Oyo posts first profitable year in FY24

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MUMBAI: Oyo Hotels & Homes has recorded its first profitable year in FY24, posting web income of practically Rs 100 crore, founder Ritesh Agarwal stated on Thursday. “This (January-March quarter) was our eighth consecutive quarter of a positive EBITDA (earnings before interest, taxes, depreciation and amortisation) and we also have a cash balance of about Rs 1,000 crore,” Agarwal stated in a publish on social media platform X, including that the numbers are provisional.EBITDA is a metric of operational profitability.
Oyo is amongst a batch of late-stage startups which have been working in the direction of decreasing money burn, constructing in operational efficiencies and attaining profitability. A world tech downturn and reset in startup valuations nudged corporations to set their financials in order and chase prudent progress. Investors have been sustaining a cautious stance and solely reducing cheques for corporations which have been at the very least capable of reveal a path to profitability. SoftBank-backed Oyo not too long ago withdrew its draft preliminary public providing (IPO) papers with market regulator Securities and Exchange Board of India (SEBI) for the second time and is negotiating with buyers for a fundraise at decrease valuation. The contemporary funding could possibly be at a 70% drop from its peak valuation of $10 billion, TOI had reported final week. Company insiders declare that the Gurgaon-based startup plans to refile IPO papers after refinancing its $450 million mortgage.
Agarwal stated that numerous rising journey developments bodes properly for the hospitality sector. “I see growth ahead not just in India with emerging travel trends such as premiumisation, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK,” Agarwal stated. In FY24, Oyo added about 5,000 lodges and 6,000 properties globally.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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