Weeks after one of its vehicles caught fire prompting a government probe into the incident Softbank-backed Ola Electric will now recall around 1,440 of its electric scooters.

Softbank-backed Ola Electric to recall 1,441 electric scooters

Indian hospitality startup Zostel has asked the market regulator to reject an application from SoftBank Group-backed rival Oyo Hotels and Rooms to go public due to a legal tussle between the firms over a deal that fell apart six years ago.

Zostel said Oyo's capital structure was not final and that its draft prospectus filed with the Securities and Exchange Board of India (SEBI) was "replete with material omissions," showed a copy of a letter Zostel sent to SEBI, seen by Reuters.

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Oyo said Zostel's intervention represented "unnecessary and repetitive efforts to create a wrong perception".

"This shows a pattern of Zostel trying to distract Oyo from pursuing its business goals," it said in a statement to Reuters.

Oyo filed papers in late September for an initial public offering (IPO) that will consist of a fresh issue of shares of up to 70 billion rupees ($927.30 million) and an offer for sale of existing shares of as much as 14.30 billion rupees.

It is seeking a valuation of $10 billion to $12 billion, a source told Reuters this month.

Oyo and Zostel have been in a legal battle over a 2015 deal for Oyo to buy some of Zostel's businesses and Zostel to get a 7 per cent&nbsp;stake in Oyo. Though the deal fell through, Zostel has said it is still entitled to the stake, whereas Oyo has said otherwise, arguing they had not reached a definitive agreement.

Zostel has asked a Delhi court to stop Oyo from changing its shareholder structure, including through an IPO, according to a petition previously seen by Reuters.

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In its letter to SEBI dated October&nbsp;11, Zostel said SEBI's regulations prohibit Oyo from making any public offer of its shares since it had not issued the stake to Zostel's shareholders.

Separately, Oyo has challenged an order from a Supreme Court-appointed arbitrator who ruled that the terms of the 2015 deal were binding and that Oyo breached its obligations by failing to execute a definitive agreement.

An Oyo counsel told Reuters late on Monday there was nothing in the order that prevented Oyo from going ahead with its IPO.

Zostel and SEBI did not respond to requests for comment outside regular business hours.

Indian hospitality startup Zostel has asked the market regulator to reject an application from SoftBank Group-backed rival Oyo Hotels and Rooms to go public due to a legal tussle between the firms over a deal that fell apart six years ago.

Indian hospitality startup Zostel has asked the market regulator to reject an application from SoftBank Group-backed rival Oyo Hotels and Rooms to go public due to a legal tussle between the firms over a deal that fell apart six years ago. Zostel said Oyo's capital structure was not final and that its draft prospectus filed with the Securities and Exchange Board of India (SEBI) was "replete with material omissions," showed a copy of a letter Zostel sent to SEBI, seen by Reuters. Also Read | Pandemic saviors, food delivery apps now under fire Oyo said Zostel's intervention represented "unnecessary and repetitive efforts to create a wrong perception". "This shows a pattern of Zostel trying to distract Oyo from pursuing its business goals," it said in a statement to Reuters. Oyo filed papers in late September for an initial public offering (IPO) that will consist of a fresh issue of shares of up to 70 billion rupees ($927.30 million) and an offer for sale of existing shares of as much as 14.30 billion rupees. It is seeking a valuation of $10 billion to $12 billion, a source told Reuters this month. Oyo and Zostel have been in a legal battle over a 2015 deal for Oyo to buy some of Zostel's businesses and Zostel to get a 7 per cent stake in Oyo. Though the deal fell through, Zostel has said it is still entitled to the stake, whereas Oyo has said otherwise, arguing they had not reached a definitive agreement. Zostel has asked a Delhi court to stop Oyo from changing its shareholder structure, including through an IPO, according to a petition previously seen by Reuters. Also Read | Hong Kong Stock Exchange halts trading of Evergrande shares In its letter to SEBI dated October 11, Zostel said SEBI's regulations prohibit Oyo from making any public offer of its shares since it had not issued the stake to Zostel's shareholders. Separately, Oyo has challenged an order from a Supreme Court-appointed arbitrator who ruled that the terms of the 2015 deal were binding and that Oyo breached its obligations by failing to execute a definitive agreement. An Oyo counsel told Reuters late on Monday there was nothing in the order that prevented Oyo from going ahead with its IPO. Zostel and SEBI did not respond to requests for comment outside regular business hours.

India's Zostel asks regulator to reject SoftBank-backed Oyo's IPO filing

Weeks after his billion-dollar bailout of WeWork, <a href="https://www.wionews.com/business-economy/softbanks-oyo-reveals-over-330-million-annual-loss-revenue-surges-valuation-report-264451">SoftBank</a> Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

SoftBank owns 26 per cent&nbsp;of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization.

Son on Friday said the decision to invest in Alibaba was driven by a gut feeling.

Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma.

Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann.

Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO).

Son last month said he misjudged Neumann's character after <a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork </a>formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss.

The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut.

Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University.

Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference.

"Too much guts, sometimes I lose a lot of money," Son responded.

