In FY18, Oyo India ops revenue jumps three fold

Oyo Hotels and Homes has reported a more than three-fold jump in revenue for its India operations for the year ended March 2018, with the SoftBank-backed hospitality chain also managing to rein in losses for the 12-month period. The firm has also projected a revenue of almost Rs 1,500 crore for the current fiscal which, if met, will again be a three-fold jump over the previous financial year.

For the year ended March 31, 2018, the Gurgaon-based company reported a net loss of Rs 360 crore, a marginal rise from the net loss of Rs 355 crore it had reported in fiscal 2017. 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 told ET.

According to the CFO, Oyo posted stayed room nights, a metric that connotes the company’s occupancy rates at its properties, at 39 million on an annualised basis, compared to 13 million in 2016-17. The numbers are only for the company’s India operations, and do not include results from its international operations, particularly China, which it formally entered in December 2017.

Source:-https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/in-fy18-oyo-india-ops-revenue-jumps-3-fold/articleshow/67844216.cms