> <p><strong>Public Policy Consideration and Legal Incompatibility</strong><br />One of the most crucial findings was that the award clashed with the public policy of India. Under Section 34(2)(b)(ii) of the Arbitration Act, arbitral awards that conflict with Indian legal principles or public interest can be set aside. The Court concluded that enforcing a non-binding and incomplete document through arbitration was fundamentally flawed and against the public interest, making the award liable to be quashed.</p> <p><strong>Implications for Investors in OYO’s Unlisted Shares</strong><br />This verdict offers important clarity for investors keeping an eye on OYO’s unlisted shares. With the Court rejecting Zostel's claim, the risk of unexpected equity dilution is significantly reduced. This outcome could reinforce investor confidence in OYO’s ownership structure and may positively impact the valuation in the unlisted market. Legal certainty in such high-stakes matters is often a key consideration for institutional and HNI investors dealing in pre-IPO stocks.</p> <p><strong>Final Take: Legal Clarity Reasserted for Private Market Participants</strong><br />The High Court’s decision reaffirms that non-binding documents, even when partially executed in spirit, cannot form the basis of equity claims or enforceable contracts. For participants in the unlisted equity market, especially those tracking OYO’s trajectory, this ruling eliminates a major legal overhang. It signals that courts will uphold contractual discipline and will not permit enforcement of vague or tentative deals—setting a clear precedent for future corporate disputes.</p>
<p>Tata Capital has sanctioned a loan of ₹2,600 crore to GMR Nagpur International Airport Limited (GNIAL), providing critical funding support for the brownfield expansion of Dr. Babasaheb Ambedkar International Airport in Nagpur. This financing marks a significant shift in Tata Capital’s portfolio, highlighting its growing focus on infrastructure lending, especially in aviation and logistics. The move not only strengthens GMR’s position in the airport sector but also reinforces Tata Capital’s presence in long-term infrastructure finance.</p> <p><strong>Project Overview: Upgrading Nagpur’s Aviation Infrastructure</strong><br />The total cost of the airport expansion is estimated at ₹3,275 crore, out of which ₹2,600 crore will be funded through Tata Capital’s loan. The project aims to modernize and expand the airport’s capacity, positioning it as a major aviation hub in central India. The development will include a new terminal with the ability to handle 3 million passengers annually, upgraded cargo facilities with 20,000 metric tonnes of capacity, an advanced runway system, new air traffic control infrastructure, and comprehensive civil and electrical works.</p> <p><strong>GMR’s Role: A Long-Term Vision for Nagpur</strong><br />GMR Nagpur International Airport Limited, a wholly owned subsidiary of GMR Airports Limited, was created to operate and manage the Nagpur airport under a concession agreement. While the company has completed its internal preparations to take over the project, the formal transfer of land from the Airports Authority of India (AAI) is still pending final approval from the Union Cabinet. Once approved, the land currently under AAI, along with surrounding areas owned by the Maharashtra Airport Development Company (MADC), will enable GMR to initiate full-scale development.</p> <p><strong>Legal and Structural Support</strong><br />The loan arrangement has been backed by legal counsel from Cyril Amarchand Mangaldas, ensuring regulatory and compliance oversight for the transaction. This reflects the structured and professionally managed nature of the deal, reducing execution risk and offering more clarity for stakeholders involved in both GMR and Tata Capital.</p> <p><strong>Strategic Significance for Tata Capital</strong><br />This investment is a strategic demonstration of Tata Capital’s shift toward infrastructure financing, a segment with strong long-term growth potential. The company is diversifying its portfolio beyond traditional retail lending by entering capital-intensive sectors backed by long-term, cash-generating assets. The Nagpur airport loan adds to Tata Capital’s credibility as a serious player in structured lending, infrastructure development, and public-private partnership projects.</p> <p><strong>Investment Perspective: Why It Matters</strong><br />For investors, this deal offers a glimpse into the capital allocation discipline and forward-thinking approach of Tata Capital. By funding an infrastructure asset with secure long-term cash flows and strong backing from a trusted operator like GMR, Tata Capital has positioned itself for consistent yield and long-term value creation. Asset-backed lending of this nature helps mitigate risk while building exposure to India’s infrastructure-led growth.