OYO set the ball rolling for its D-Street debut in 2025. The hospitality giant rebranded as PRISM and secured board approval for a massive INR 6,650 Cr IPO. But is the Ritesh Agarwal-led company genuinely ready to take the next big leap?
Beyond The Budget Label: The rebrand to PRISM was more than cosmetic. It marked a strategic pivot from a budget hotel aggregator to a portfolio-led brand operating distinct verticals like Motel6, Townhouse and Sunday. Then, by moving toward boutique and curated inventory, PRISM is betting on higher average daily rates and stronger repeat cohorts in 2026. It is also distancing itself from the discount-heavy mass market.
The Global Shift: Perhaps the most striking development for PRISM in 2025 was its geographic rebalancing. India now contributes just 30% to the top line, matched equally by the US. Europe, too, is emerging as a profitability engine through vacation rentals.
PRISM has now entered the IPO fray with purportedly 12 straight profitable quarters and an FY25 profit of INR 244.8 Cr. Eyeing a valuation of $7-8 Bn, the company is betting that public investors will see it as a scalable, tech-first hospitality platform akin to Marriott or Airbnb, not a traditional travel aggregator.
The Overhang: Yet scrutiny over its IPO looms large. PRISM’s multi-brand architecture remains complex, and integration across thousands of properties will demand time and capital. Making matters worse, most of its global expansion has been debt-driven. The company’s balance sheet remains bogged down by a credit burden exceeding INR 7,000 Cr.
Amid the current state of affairs, does PRISM make a case for a blockbuster IPO? Let’s find out…
India’s ageing population is staring at a health emergency. Chronic lifestyle diseases often surge post the age of 50, but care remains fragmented and reactive rather than preventive. Solving this problem for this niche cohort is Praan.
A Lifestyle-First Bet: Founded in 2024, Praan Health is building a lifestyle-first chronic care platform tailored specifically for people aged 50 and above. Its model is built around four core pillars – strength training to rebuild muscle and mobility, clinical nutrition to correct long-term dietary patterns, medical supervision to manage complex conditions safely, and continuous behavioural accountability to sustain change.
A Guided Journey: Praan runs various programmes that cover more than 25 chronic conditions, from diabetes and hypertension to obesity and arthritis. Users receive doctor-led care, personalised nutrition plans, guided strength coaching and real-time progress tracking through digital tools.
Building Continuous Care: Backed by Rainmatter Investments and WEH Ventures, Praan is currently scaling its clinical teams and deepening its tech stack as India’s ageing population moves from episodic hospital visits to home-based care. So, can Praan Health make lifestyle-first chronic care mainstream?
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