While operating revenue was INR 416 crore (approximately US$58 million), its overall net loss was INR 360 crore (approximately US$ 50 million) in 2018's fiscal year. Gurugram-based hospitality unicorn, OYO Hotels and Homes, has reported that it expects a revenue of around INR 1,500 crore (approximately US$210 million) for the current fiscal year, 2019.
The company also reported a net loss INR 360 crore (US$50.2 million) in FY 2017-18.
The SoftBank-backed hospitality chain projected that it would generate a revenue of almost INR 1,400 crore ($209.5 million) for the current fiscal year. “The revenue growth has been driven by strong underlying business drivers, with notable increase in exclusive room supply, two times increase in stayed room nights and consistent margin expansion,” OYO said in a statement.
According to OYO finance head Abhishek Gupta, the rise was primarily due to spends on technology, team building and further investments in newer categories that it entered during the previous financial year.
“To maintain this 3x growth year-on-year, the machine needs to be bigger and invest, ahead of time, in people and technology. We have also invested in new categories, which, while leaders in their respective segments are still nascent businesses,” Gupta said.
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