</p> <p><strong>Delays and Outlook</strong><br />Although the takeover was initially planned for early May 2025, the delay in land transfer approvals has postponed the formal commencement of GMR’s operations. Despite the temporary hold-up, the financing is in place, and the project is ready to move ahead once the regulatory green light is received. This delay presents an opportunity for investors to assess execution timelines and monitor the project's rollout closely.</p> <p><strong>Conclusion: A Long-Term Bet on India’s Aviation Future</strong><br />Tata Capital’s ₹2,600 crore loan to GMR is a strategic signal of its confidence in India’s infrastructure future, particularly in the aviation sector. With rising demand in Tier-2 cities like Nagpur and a strong private partner in GMR, this move underscores Tata Capital’s ability to identify and back high-impact projects. For investors, this development strengthens Tata Capital’s profile as a stable, growth-oriented lender committed to responsible financing and long-term value creation.</p>
<p>HDB Financial Services, a wholly owned subsidiary of HDFC Bank, is staring at a rapidly approaching deadline to list on the stock exchanges. Under the Reserve Bank of India’s (RBI) scale-based regulatory framework, non-banking financial companies (NBFCs) are categorized into different layers based on their size, systemic importance, and risk profile. Among these, entities designated as “upper-layer” are considered to pose relatively higher systemic risks due to their larger balance sheets, significant public interface, and complex operations. To ensure greater transparency, accountability, and regulatory oversight, the RBI mandates that all NBFCs in this upper-layer category must transition to a publicly listed status within a stipulated time frame. The deadline set for this mandatory listing is September 2025. Failure to comply within this timeline could attract regulatory scrutiny or consequences, making it imperative for HDB Financial to complete its IPO process within the prescribed period.</p> <p><br /><strong>IPO Filing and Structure</strong><br />The proposed initial public offering comprises two components — a ₹10,000 crore offer for sale (OFS) by HDFC Bank and a ₹2,500 crore fresh issue aimed at bolstering Tier-I capital and funding future loan growth. If executed as planned, this would be the largest NBFC IPO in India and among the top five public offerings across sectors.</p> <p><strong>SEBI Review Facing Roadblocks</strong><br />Despite its high profile, the IPO has hit a snag. According to media reports, the Securities and Exchange Board of India (SEBI) has yet to provide final observations due to compliance concerns. These include potential violations related to share issuance by unlisted companies, irregularities in employee stock option plans (ESOPs), and a shareholder count that may not meet regulatory requirements.</p> <p>The last known communication between SEBI and the company's merchant bankers occurred in March 2025, suggesting the approval process has stagnated.</p> <p><strong>RBI Extension Likely on the Horizon</strong><br />With the IPO timeline tightening and SEBI approval still pending, industry sources indicate that HDB Financial may formally request the RBI for an extension. While no official confirmation has been made, such a move is seen as a strategic necessity to comply with RBI’s listing mandate and avoid penalties or forced action.</p> <p>An HDFC Bank spokesperson acknowledged the delay in SEBI observations but refrained from commenting on any extension plans, stating: “Our subsidiary, HDB Financial Services, has filed its DRHP with SEBI and awaits final observations.”</p> <p><strong>Operational Timeline and Market Readiness</strong><br />Generally, after regulatory nods, companies take three to four weeks to complete pre-listing activities such as marketing, pricing, and roadshows. With just months left and SEBI’s review ongoing, there’s widespread doubt that HDB can meet its September deadline without formal regulatory leniency.</p> <p><strong>Legal Matters in the Background</strong><br />Adding to the complexity, HDB Financial is also involved in an unrelated legal appeal before the Securities Appellate Tribunal (SAT). Although experts suggest this does not directly affect the IPO, it contributes to the broader compliance environment the company must navigate.</p> <p><strong>Conclusion</strong><br />As things stand, all eyes are on SEBI and RBI. Whether HDB Financial can meet the current deadline or requires regulatory relief could significantly influence not only the company’s future but also HDFC Bank’s strategic capital deployment. With the IPO path temporarily obstructed, a formal extension from the RBI appears increasingly probable — and may be the only way to stay compliant with the NBFC upper-layer mandate.</p>
