SoftBank sells another 2% stake in Paytm for Rs 950 crore
In another setback for Paytm’s parent One97 Communications, SoftBank has sold another 2 per cent stake in the company. The 2 per cent stake sale yielded close to Rs 950 crore.
SoftBank-controlled Yahoo Japan has pulled out from its Japanese apartment rental venture with Oyo Hotels and Homes, reports stated on Thursday. This exit is a huge setback for loss-making Indian startup.
Oyo said that it has bought back its shares in Japanese apartment rental company Oyo Life held by internet firm Yahoo Japan, now known as Z Holdings, stated an article released by Reuters. However, the company has not disclosed the amount it paid for the shares.
Oyo expanded at a rapid pace in Indian market as well as in abroad, with a promise to drive up hotel occupancy through its online booking system. But the company faced backlash from the hoteliers who claim that they have been blindsided by hidden charges.
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Following the complaints over its booking procedure, the company has been forced to lay down its expansion plans in Japan, where it also launched hotel reservation platform earlier this year.
Yahoo Japan’s exit comes at a time when the company is facing worst of its times with widening loss in India for Oyo and projections it may not make a profit there and in China until 2022.
(With input from agencies)
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