- OYO, an IPO-bound hospitality unicorn, reported a 34% decrease in its net loss to INR 1,286.5 Cr in the financial year 2022-23 (FY23) compared to INR 1,941.5 Cr in the previous fiscal year.
- The startup’s operating revenue saw a 14% increase, rising to INR 5,463.9 Cr in FY23 from INR 4,781.3 Cr in the previous fiscal year. OYO earns revenue from various sources, including sales of accommodation services, commission from bookings, and subscriptions.
- Despite the growth in business, OYO managed to decrease its total expenditure by 3%, from INR 6,985.3 Cr in the previous fiscal year to INR 6,799.6 Cr in FY23.
- The unicorn is currently facing a delay in its IPO plans and is reportedly seeking to raise $250 million from investors.
- OYO’s founder Ritesh Agarwal has been actively steering the company as it navigates the challenges of the hospitality industry and seeks to strengthen its financial position.