<p>In a major milestone, travel tech giant OYO has emerged as the most profitable startup in India for the financial year 2024–25. Founder and Group CEO Ritesh Agarwal shared the news during an internal townhall, citing a profit after tax (PAT) of ₹623 crore for the year. This performance, as per unaudited financial statements accessed by media sources, marks a 172% increase compared to the ₹229 crore PAT in FY24.</p> <p><strong>Solid EBITDA and Consistent Profitability</strong></p> <p>OYO’s adjusted EBITDA stood at ₹1,132 crore in FY25, a 27% rise from ₹889 crore posted in the previous fiscal. This result also signifies the company’s tenth consecutive quarter of EBITDA-level profitability, reflecting consistent and disciplined financial operations.</p> <p><strong>Earnings Per Share See Steep Rise</strong></p> <p>One of the key indicators of profitability, Earnings Per Share (EPS), grew significantly in FY25. The company reported EPS of ₹0.93, up from ₹0.36 in FY24, registering a robust 158% year-over-year increase, underlining the improved per-share value for stakeholders.</p> <p><strong>Gross Booking Value Jumps Sharply</strong></p> <p>OYO witnessed a substantial rise in its Gross Booking Value (GBV), which climbed by 54% year-on-year, reaching ₹16,436 crore in FY25. This jump in bookings was largely propelled by the company's premium hospitality segments, such as Townhouse Hotels and Sunday Hotels, both falling under its Company-Serviced Portfolio.</p> <p><strong>Healthy Revenue Growth Fueled by Expansion</strong></p> <p>The company’s total revenue for FY25 stood at ₹6,463 crore, marking a 20% year-on-year growth. This financial leap was supported by its expanding international footprint across India, the UK, Southeast Asia, and the Middle East. Additionally, the integration of G6 Hospitality, a strategic acquisition, contributed positively to this uptick.</p> <p><strong>Record-Breaking Q4 Performance</strong></p> <p>In the fourth quarter alone, OYO posted its strongest numbers to date. The GBV for Q4 FY25 was ₹6,379 crore, up 126% from Q4 of FY24. Revenue for the same quarter came in at ₹1,872 crore, reflecting a 41% year-over-year increase. Meanwhile, adjusted EBITDA reached ₹442 crore, up 61% compared to the same quarter the previous year.</p> <p><strong>Premium Segment Boost Through Sunday Hotels</strong></p> <p>OYO has significantly expanded its premium service offerings over the past year. It launched over 30 Sunday Hotels across prominent regions including India, the UAE, Saudi Arabia, and Southeast Asia. These properties have played a vital role in pushing the company’s premium experience and driving both revenue and bookings.</p> <p><strong>Expanding Global Presence</strong></p> <p>OYO’s current global network is vast and rapidly growing. The platform now manages approximately 22,700 hotels and 1,19,900 homes, along with an active portfolio of 91,300 listings worldwide. This wide-ranging global presence reinforces its dominance in the travel tech and hospitality ecosystem.</p> <p><strong>Conclusion: Strategy-Driven Success</strong></p> <p>OYO’s stellar performance in FY25 reflects its focused business model—centered on scaling premium offerings, expanding global operations, and maintaining financial discipline. The impressive growth in PAT, EBITDA, GBV, EPS, and revenue makes OYO not only a startup success but also a benchmark for sustainable profitability in the tech-driven hospitality sector.</p> <p>With these results, OYO has not just turned a financial corner but has set new standards for what Indian startups can achieve on a global stage.</p>
<p>In a significant leap for Indian quick commerce, BigBasket has introduced drone-based deliveries at an apartment complex in Bengaluru, marking a new chapter in last-mile logistics. This initiative, currently exclusive to the Prestige Falcon City on Kanakapura Road, demonstrates a forward-thinking approach to urban delivery, blending technology and convenience in a real-world setting.</p> <p><strong>1. Inside the Pilot Program</strong><br />Although the drone delivery trial began in March, the project was formally launched only last week, according to BigBasket staff. Under this system, drones transport groceries, medicines, and daily-use items from a nearby dark store to the apartment premises. From there, a dedicated BigBasket delivery executive ensures items are delivered directly to individual flats, minimizing delays and human contact.