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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Kinnevik AB    KINV B   SE0014684528

KINNEVIK AB

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Kinnevik : Booking app Omio raises $100 million in travel recovery bet

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08/19/2020 | 03:50am EDT
FILE PHOTO: Naren Shaam, the founder-CEO mobility app Omio, speaks during a Reuters interview in Berlin

Berlin travel-booking app Omio said on Wednesday it had raised $100 million in backing to expand its business and make acquisitions as the industry recovers from the blow dealt by the COVID-19 pandemic.

At the height of the viral outbreak, Omio went into "keep-the-lights-on" mode and put 90% of its staff on furlough, founder and CEO Naren Shaam told Reuters, but its team of 350 is now working again at full strength.

The company, which offers travel search and bookings for flights, trains, buses and other forms of transport, said it was seeing a shift away from air towards ground travel.

That shift supports margins, but purchases and distances travelled are smaller, said Shaam. More people are also booking at the last minute, putting a premium on the flexibility offered by its smartphone app, he added.

Bookings though the platform are back above half pre-pandemic levels in Omio's core markets of Germany and France although it is still beaten down in the United States, which it entered at the start of this year.

"Business is coming back much stronger than we expected," the Indian-born, Harvard-educated entrepreneur said in an interview.

Existing and new investors took part in the round, including Singaporean wealth fund Temasek, Sweden's Kinnevik, Goldman Sachs, NEA - a backer of U.S. share trading app Robinhood - and Kleiner Perkins.

The round took the form of convertible notes that investors will be able to switch, at a discount, into shares in Omio when it holds its next equity fund raising.

Shaam said it would be at least a couple of years before he starts thinking about another equity round. Omio had previously attracted $296 million from investors.

Omio is reviewing "a lot of opportunities" for acquisitions, he added, having bought Australian route-discovery specialist Rome2Rio last October.

By Douglas Busvine


Stocks mentioned in the article
ChangeLast1st jan.
KINNEVIK AB -0.27% 362.5 Delayed Quote.58.54%
THE GOLDMAN SACHS GROUP, INC. 0.08% 189.8459 Delayed Quote.-17.40%
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Financials
Sales 2020 1 016 M 114 M 114 M
Net income 2020 21 346 M 2 398 M 2 398 M
Net Debt 2020 2 620 M 294 M 294 M
P/E ratio 2020 4,70x
Yield 2020 1,61%
Capitalization 101 B 11 423 M 11 347 M
EV / Sales 2020 102x
EV / Sales 2021 86,7x
Nbr of Employees 40
Free-Float 82,5%
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Technical analysis trends KINNEVIK AB
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 8
Average target price 388,67 SEK
Last Close Price 364,05 SEK
Spread / Highest target 20,3%
Spread / Average Target 6,76%
Spread / Lowest Target -23,6%
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Managers
NameTitle
Georgi Martin Ganev Chief Executive Officer
Amelia Chilcott Fawcett Chairman
Erika Johanna Söderberg Johnson Chief Financial Officer
Wilhelm Klingspor Independent Director
Henrik Poulsen Deputy Chairman
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