NewsMakers
OYO Hotels & Homes seek to raise $1.5B in latest round of financing
A significant part of the funds will be diverted towards continued growth in OYO’s fastest-growing market the US, and in strengthening the company’s position in the vacation rentals business in Europe.
OYO Hotels & Homes, the world’s fastest-growing chain of hotels, homes & living spaces, announced last Monday that it is raising $1.5 billion, as part of its Series F funding round. As a part of this round, RA Hospitality Holdings’ will infuse approximately $700 million as primary capital in the company, with the balance $800 million being supplemented by other existing investors.
A significant part of the funds will be diverted towards continued growth in OYO’s fastest-growing market the US, and in strengthening the company’s position in the vacation rentals business in Europe.
Earlier this year, RA Hospitality Holdings received CCI approval to invest $2 billion in OYO. In order to facilitate this transaction, Lightspeed Venture Partners and Sequoia, are selling part of their shareholding in OYO to help the Founder increase his stake while remaining invested and committed to the company’s long-term mission. Prior to this, OYO had raised over $1 billion in its last financing round, announced on September 2018, led by SoftBank through SoftBank Vision Fund, with participation from existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital and supported by new strategic partners like Airbnb.
OYO Hotels & Homes has emerged as the world’s second-largest hotel, and fastest-growing chain of hotels, homes, living and workspaces, leaving behind several traditional and long-standing hospitality brands. In a short span of 6 years, OYO has expanded its presence to 80+ countries around the world. This fast-paced growth is fueled by the company’s success in China with presence in 338 cities and over 590,000 rooms, followed by fast-paced growth in Indonesia with presence in 100+ cities and over 27,000 rooms, the UK with presence in 30 destinations and over 3,500 rooms, and more recently in the U.S., with presence in 60 cities, 21 states and over 7500 rooms.
This year, the company has seen a 3.8x YoY growth in revenue in Aug 2019 (vs. Aug 2018), with 1.2 million rooms under management across hotels and homes. The company already has a strong balance sheet of ~ $2 bn across group companies, a significant part of which will be further invested in the business, given the company’s focus on maintaining its growth momentum. The company already employs over 20,000 OYOpreneurs and has created economic opportunities for over 300,000 local hospitality enthusiasts around the world.
Commenting on this development, Ritesh Agarwal, Founder & CEO (Global), OYO Hotels & Homes, said, “The continued support of our investors like Softbank Vision Fund, Lightspeed, Sequoia Capital is a testament to the love, trust and relentless support of our asset owners and customers, hard work of all OYOpreneurs, and our commitment to making #LivingTheGoodLife a reality for over 3.2 billion middle-income people around the world. With the CCI approval now in place, the company will get a capital infusion of approximately $1.5 billion to support this mission, supported by me and other shareholders.”
“I am also happy to share that on a Y-O-Y basis, we have seen that not only are we operating profitably at the building level but at the same time our EBITDA has also improved by 50% (on a Y-o-Y basis). The losses as a percentage of NRV have also been on a steady and significant declining curve. The growth across verticals in India and globally has been phenomenal and we truly believe that we will be able to build a truly global brand out of India, while ensuring that the business is run efficiently and with a clear path to profitability. Our immediate goal however is to make forward looking investments so we can achieve our mission, while delivering on our fiduciary responsibility to our investors by building a sustainable business,” added Ritesh.
Known worldwide for its innovative chic offerings that have impacted hospitality experiences positively, OYO Hotels has attracted some of the world’s leading investors, including Airbnb, SoftBank Vision Fund, Lightspeed Venture Partners, Greenoaks Capital, Sequoia India, and Hero Enterprise. With the support of the investors, asset owners around the world and customers, OYO is today a leading player in the hospitality industry in every country where it has a presence.
Opening its doors in 2013, OYO Hotels & Homes is the world’s second-largest chain of hotels, homes, managed living and workspaces. The portfolio combines fully operated real estate comprising of more than 35,000 hotels and 125,000 vacation homes, and over 1.2 million rooms. Additionally, OYO along with Vacation Homes categories managed by the company under OYO Homes, Belvilla, Danland, Dancenter along with Germany-based Traum-Ferienwohnungen brands can be found in more than 800 cities in 80 countries, including the U.S., Europe, U.K., India, Malaysia, Middle East, Indonesia, Philippines, and Japan. The company also has a play in the housing rental business and co-working business in select countries.