With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds.

"In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting."

That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma. SoftBank owns 26 per cent of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization. Son on Friday said the decision to invest in Alibaba was driven by a gut feeling. Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma. Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann. Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO). Son last month said he misjudged Neumann's character after WeWork formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss. The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut. Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University. Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference. "Too much guts, sometimes I lose a lot of money," Son responded. With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds. "In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting." That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

SoftBank's Son sticks with gut-led investing in chat with Alibaba's Ma

<a href="https://www.wionews.com/business-economy/paytm-raises-1-billion-in-fresh-funding-264351">SoftBank</a>-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday.

The losses highlight a period of rapid expansion by Oyo into markets such as China, the United States, and the United Kingdom, which has made the six-year-old startup one of the world's biggest hotel chains by room count.

Oyo reported a net loss of 23.85 billion rupees ($332 million) in the year to March 2019, compared with a loss of 3.6 billion rupees a year earlier, according to the report filed with India's ministry of corporate affairs. Revenue from operations surged to 64.57 billion rupees ($900 million) from about 14.13 billion rupees a year earlier.

Oyo said in a statement the report contained only "certain provisional financials" for the year ending March 2019. "These are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year."

The report, prepared by a valuer in Gurugram, just south of New Delhi, said the financials for the year to March 2019 were unaudited and all figures were provided by Oyo's management.

The growing losses at <a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">Oyo</a> come as its major investor SoftBank struggles to raise funding for a second investment fund in the wake of the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments like <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">Uber</a>.

SoftBank, which has invested nearly $1 billion in Oyo through its Vision Fund, this month reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at the Vision Fund.

Oyo's operating expenses grew nearly five-fold year-over-year to 61.32 billion rupees, while total expenses hit 90.28 billion rupees, the report showed.

Gurugram-headquartered Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardized amenities at hotels on its network.

SoftBank-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday.

SoftBank-backed Oyo Hotels and Homes' losses ballooned six-fold in the year to March, while its revenue more than quadrupled, a valuation report filed by the India-based hotel chain with local regulators showed on Monday. The losses highlight a period of rapid expansion by Oyo into markets such as China, the United States, and the United Kingdom, which has made the six-year-old startup one of the world's biggest hotel chains by room count. Oyo reported a net loss of 23.85 billion rupees ($332 million) in the year to March 2019, compared with a loss of 3.6 billion rupees a year earlier, according to the report filed with India's ministry of corporate affairs. Revenue from operations surged to 64.57 billion rupees ($900 million) from about 14.13 billion rupees a year earlier. Oyo said in a statement the report contained only "certain provisional financials" for the year ending March 2019. "These are not the final audited financials and the same will be issued later by the company along with the annual report that we issue every year." The report, prepared by a valuer in Gurugram, just south of New Delhi, said the financials for the year to March 2019 were unaudited and all figures were provided by Oyo's management. The growing losses at Oyo come as its major investor SoftBank struggles to raise funding for a second investment fund in the wake of the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments like Uber. SoftBank, which has invested nearly $1 billion in Oyo through its Vision Fund, this month reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at the Vision Fund. Oyo's operating expenses grew nearly five-fold year-over-year to 61.32 billion rupees, while total expenses hit 90.28 billion rupees, the report showed. Gurugram-headquartered Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardized amenities at hotels on its network.

SoftBank's Oyo reveals over $330 million annual loss; Revenue surges: Valuation report

<a href="https://www.wionews.com/world/us-president-donald-trump-praises-apple-chief-tim-cook-for-great-job-in-austin-after-tirade-against-technology-firms-263491">Apple Inc</a> and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion.

The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the US&nbsp;District Court for the Northern District of California with Apple joining as a plaintiff.

Intel and Apple allege that Fortress and firms it either owned or whose patent portfolios it effectively controlled - and which do no make any technology products - stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US&nbsp;antitrust laws.

"Apple has suffered economic harm in the form of litigation costs and diversion of resources away from innovation to respond to these entities' serial nuisance suits," Apple wrote in the complaint.

Fortress and Japanese parent SoftBank did not immediately respond to a request for comment. When <a href="https://www.wionews.com/world/wall-street-set-for-weak-open-amidst-us-china-trade-war-and-hong-kong-crisis-261444">Intel</a> filed the similar lawsuit in October, a Fortress spokesman told Reuters the company was "confident in our business practices and our legal position and view this lawsuit as meritless".

In the filing on Wednesday, Apple said firms connected to Fortress had filed at least 25 lawsuits against the iPhone maker demanding $2.6 billion to $5.1 billion in damages. One of the suits, Apple wrote in its filing, alleged that Apple violated a step-counting patent in its devices with health-tracking apps.

Two Fortress-connected firms, Uniloc USA and Uniloc Luxembourg, "have disclosed that they believe they are entitled to damages of between $1.41 and $2.75 per Apple product, for total damages in the range of $375 to $732 million," Apple wrote in its complaint.