</p> <p><strong>2. A Unique Collaboration with Residents</strong><br />This initiative represents the first collaboration between a quick commerce player and a residential complex in India. Avinash HV, president of the Bengaluru Apartment Federation (South) and a member of the Prestige Falcon City RWA, explained that the partnership aims to reduce traffic congestion, improve delivery speed, and limit unnecessary foot traffic into the complex. Each drone delivery can handle a payload of up to seven kilograms, and if an order exceeds this, two drones are dispatched to complete the delivery efficiently.</p> <p><strong>3. Faster Than Traditional Methods</strong><br />Despite the six-kilometer distance from BigBasket’s dark store, the drones complete the trip to Prestige Falcon City in just 4 to 5 minutes. This rapid turnaround stands in sharp contrast to traditional two-wheeler deliveries, often delayed by Bengaluru’s infamous traffic. Currently, two drones are in operation to serve the needs of the 2,500-flat complex.</p> <p><strong>4. Powered by Homegrown Drone Tech</strong><br />The drones powering this innovative delivery system are developed by Skye Air Mobility, a startup headquartered in Gurugram. Specializing in aerial logistics, Skye Air has equipped BigBasket with the tools to make drone delivery in densely populated residential areas a reality.</p> <p><strong>5. India’s First Live Drone Delivery in E-Commerce</strong><br />While India has previously witnessed experimental drone deliveries — including blood samples and vaccines — this marks the first live and consistent use of drones for consumer e-commerce deliveries. Attempts by companies like Dunzo and Swiggy had shown promise but did not scale up. Zomato had even acquired a drone firm in 2018, only to exit the venture two years later.</p> <p><strong>6. A Glimpse at the Global Drone Delivery Scene</strong><br />Globally, drone logistics is already in motion. In China, companies like Meituan and Antwork are running commercial drone routes in cities like Shenzhen and Beijing, using specially designed kiosks as drop-off points. These systems handle urban complexity while offering high efficiency, especially for medical deliveries and hard-to-reach places like sections of the Great Wall.</p> <p>In the United States, Amazon has tested drones in remote regions, but has yet to scale the model nationwide. However, India's unique urban challenges — particularly traffic bottlenecks — make it a strong candidate for drone delivery to become mainstream, especially for large housing societies.</p> <p><strong>7. Looking Ahead: The Future of Drone Deliveries</strong><br />Although expansion to other areas in Bengaluru may take time, this pilot could become a blueprint for drone-based logistics in Indian cities. If scaled thoughtfully, drone deliveries could not only speed up e-commerce fulfillment but also optimize urban mobility, reduce carbon emissions, and reshape how India thinks about everyday essentials.</p> <p>BigBasket’s bold move might just signal the beginning of India’s aerial commerce revolution.</p>
<p data-start="334" data-end="721">In a move that signals strategic ambition and market readiness, <strong data-start="398" data-end="425">Oravel Stays Ltd. (OYO)</strong> has announced the acquisition of <strong data-start="459" data-end="484">Key Flickers Pty. Ltd</strong>, an Australian entity, through a <strong data-start="518" data-end="544">share swap arrangement</strong>. The development not only strengthens OYO’s global presence but also positions it for deeper integration of operational and tech capabilities ahead of its much-anticipated IPO.</p> <hr data-start="723" data-end="726" /> <h2 data-start="728" data-end="754">1. Transaction Snapshot</h2> <p data-start="756" data-end="1007">The acquisition will be placed before shareholders for approval at an <strong data-start="826" data-end="865">Extraordinary General Meeting (EGM)</strong> scheduled for <strong data-start="880" data-end="897">22nd May 2025</strong>. Instead of cash, OYO will issue <strong data-start="931" data-end="958">28,58,082 equity shares</strong> to acquire 100% equity of Key Flickers Pty. Ltd.