Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<p>Softbank-backed Oyo looks increasingly at risk of a down-round as the Company continues its aggressive expansion plans despite mounting losses. While the Softbank Group's exposure to Oyo might not be large on a NAV basis, we believe that it further puts into question the Vision Fund managers' capabilities.</p>
<p>Oyo is starting to look like another potential WeWork debacle in process. Should the situation worsen for the loss-making hotel operator (the COVID-19 outbreak has to be hurting them badly) and it struggles to raise additional capital, Softbank might even be forced to provide emergency cash infusions - similar to the bailout of WeWork.</p>

Softbank-backed Oyo looks increasingly at risk of a down-round as the Company continues its aggressive expansion plans despite mounting losses. While the Softbank Group's exposure to Oyo might not be large on a NAV basis, we believe that it further puts into question the Vision Fund managers' capabilities.
Oyo is starting to look like another potential WeWork debacle in process. Should the situation worsen for the loss-making hotel operator (the COVID-19 outbreak has to be hurting them badly) and it struggles to raise additional capital, Softbank might even be forced to provide emergency cash infusions - similar to the bailout of WeWork.

Another WeWork Debacle? More Trouble at Softbank's Vision Fund as Oyo Risks Down-Round

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Oyo (1698548D IN)

Another WeWork Debacle? More Trouble at Softbank's Vision Fund as Oyo Risks Down-Round

Softbank-backed Oyo looks increasingly at risk of a down-round as the Company continues its aggressive expansion plans despite mounting losses....

Vincent Fernando, CFA

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