For more information, visit https://www.oyorooms.com/.
NewsMakers
Common drug class may increase risk of heart disease
The risk of cardiovascular disease increased in line with how much anticholinergic medication the participants used each year. Those with the highest exposure had a 71 per cent higher risk of a cardiovascular event than people who did not use anticholinergic medication at all.
People who use drugs with anticholinergic effects, including certain antidepressants, drugs for urinary incontinence and common antihistamines, are at higher risk of developing cardiovascular disease.
This is shown in a study from Karolinska Institutet published in BMC Medicine.
Anticholinergic drugs reduce the effect of the neurotransmitter acetylcholine and are commonly prescribed to middle-aged and older people. This large group of drugs includes antihistamines used for allergic conditions, anxiety or insomnia, drugs for urinary incontinence, and certain antidepressants, where tricyclic antidepressants have a strong anticholinergic effect, whereas SSRIs have a weaker effect. A high cumulative use of these drugs, referred to as anticholinergic burden (see fact box), has previously been linked to impaired cognitive ability.
May affect heart regulation
The new study suggests that the drugs may also affect the parasympathetic nervous system and thereby the regulation of the cardiovascular system. The results show that it may be important to monitor the total drug burden in everyday clinical practice.
The study included more than 500,000 people in Stockholm, Sweden, who were 45 years of age or older and had no prior cardiovascular disease, except for hypertension, at the start of the study. The researchers followed the participants for up to 14 years and analysed how the use of anticholinergic drugs was associated with the development of cardiovascular disease.
“Many of these drugs are used by older people and by people with multiple medical conditions. We wanted to investigate whether the total exposure had any significance for the risk of developing cardiovascular disease over time,” says Nanbo Zhu, postdoctoral researcher at the Department of Neurobiology, Care Sciences and Society, Karolinska Institutet.
71 per cent higher cardiac risk
The study showed that the risk of cardiovascular disease increased in line with how much anticholinergic medication the participants used each year. Those with the highest exposure had a 71 per cent higher risk of a cardiovascular event than people who did not use anticholinergic medication at all. The association was seen for all types of cardiovascular disease but was particularly clear for heart failure and various forms of arrhythmia.
“Our results indicate that the cumulative drug burden can affect heart regulation, not only in the short term but also over the long term. This does not mean that the drugs should always be avoided, but that exposure should be monitored carefully,” says Hong Xu, assistant professor at the Department of Neurobiology, Care Sciences and Society.
The researchers point out that the study is observational, meaning it cannot establish a causal relationship. Other factors, such as underlying diseases, may also influence the associations.
The work was carried out within the Stockholm CREAtinine Measurements project in collaboration between several research groups at Karolinska Institutet and Region Stockholm. The study was funded by the Swedish Research Council, the Center for Innovative Medicine Foundation, and other foundations. Some researchers report assignments for the pharmaceutical industry, which are disclosed in the scientific publication.
NewsMakers
Mindfulness practices found to significantly reduce depression symptoms, especially for those with early-life adversity
Mindfulness interventions help by regulating our emotions better when different challenges come up. For someone who has experienced childhood neglect or abuse, mindfulness training can help us make sense of that and respond skillfully to this moment in time.
A new study reveals that mindfulness practices may significantly reduce depression symptoms, particularly in people who have experienced early-life adversity, such as childhood abuse and neglect.
Led by Eric Loucks, professor of medicine, epidemiology, and of behavioral and social sciences and director of the Mindfulness Center at Brown, the study enrolled 201 participants, 101 of whom were randomized into the Mindfulness-Based Blood Pressure Reduction Program, while 100 were randomized into an enhanced usual care control, which included home blood-pressure monitors, physician access and health-education materials. Researchers also had a measure of participants’ early-life adversity, particularly their exposure to abuse or neglect.
Loucks and his team followed participants for six months to assess changes in blood pressure, health behaviors and mental health, finding that those in the mindfulness program showed significant improvements in their depression symptoms. Additionally, participants who experienced childhood neglect showed greater improvements in depression symptoms than those who had not. A similar, though less pronounced, trend was observed among people with a history of childhood abuse.