</p> <div class="_tableContainer_16hzy_1"> <div class="_tableWrapper_16hzy_14 group flex w-fit flex-col-reverse" tabindex="-1"> <table class="w-fit min-w-(--thread-content-width)" style="width: 64.1645%;" data-start="1009" data-end="1665"> <thead data-start="1009" data-end="1081"> <tr data-start="1009" data-end="1081"> <th style="width: 60.7938%; text-align: center;" data-start="1009" data-end="1043" data-col-size="sm">Particulars</th> <th style="width: 39.3247%; text-align: center;" data-start="1043" data-end="1081" data-col-size="sm">Details</th> </tr> </thead> <tbody data-start="1155" data-end="1665"> <tr data-start="1155" data-end="1227"> <td style="width: 60.7938%; text-align: center;" data-start="1155" data-end="1188" data-col-size="sm">Target Entity</td> <td style="width: 39.3247%; text-align: center;" data-start="1188" data-end="1227" data-col-size="sm">Key Flickers Pty. Ltd (Australia)</td> </tr> <tr data-start="1228" data-end="1300"> <td style="width: 60.7938%; text-align: center;" data-start="1228" data-end="1261" data-col-size="sm">Mode of Acquisition</td> <td style="width: 39.3247%; text-align: center;" data-start="1261" data-end="1300" data-col-size="sm">Share Swap</td> </tr> <tr data-start="1301" data-end="1373"> <td style="width: 60.7938%; text-align: center;" data-start="1301" data-end="1334" data-col-size="sm">New Shares to Be Issued</td> <td style="width: 39.3247%; text-align: center;" data-col-size="sm" data-start="1334" data-end="1373">28,58,082</td> </tr> <tr data-start="1374" data-end="1446"> <td style="width: 60.7938%; text-align: center;" data-start="1374" data-end="1407" data-col-size="sm">Share Valuation (per share)</td> <td style="width: 39.3247%; text-align: center;" data-col-size="sm" data-start="1407" data-end="1446">₹57.09</td> </tr> <tr data-start="1447" data-end="1519"> <td style="width: 60.7938%; text-align: center;" data-start="1447" data-end="1480" data-col-size="sm">EGM Date</td> <td style="width: 39.3247%; text-align: center;" data-start="1480" data-end="1519" data-col-size="sm">22-May-2025</td> </tr> <tr data-start="1520" data-end="1592"> <td style="width: 60.7938%; text-align: center;" data-start="1520" data-end="1553" data-col-size="sm">Post-Acquisition Share Count</td> <td style="width: 39.3247%; text-align: center;" data-col-size="sm" data-start="1553" data-end="1592">~695 Cr shares</td> </tr> <tr data-start="1593" data-end="1665"> <td style="width: 60.7938%; text-align: center;" data-start="1593" data-end="1626" data-col-size="sm">Implied Valuation</td> <td style="width: 39.3247%; text-align: center;" data-col-size="sm" data-start="1626" data-end="1665">~₹40,000 Cr or $5 Billion USD</td> </tr> </tbody> </table> <div class="sticky end-(--thread-content-margin) h-0 self-end select-none"> <div class="absolute end-0 flex items-end"> </div> </div> </div> </div> <p data-start="1667" data-end="1813">This signals a clear preference for <strong data-start="1703" data-end="1734">capital-efficient expansion</strong>, using equity to fund inorganic growth rather than drawing down cash reserves.</p> <hr data-start="1815" data-end="1818" /> <h2 data-start="1820" data-end="1849">2. FY25 Financial Snapshot</h2> <p data-start="1851" data-end="2056">As per Ritesh Agarwal, OYO has posted a <strong data-start="1868" data-end="1883">strong FY25</strong>, with a <strong data-start="1892" data-end="1918">Profit After Tax (PAT)</strong> of ₹623 crore. This robust performance marks a turnaround from previous losses and validates its asset-light, tech-driven business model.</p> <hr data-start="2058" data-end="2061" /> <h2 data-start="2063" data-end="2118">3. Valuation & P/E Analysis (Based on FY25 Earnings)</h2> <div class="_tableContainer_16hzy_1"> <div class="_tableWrapper_16hzy_14 group flex w-fit flex-col-reverse" tabindex="-1"> <table class="w-fit min-w-(--thread-content-width)" style="width: 61.8772%;" data-start="2120" data-end="2399"> <thead data-start="2120" data-end="2175"> <tr data-start="2120" data-end="2175"> <th style="width: 29.7947%; text-align: center;" data-start="2120" data-end="2142" data-col-size="sm">Price per Share (₹)</th> <th style="width: 29.6089%; text-align: center;" data-start="2142" data-end="2162" data-col-size="sm">Market Cap (₹ Cr)</th> <th style="width: 40.5113%; text-align: center;" data-start="2162" data-end="2175" data-col-size="sm">P/E Ratio</th> </tr> </thead> <tbody data-start="2232" data-end="2399"> <tr data-start="2232" data-end="2287"> <td style="width: 29.7947%; text-align: center;" data-start="2232" data-end="2254" data-col-size="sm">₹50</td> <td style="width: 29.6089%; text-align: center;" data-start="2254" data-end="2274" data-col-size="sm">₹34,750 Cr</td> <td style="width: 40.5113%; text-align: center;" data-col-size="sm" data-start="2274" data-end="2287">55x</td> </tr> <tr data-start="2288" data-end="2343"> <td style="width: 29.7947%; text-align: center;" data-start="2288" data-end="2310" data-col-size="sm">₹60</td> <td style="width: 29.6089%; text-align: center;" data-start="2310" data-end="2330" data-col-size="sm">₹41,700 Cr</td> <td style="width: 40.5113%; text-align: center;" data-col-size="sm" data-start="2330" data-end="2343">66x</td> </tr> <tr data-start="2344" data-end="2399"> <td style="width: 