As PRISM (formerly OYO) eyes a ₹6,650 Cr IPO, other Indian startups face growth pains and capital pivots in a fast-changing ecosystem.
PRISM (OYO) Eyes ₹6,650 Cr IPO with Rebrand and Global Bet
In a bold reset, OYO rebranded as PRISM in 2025 and secured board approval for a ₹6,650 Cr IPO, positioning itself as a tech-first hospitality platform.
- The rebrand is more than cosmetic — it’s a strategic pivot from budget aggregation to multi-brand, high-margin verticals like Motel6, Townhouse, and Sunday.
- PRISM is now targeting premium stays and curated inventory, seeking higher average daily rates and more loyal cohorts.
Geographic rebalancing is also underway. India now contributes only 30% of total revenue, matched by the US, while Europe’s vacation rental business is turning profitable.
With 12 profitable quarters and a reported FY25 profit of ₹244.8 Cr, PRISM is gunning for a $7–8 Bn valuation, hoping public investors will compare it to Airbnb or Marriott, not just a hotel tech aggregator.
However, concerns persist:
- Its multi-brand complexity and debt-heavy global expansion could pose risks.
- With ₹7,000+ Cr in credit burden, integration and capital discipline will be closely watched.
Skippi Faces Meltdown After Shark Tank Surge
Skippi, the ice lolly brand that rose to fame on Shark Tank India, is now navigating a rough patch.
- Revenue dropped 59% YoY to ₹8.2 Cr in FY25.
- Insiders report salary delays, pending PF deposits, and distributors stuck with unsold stock.
- The brand’s single-SKU model couldn’t scale efficiently, especially in Tier II and III cities.
Despite these setbacks, the company claims it has restructured operations and is targeting ₹100–150 Cr in revenue for FY26.
Bhavish Aggarwal, co-founder of Ola Electric, continued his stock-selling spree, offloading ₹90.3 Cr worth of shares, bringing the three-day total to ₹324.6 Cr.
- Ola said the sale was to repay a ₹260 Cr loan and release pledged shares.
- The stock hit a fresh low of ₹30.79, amid broader troubles:
- Customer dissatisfaction
- Heavy competition from Bajaj, Ather, and TVS
- Market share drop from 18.7% to 7%
- 43% revenue decline YoY
The stock slump and continuing losses signal a critical phase for the once-dominant EV brand.
PhysicsWallah Expands Xylem Stake Amid Edtech Push
PhysicsWallah (PW) has increased its stake in Xylem Learning to 77.27% with a fresh ₹122.9 Cr investment.
- The move is part of a 2023 multi-stage deal to acquire 100% of Xylem, a Kerala-based hybrid edtech firm.
- PW earlier acquired 50% for ₹500 Cr, gradually growing its stake.
- Xylem powers PW’s offline expansion in southern India, with 28 offline centers and growing revenue of ₹322.26 Cr in FY25 (up 43%).
PW is also investing across its portfolio, putting ₹500 Cr into subsidiaries like PenPencil, Finz Fintech, and Knowledge Planet to fund growth.
Travelstack Files DRHP for FabHotels IPO
Travelstack, the parent of FabHotels, has filed its Draft Red Herring Prospectus (DRHP) for an IPO.
- The issue includes a ₹250 Cr fresh share sale and Offer For Sale (OFS) of 2.69 Cr shares.
- The company turned a net profit of ₹32.2 Cr in H1 FY26, on ₹400.4 Cr in revenue, although much of that came from a ₹37.4 Cr deferred tax gain.
Travelstack also runs TravelPlus, a SaaS platform serving 100+ enterprise clients, enabling corporate travel bookings and expense management.
Sahi in Talks for $30 Mn Series B
Sahi, a mobile-first trading platform, is reportedly closing a $30–35 Mn Series B round at a $200 Mn valuation, backed by Accel and Elevation Capital.
- Founded in 2023, Sahi targets professional retail traders with a tech-driven, low-cost model.
- It has already crossed 1 Mn Play Store downloads, gaining traction in a crowded but high-growth fintech segment.
The potential raise would mark its third funding round in two years, showing investor confidence in specialized brokerage apps amid India’s retail trading boom.
OYO, rebranded as PRISM, eyes a ₹6,650 Cr IPO amid a global pivot and profitable streak. Meanwhile, Shark Tank’s Skippi faces a revenue collapse, WinZO battles ED scrutiny, and PhysicsWallah accelerates Xylem expansion. Travelstack and Sahi prepare for their next big funding chapters.