“In this program, that was primarily designed to lower blood pressure while addressing whole-person health, we also saw that mental well-being, particularly around depression symptoms, improved in participants that went through the program,” Loucks said. “The findings suggest that cultivating mindful self-regulation skills–such such as self-awareness, attention control and emotion regulation–may help interrupt maladaptive patterns shaped by past experiences.”
Over the last 15 years, Loucks has been studying social determinants of health such as early-life adversity and its impacts on cardiovascular health, body mass index and blood pressure. “I came to a point where I wanted to not just document it, but do something about it, and I wondered if mindfulness training might help,” he said. “I’d gone through a lot of mindfulness training myself outside of work and started to get trained up in mindfulness programs that are specific to health contexts.”
Loucks began to study the Mindfulness-Based Stress Reduction program, running it through two clinical trials that were funded by the NIH and finding that it reduced blood pressure in both trials. He also wanted to look at the intervention from a whole-person perspective.
“If we look at everyday folks out in the world, those that had exposure to early life adversity, like abuse and neglect, tend to have worse mental health and also worse cardiovascular health,” Loucks said. “Mindfulness interventions help by regulating our emotions better when different challenges come up. For someone who has experienced childhood neglect or abuse, mindfulness training can help us make sense of that and respond skillfully to this moment in time.”
Loucks discussed this work during a keynote address at the U.S. DOHaD Society this year. “It felt like a coming-home moment to see that this intervention, originally developed to address psychosocial factors that influence health, had even stronger effects among people with early-life adversity, particularly on depression,” he said. “It’s been about a 15-year arc of research that culminated in these findings.”
NewsMakers
High-fiber diet linked to reduced risk of heart disease in night shift workers
A moderate intake of about 19 grams of fibre per day was linked to a lower risk for those who worked night shifts regularly. For those who worked night shifts sporadically, about 15 grams was enough. The current recommendation for adults is about 25 grams of dietary fibre per day.
People who work at night have a higher risk of coronary artery disease, a type of heart disease. A new study suggests that a higher fibre intake in the diet may help reduce this risk. The study included over 220,000 adults in the UK and is published in the European Journal of Epidemiology.
The human body is built to sleep at night. This means that working during the night goes against this natural pattern, and can place additional strain on the body, including the heart. Previous research has linked night work to an increased risk of coronary artery disease. Since night work is often unavoidable, the researchers wanted to investigate whether certain dietary habits might have a protective effect.
More fibre associated with lower risk
The researchers used data from 220,000 adults in the UK Biobank (2006–2010) and divided the participants into three groups:
- Day workers
- Shift workers who worked night shifts sporadically
- Regular night shift workers
The participants had completed a detailed questionnaire about their dietary habits. During a follow-up after about 12 years, it was found that night shift workers who consumed little fibre in their diet had a higher risk of coronary artery disease than those who consumed more fibre.
“A moderate intake of about 19 grams of fibre per day was linked to a lower risk for those who worked night shifts regularly. For those who worked night shifts sporadically, about 15 grams was enough. The current recommendation for adults is about 25 grams of dietary fibre per day,” says Diana Nôga, lead author and researcher at Uppsala University.
The researchers stress that the figures from the study are not official dietary recommendations. But they do show a pattern in this UK study: a higher dietary fibre intake was linked to a lower risk of heart disease among night shift workers.
“The link between fibre and a lower risk of heart disease is not just because those who eat more fibre generally have a healthier lifestyle. We know this because we adjusted for various lifestyle factors in the analysis. One possible explanation, supported by previous research, is that fibre in the diet can improve intestinal flora and also reduce lipids, which can be particularly good for the heart in people who work at night,” says Christian Benedict, senior author of the study and Professor of Pharmacology at Uppsala University.
Dietary fibre can support heart health
According to the researchers, an increased intake of fibre-rich foods such as whole grains, vegetables, fruit, legumes and lentils may be a simple way to improve heart health for night shift workers. However, this requires that you do not have any medical obstacles to doing this, such as chronic gastrointestinal diseases.
“Dietary changes should be seen as a complement to, not a substitute for, other heart health-promoting habits such as not smoking, remaining physically active, and getting enough sleep,” says Diana Nôga.
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