Hello Reader,
The Indian stock markets rejoiced yesterday after a three-day lull as Sensex climbed 300 points while Nifty closed 0.52% higher, at 17,622, despite bearish trends across the world.
Volkswagon is set to embark on a landmark initial public offering (IPO) for luxury sportscar maker Porsche. It’s expected to be the third-largest IPO in Europe as the German carmaker targets a valuation of $75 billion.
Meanwhile, after Dogecoin and Shiba Inu, a new meme coin is set to enter the cryptocurrency space. Called “Big Eyes,” the pre-sale for the new meme coin has already brought in over a million dollars.
In other news, Queen Elizabeth II has finally been laid to rest at Windsor Castle in the UK, marking the end of her 70-year reign.
In today’s newsletter, we will talk about
- OYO turns profitable in Q1 FY23
- Creating immersive metaverse experiences for brands
- StartupXseed’s Fund II closes at Rs 243 crore
Here’s your trivia for today: Which movie was the first to be screened at a film festival?
Hospitality
OYO turns profitable in Q1 FY23
For the first time, hospitality unicorn OYO turned EBITDA positive, reporting Rs 7 crore (~$1 million) in adjusted EBITDA, according to filings with SEBI.
It filed the addendum to the draft red herring prospectus (DRHP) on September 19 for its initial public offering (IPO).
Strong growth momentum:
- OYO saw a 47% growth in monthly gross books value per hotel in Q1 FY23 from the corresponding quarter last fiscal.
- The hospitality giant reported revenue from operations at Rs 1,459.3 crore in Q1 FY23.
- The company’s Adjusted Gross Profit Margin has seen a steady uptick from 33.2% in FY21 to 40.1% in FY22 to 41.3% in Q1 FY23.
Metaverse
Creating immersive metaverse experiences for brands
XR Central offers ‘metaverse as a service’ by ideating, offering consultation, and preparing storyboards for companies to reach out to customers or connect with employees.
It also creates metaverse experiences for companies looking to tap into an audience that seeks interactive, enticing experiences in a vast, virtual setup.
Metaverse as a Service:
- XR Central has launched MetaQube—a DIY no-code SaaS platform for brands to create a metaverse experience within minutes.
- It has partnered with 25 brands, including SpiceJet, Mercedes Benz, Accenture, HCL, Siemens, Axalta, etc.
- As a tribute to Lata Mangeshkar, the startup created an interactive jukebox featuring songs from every decade of the singer’s career.
Funding
StartupXseed’s Fund II closes at Rs 243 crore
Early-stage B2B VC firm StartupXseed announced the final close of its Fund II at Rs 243 crore commitment.
“On the investments, we primarily look at solutions where the convergence of new business models and technologies is imperative,” said Ravi Thakur, co-founding partner of the fund.
Key points:
- The final close of Fund II is 20% more than initially targeted.
- The typical first cheque size will be between Rs 5-12 crore.
- StartupXseed has invested in sectors including deeptech, B2B, SaaS, and spacetech.
News & updates
- Markets talk: The stock market downturn since the start of the year has caused the longest drought in US technology listings this century, with experts cautious about the pace of a revival even after tentative signs of life in other sectors.
- Downsizing: Bed Bath & Beyond has announced dozens of the roughly 150 stores it plans to close. The closures are part of a broader plan to try to stabilize the company’s finances and turn around its declining sales.
- Luxe factor: Ralph Lauren is targeting sales growth over the next three years that’s faster than Wall Street’s estimates, with the fashion brand aiming to pick up new customers and continuing to raise prices.
What you should watch out for
- Annual UN General Assembly in New York starts today.
- Chandigarh to take a final call on EV policy, which was introduced in 2018.
Which movie was the first to be screened at a film festival?
Answer: In 1932, the first-ever film festival was held in Venice, opening with a screening of Dr. Jekyll and Mr. Hyde.
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