Hospitality leader Oyo, headed by Ritesh Agarwal, has reported a significant increase in revenue and a narrowed loss for fiscal year 2023 as it moves closer to a public listing.
In FY23, Oyo, formally known as Oravel Stays, recorded consolidated revenue from operations of Rs 5,463.9 crore, compared to Rs 4,781.3 crore in FY22. The company’s loss decreased from Rs 1,941.5 crore to Rs 1,286.5 crore during this period, based on data obtained from the private market intelligence platform PrivateCircle.
Oyo, backed by SoftBank, offers accommodation services through partnerships with both branded and independent hotels. The primary source of revenue for the company is the commissions it earns on these bookings.
For fiscal year 2024, Oyo aims to achieve approximately Rs 800 crore in adjusted Ebitda, as previously reported by BQ Prime.
Ritesh Agarwal mentioned during a town hall presentation in August that the Q1 adjusted Ebitda is nearly on par with what they achieved in Q4 of the previous year, which is typically the strongest quarter.
Oyo is currently awaiting approval for its IPO from the Securities and Exchange Board of India. In March, the company resubmitted its draft red herring prospectus through the pre-filing route.
