Oyo FY23 Revenue Crosses Rs 5,500 Crore, Loss Narrows To Rs 1,941 Crore
The company's loss narrowed from Rs 1,941.5 crore to Rs 1,286.5 crore during the period.
Hospitality major Oyo has posted a spike in its revenue while its loss narrowed for fiscal 2023 as the Ritesh Agarwal-led startup heads for a public listing.
Oyo, which is formally known as Oravel Stays Ltd., posted consolidated revenue from operations of Rs 5,463.9 crore in FY23, compared to Rs 4,781.3 crore in FY22. Its loss narrowed from Rs 1,941.5 crore to Rs 1,286.5 crore during the period, according to earnings sourced from private market intelligence platform PrivateCircle.
SoftBank-backed Oyo provides accommodation services by partnering with branded as well as mom-and-pop hotels. The commission it makes on these bookings is the primary source of revenue for the company.
For fiscal 2024, Oyo is looking to clock about Rs 800 crore in adjusted Ebitda, BQ Prime had earlier reported.
"The Q1 adjusted Ebitda is nearly [the] same as what we achieved in Q4 last year, which is seasonally the strongest quarter," Agarwal told employees during a town hall presentation in August.
Oyo is also currently in the waiting lane for its IPO approval from the Securities and Exchange Board of India. In March, it had refiled its draft red herring prospectus under the pre-filing route.