29.7947%; text-align: center;" data-start="2344" data-end="2366" data-col-size="sm">₹70</td> <td style="width: 29.6089%; text-align: center;" data-start="2366" data-end="2386" data-col-size="sm">₹48,000 Cr</td> <td style="width: 40.5113%; text-align: center;" data-col-size="sm" data-start="2386" data-end="2399">78x</td> </tr> </tbody> </table> <div class="sticky end-(--thread-content-margin) h-0 self-end select-none"> <div class="absolute end-0 flex items-end"><br /><span class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3"><span class="r-b88u0q">FY26</span> PAT guidance = <strong>₹1,100 Cr</strong> ( expected ) <br /><br />P/E at various price bands (<strong><span class="r-b88u0q">based on FY26E</span></strong>): </span><span class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3"> <br /><br />₹50 → 32x </span><span class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3"> <br />₹60 → 38x </span><span class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3"> <br />₹70 → 44</span></div> </div> </div> </div> <p data-start="2401" data-end="2627"><br />Despite OYO’s rapid growth, excess supply in the unlisted market is capping price movement. The current P/E multiples suggest the market is <strong data-start="2477" data-end="2529">pricing in significant future earnings expansion</strong>. Valuations are rich, but not unprecedented for companies in scale mode with a proven turnaround.</p> <hr data-start="2629" data-end="2632" /> <h2 data-start="2634" data-end="2657">UnlistedZone Take</h2> <p data-start="2659" data-end="2915">This acquisition highlights OYO's maturity as a platform and its capability to pursue <strong data-start="2745" data-end="2771">cross-border expansion</strong> using equity instruments. With <strong data-start="2803" data-end="2819">positive PAT</strong>, reduced burn, and improved operational metrics, OYO is entering FY26 with strong fundamentals.</p> <p data-start="2917" data-end="3084">However, with valuations already touching <strong>55x P/E based on FY25 and 32x P/E based on FY26 </strong><em>( unlisted price of INR 50 is taken for calculation )</em><strong> </strong>, investors should tread with a balanced view—factoring in both growth prospects and valuation premiums.</p> <hr data-start="3086" data-end="3089" /> <p data-start="3091" data-end="3340"><strong data-start="3094" data-end="3109">Bottom Line</strong><br data-start="3109" data-end="3112" />OYO is building momentum—financially and strategically. With this acquisition and an upcoming EGM, investors in the <strong data-start="3228" data-end="3246">unlisted space</strong> should closely track developments that could influence its IPO pricing and investor appetite.</p>
<p>PharmEasy, one of India's leading digital healthcare platforms, has launched a fresh marketing campaign designed to drive adoption and trust in its diagnostic testing services. At the center of this initiative lies a compelling promise—*"on-time or free"*—which directly tackles one of the most frustrating issues customers face: delayed sample collections.</p> <p><strong>A Familiar Jingle Returns with Dancing Uncles</strong></p> <p>The campaign marks the return of the brand’s beloved jingle, "PharmEasy, PharmEasy…Take It Easy,” cleverly set to the nostalgic tune inspired by ‘Urvashi Urvashi’. Alongside this catchy soundtrack are the iconic dancing uncles—two characters who humorously portray everyday situations, like skipping breakfast for fasting tests or having morning routines thrown off by late lab technicians. These scenes are not only relatable but highlight the real inconvenience caused by service delays in the diagnostic space.</p> <p><strong>Humour Meets Serious Healthcare Challenges</strong></p> <p>Crafted by independent creative agency BusyPeople, under the direction of Garima Khandelwal, the campaign strikes a balance between entertainment and urgency. “We ensured the core offering was communicated sharply while keeping the tone light and entertaining,” said Khandelwal, emphasizing the blend of relatability and brand identity.</p> <p><strong>Solving a Key Pain Point with a Strong Commitment</strong></p> <p>In a sector known for missed appointments and uncomfortable early mornings, PharmEasy’s campaign brings forward a much-needed resolution. The "on-time or free" policy ensures that users don’t just book diagnostic tests—they count on them to happen exactly when they expect. “Fasting is already tough—waiting shouldn't make it worse,” stated Siddharth Shah, MD & CEO of API Holdings, the parent company of PharmEasy. “Our message is simple—book your time slot, and we’ll be there. If not, you won’t be charged.”