"The apparent precision of the per-unit damages request is a facade; Uniloc USA and Uniloc Luxembourg simply adopted the amounts that Apple sought from Samsung in litigation for Apple's patents," Apple wrote, referring to South Korea's Samsung Electronics Co Ltd.

Intel said it could not comment beyond the court filing. Apple did not immediately respond to a request for comment.

Apple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.

Apple Inc and Intel Corp on Wednesday filed an antitrust lawsuit against Fortress Investment Group, alleging the SoftBank Group Corp unit stockpiled patents to hold up tech firms with lawsuits demanding as much as $5.1 billion. The suit follows an earlier case that Intel filed against Fortress in October. Intel withdrew that suit and on Wednesday filed a new version in the US District Court for the Northern District of California with Apple joining as a plaintiff. Intel and Apple allege that Fortress and firms it either owned or whose patent portfolios it effectively controlled - and which do no make any technology products - stockpiled patents for the primary purpose of suing technology companies and did so in a manner that violated US antitrust laws. "Apple has suffered economic harm in the form of litigation costs and diversion of resources away from innovation to respond to these entities' serial nuisance suits," Apple wrote in the complaint. Fortress and Japanese parent SoftBank did not immediately respond to a request for comment. When Intel filed the similar lawsuit in October, a Fortress spokesman told Reuters the company was "confident in our business practices and our legal position and view this lawsuit as meritless". In the filing on Wednesday, Apple said firms connected to Fortress had filed at least 25 lawsuits against the iPhone maker demanding $2.6 billion to $5.1 billion in damages. One of the suits, Apple wrote in its filing, alleged that Apple violated a step-counting patent in its devices with health-tracking apps. Two Fortress-connected firms, Uniloc USA and Uniloc Luxembourg, "have disclosed that they believe they are entitled to damages of between $1.41 and $2.75 per Apple product, for total damages in the range of $375 to $732 million," Apple wrote in its complaint. "The apparent precision of the per-unit damages request is a facade; Uniloc USA and Uniloc Luxembourg simply adopted the amounts that Apple sought from Samsung in litigation for Apple's patents," Apple wrote, referring to South Korea's Samsung Electronics Co Ltd. Intel said it could not comment beyond the court filing. Apple did not immediately respond to a request for comment.

Apple, Intel file antitrust case against SoftBank- Owned firm over patent practices

Software startup Slack Technologies Inc said it raised $250 million from SoftBank Group Corp and other investors in its latest funding round, boosting the company&#39;s valuation to $5.1 billion.

The latest fund-raising, led by SoftBank through its giant Vision Fund and joined by Accel and other investors, lifted Slack&#39;s total funds raised to $841 million, the enterprise messaging operator said in an emailed statement.

The fund provides resources which will help Slack to run as a cash-generating company and the raise will reduce its dependence on outside financing, Slack Chief Executive Stewart Butterfield said.

In July, sources had told Reuters that Slack was raising $250 million in a new funding round led by SoftBank.

The company in the past has raised money from venture firms including GGV Capital, Spark Capital and Thrive Capital, among others.

Slack&#39;s sizeable funding round reflects the trend of a growing number of $100 million-plus checks pouring into technology startups. In the second quarter this year, there were 34 venture capital deals of $100 million or more, nearly triple the 12 such transactions in the first quarter, according to data firm PitchBook Inc.

These large rounds have helped drive an uptick in startup funding since the end of last year, with venture capitalists investing $15.7 billion in companies during the second quarter this year, a 27 percent increase from the first quarter and making for the strongest quarter in a year, according to Thomson Reuters data.

Bloomberg and Financial Times previously reported the funding deal.

The latest fund-raising, led by SoftBank through its giant Vision Fund and joined by Accel and other investors, lifted Slack's total funds raised to $841 million, the enterprise messaging operator said in an emailed statement.

Software startup Slack Technologies Inc said it raised $250 million from SoftBank Group Corp and other investors in its latest funding round, boosting the company's valuation to $5.1 billion. The latest fund-raising, led by SoftBank through its giant Vision Fund and joined by Accel and other investors, lifted Slack's total funds raised to $841 million, the enterprise messaging operator said in an emailed statement. The fund provides resources which will help Slack to run as a cash-generating company and the raise will reduce its dependence on outside financing, Slack Chief Executive Stewart Butterfield said. In July, sources had told Reuters that Slack was raising $250 million in a new funding round led by SoftBank. The company in the past has raised money from venture firms including GGV Capital, Spark Capital and Thrive Capital, among others. Slack's sizeable funding round reflects the trend of a growing number of $100 million-plus checks pouring into technology startups. In the second quarter this year, there were 34 venture capital deals of $100 million or more, nearly triple the 12 such transactions in the first quarter, according to data firm PitchBook Inc. These large rounds have helped drive an uptick in startup funding since the end of last year, with venture capitalists investing $15.7 billion in companies during the second quarter this year, a 27 percent increase from the first quarter and making for the strongest quarter in a year, according to Thomson Reuters data. Bloomberg and Financial Times previously reported the funding deal.

Slack valued at $5.1 billion after new funding led by SoftBank

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