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India’s Oyo, once valued at $10 billion, finalizes new financing at $2.5 billion valuation

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Masayoshi Son Delivers Keynote At Annual SoftBank World Event

Oyo, an Indian budget hotel chain startup, is finalizing a new fundraising of around $100 million to $125 million, bringing its valuation right down to $2.5 billion, two people conversant in the matter told TechCrunch.

This marks a pointy decline in the worth of the Gurgaon-based startup, which was price $10 billion in 2019. The startup, struggling to draw institutional investors, has been aggressively acquiring wealthy individuals in recent months.

“We really think this asset makes a whole lot of sense today. Profitability and discount @70% in comparison with the previous valuation. IPO expected in 18-24 months – a representative of InCred, a financial company cooperating with Oyo, forwarded a message (displayed by TechCrunch) to the startup’s founder.

Early last month, TechCrunch reported that Oyo was looking for to boost funding of $3 billion or less. Oyo vehemently denied the “rumours, including valuation rumors” at the time. The size of the new round is more likely to be larger, said the above-mentioned sources, who asked to not be identified since the matter will not be public.

The new funding comes after Oyo shelved its IPO plan last month. The startup – which counts SoftBank, Peak XV Ventures, Lightspeed, Airbnb and Microsoft amongst its backers – has withdrawn its IPO application from India’s markets regulator, the Securities and Exchange Board of India, twice within the last 4 years.

Oyo initially filed papers with SEBI for a 2021 listing but withdrew it and re-filed in 2023. The company, which has raised over $3 billion thus far, sought to boost $1.2 billion at a valuation of $12 billion as a part of an initial public offering in 2021.

Oyo, once considered one of India’s hottest startups, runs an operating system of sorts that helps hoteliers accept digital bookings and payments. The startup once operated in dozens of markets, including the US and Europe, but has since limited its international presence.

Observed net profit of $12 million within the fiscal 12 months ending March, based on founder and CEO Ritesh Agarwal.

Agarwal took out $2 billion in debt in 2019 to extend his stake in Oyo, then valued at $10 billion. It invested $700 million as core capital in Oyo and spent $1.3 billion on secondary purchase of Oyo shares. The startup has not commented on its debt status since then.

Indian newspaper Economic Times also reported in regards to the new financing on Monday, adding that the startup will seek approval from current shareholders for the financing this week.

This article was originally published on : techcrunch.com
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US medical device giant Artivion says hackers stole files during a cybersecurity incident

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Artivion, a medical device company that produces implantable tissue for heart and vascular transplants, says its services have been “disrupted” resulting from a cybersecurity incident.

In 8-K filing In an interview with the SEC on Monday, Georgia-based Artivion, formerly CryoLife, said it became aware of a “cybersecurity incident” that involved the “compromise and encryption” of information on November 21. This suggests that the corporate was attacked by ransomware, but Artivion has not yet confirmed the character of the incident and didn’t immediately reply to TechCrunch’s questions. No major ransomware group has yet claimed responsibility for the attack.

Artivion said it took some systems offline in response to the cyberattack, which the corporate said caused “disruptions to certain ordering and shipping processes.”

Artivion, which reported third-quarter revenue of $95.8 million, said it didn’t expect the incident to have a material impact on the corporate’s funds.

This article was originally published on : techcrunch.com
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It’s a Raspberry Pi 5 in a keyboard and it’s called Raspberry Pi 500

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Manufacturer of single-board computers Raspberry Pi is updating its cute little computer keyboard device with higher specs. Named Raspberry Pi500This successor to the Raspberry Pi 400 is just as powerful as the present Raspberry Pi flagship, the Raspberry Pi 5. It is on the market for purchase now from Raspberry Pi resellers.

The Raspberry Pi 500 is the simplest method to start with the Raspberry Pi because it’s not as intimidating because the Raspberry Pi 5. When you take a look at the Raspberry Pi 500, you do not see any chipsets or PCBs (printed circuit boards). The Raspberry Pi is totally hidden in the familiar housing, the keyboard.

The idea with the Raspberry Pi 500 is you could connect a mouse and a display and you are able to go. If, for instance, you’ve got a relative who uses a very outdated computer with an outdated version of Windows, the Raspberry Pi 500 can easily replace the old PC tower for many computing tasks.

More importantly, this device brings us back to the roots of the Raspberry Pi. Raspberry Pi computers were originally intended for educational applications. Over time, technology enthusiasts and industrial customers began using single-board computers all over the place. (For example, when you’ve ever been to London Heathrow Airport, all of the departures and arrivals boards are there powered by Raspberry Pi.)

Raspberry Pi 500 draws inspiration from the roots of the Raspberry Pi Foundation, a non-profit organization. It’s the right first computer for college. In some ways, it’s a lot better than a Chromebook or iPad because it’s low cost and highly customizable, which inspires creative pondering.

The Raspberry Pi 500 comes with a 32GB SD card that comes pre-installed with Raspberry Pi OS, a Debian-based Linux distribution. It costs $90, which is a slight ($20) price increase over the Raspberry Pi 400.

Only UK and US keyboard variants will probably be available at launch. But versions with French, German, Italian, Japanese, Nordic and Spanish keyboard layouts will probably be available soon. And when you’re in search of a bundle that features all the things you would like, Raspberry Pi also offers a $120 desktop kit that features the Raspberry Pi 500, a mouse, a 27W USB-C power adapter, and a micro-HDMI to HDMI cable.

In other news, Raspberry Pi has announced one other recent thing: the Raspberry Pi monitor. It is a 15.6-inch 1080p monitor that’s priced at $100. Since there are quite a few 1080p portable monitors available on the market, this launch is not as noteworthy because the Pi 500. However, for die-hard Pi fans, there’s now also a Raspberry Pi-branded monitor option available.

Image credits:Raspberry Pi

This article was originally published on : techcrunch.com
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Apple Vision Pro may add support for PlayStation VR controllers

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Vision Pro headset

According to Apple, Apple desires to make its Vision Pro mixed reality device more attractive for gamers and game developers latest report from Bloomberg’s Mark Gurman.

The Vision Pro was presented more as a productivity and media consumption device than a tool geared toward gamers, due partly to its reliance on visual and hand controls moderately than a separate controller.

However, Apple may need gamers if it desires to expand the Vision Pro’s audience, especially since Gurman reports that lower than half one million units have been sold to this point. As such, the corporate has reportedly been in talks with Sony about adding support for PlayStation VR2 handheld controllers, and has also talked to developers about whether they may support the controllers of their games.

Offering more precise control, Apple may also make other forms of software available in Vision Pro, reminiscent of Final Cut Pro or Adobe Photoshop.

This article was originally published on : techcrunch.com
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