</p> <p><strong>Understanding Real User Frustrations</strong></p> <p>Echoing the same thought, Gaurav Verma, CBO at PharmEasy, noted how every minute feels prolonged when one is fasting and waiting for a test. “Our feature was built with empathy. The customer has already sacrificed comfort to follow through on the test. Showing up on time is the least we can do—it’s how we express care,” he said.</p> <p><strong>Driving Trust and Simplifying Healthcare</strong></p> <p>At its core, this campaign is not just about marketing but about reinforcing trust and reliability in digital healthcare. By eliminating delays and offering accountability, PharmEasy is redefining the diagnostic testing experience—making it faster, simpler, and stress-free for millions of Indians. Through this effort, the brand continues its mission to make quality healthcare more accessible and dependable across the country.</p>
<p>The National Stock Exchange (NSE), India’s largest bourse and the world’s top derivatives exchange by volume, has been attempting to go public since 2016. However, despite multiple efforts, the exchange has not received the regulatory green light due to pending legal issues and corporate governance concerns. Unlike its competitor BSE Ltd., which is already publicly traded, NSE's IPO journey remains stalled.</p> <p><strong>Behind-the-Scenes Appeal to Finance Ministry</strong><br />Sources familiar with the matter claim NSE has approached the Ministry of Finance to help resolve its long-standing regulatory tussle with SEBI. The request came after SEBI failed to issue a no-objection certificate (NOC) following NSE’s March 2025 application. The exchange reportedly urged the ministry to intervene and facilitate dialogue with SEBI’s new leadership in order to break the deadlock.</p> <p><strong>NSE Publicly Refutes Intervention Claims</strong><br />Following the publication of reports suggesting it sought government help, NSE issued a strong denial. The exchange stated it has not communicated with the Government of India about its IPO in the past 30 months. While it remained silent on media queries before the story broke, it later asserted that no such request for intervention had been made, contradicting insider reports.</p> <p><strong>Repeated Attempts Over the Years</strong><br />NSE’s appeal to the finance ministry is not a first. The exchange had previously sought similar support in November 2019, twice during 2020, and again in August 2024. Despite these repeated efforts, the IPO remains in limbo, much to the frustration of major investors including Life Insurance Corporation of India (LIC), State Bank of India (SBI), Morgan Stanley, and Canada Pension Plan Investment Board, all of whom are seeking an exit.</p> <p><strong>SEBI’s Concerns: Governance & Leadership Issues</strong><br />The primary barrier to approval, according to sources within SEBI, is inadequate governance at NSE. One major sticking point is the delayed appointment of a chairman to the board, with SEBI reportedly slow to approve NSE’s nominee submitted in 2022. The regulator has also flagged concerns about the exchange’s top-level hiring practices, though NSE maintains that its processes fully comply with SEBI norms.</p> <p><strong>Allegations of Regulatory Bias</strong><br />In its internal communication to the finance ministry, NSE reportedly questioned SEBI’s neutrality. The exchange cited recent policy changes affecting the futures and options market, claiming they disproportionately harmed NSE compared to rival BSE. Additionally, it criticized SEBI’s proposal asking exchanges to divest from clearing corporations, arguing that the move could destabilize market operations and increase compliance costs.</p> <p><strong>SEBI Holds Firm on Public Interest</strong><br />Tuhin Kanta Pandey, the new SEBI chairman as of March, has acknowledged the situation publicly. He affirmed that while SEBI is working towards resolving the impasse, commercial objectives will not be prioritized over broader public interest. According to insiders, multiple departments within SEBI remain unconvinced that NSE has addressed all compliance and governance concerns, making the issuance of an NOC unlikely for now.</p> <p><strong>Outlook Remains Uncertain</strong><br />Despite being a cornerstone of India’s financial market infrastructure, NSE's route to the public market remains blocked. Unless governance concerns are conclusively resolved and regulatory confidence is restored, the IPO will likely remain a distant goal. Whether or not the government steps in to mediate, the exchange must now navigate both perception challenges and technical regulatory requirements to move forward.</p>
Indicative prices, company research and your enquiries — in your pocket. Get price notes on the names you follow and reach our team from anywhere.
