Oyo Expects Revenue to Increase by 19 Percent to More than Rs 5700 Crore in This Financial Year

Hospitality and travel tech company Oyo expects revenue to grow by 19 per cent to over Rs 5,700 crore in the current financial year. The company’s revenue in the last financial year was around Rs 4,780 crore. Oyo aims to achieve an adjusted EBITDA of around Rs 800 crore in the next financial year.

The company’s founder and group CEO, Ritesh Agarwal, told workers in a townhall that the company’s financials have improved due to strong growth in India as well as the US, UK and Indonesia, as well as better performance of the vacation homes business in Europe . He said that in the current financial year oyo The revenue of the company can increase by about 19 percent to more than 5,700 crores. He told that this year the company’s focus will be on profit after tax and reduction in cost. By the end of this financial year, the company is expected to reach over 1.72 lakh storefronts. This will be about two percent more than the 1.69 lakh storefronts last year.

When contacted, an Oyo spokesperson declined to comment. Aggarwal told that company has a cash balance of Rs 2,700 crore. With the increase in cash flow, OYO’s dependence on external funds has come down. Capital market regulator Sebi had earlier this year asked Oyo to re-file the documents for the initial public offering (IPO) with some changes. The company had filed documents for an IPO of Rs 8,430 crore. Oyo has been delayed in bringing the IPO due to market fluctuations.

Oyo also plans to double the number of its premium hotels in the country. The company said that this year the number of these hotels will be increased by about 1,800. Its premium hotel brands include Townhouse Oak, Oyo Townhouse, Collection O and Capital O. Oyo has around 1,800 premium hotels in the country. Increasing the number of these hotels will help the company capitalize on the rise in business travel. Recently, Oyo had told that the number of premium hotels will be increased in Delhi and Noida in North India, Mumbai in West India, Kolkata in East India and Bangalore, Chennai and Hyderabad in South India.