Early 2023 may see the OYO Hotels IPO. On Monday, the hotel booking company submitted updated financial information to SEBI. OYO had submitted IPO paperwork in November 2021, but the company’s ambitions for a listing were halted early this year after being hit by the coronavirus outbreak and having to lay off hundreds of employees.
Sales have increased and losses have also come
down Oyo’s operating revenue during the first quarter was Rs 1,459.3 crore. In Q1FY23, the company’s gross booking value per hotel increased by 47%. It was Rs 2.21 lakh in FY22 and was now Rs 3.25 lakh.
44.4% reduction in expenses
According to OYO, their general and administrative costs decreased by 44.4% in FY22. It increased to 515.4 crores in FY22 from 927 crores in FY21. Additionally, employee costs decreased by 26.5% from Rs 1,520.4 crore in FY21 to Rs 1,117.2 crore. According to Oyo, its “storefronts” increased from about 1.57 lakh at the end of FY21 to 1.68 lakh at the end of Q1 FY23.
Following the second quarter’s financial reports’ filing by the fourth quarter of FY23, SEBI may take the Oyo Hotels IPO document into consideration. OYO Hotels can start its IPO by the fourth quarter of FY23 given this pace.
Started in 2013 Oyo
Ritesh Agarwal founded Oyo in 2013 when he was just 19 years old. Affordable hotels were the focus of OYO Rooms. He used to visit hotel employees and build relationships with them. After that, he focused on the hotel’s look and feel, branding, marketing, technical support, and customer management. As a result, the hotel’s business multiplied by two. The idea gained popularity gradually, and money began to flow in.
It quickly expanded across Southeast Asia, China, Europe, and the Americas with help from prominent investors like SoftBank and Lightspeed Venture Partners, focusing on India, Malaysia, Indonesia, and Europe. The startup, however, is now concentrating on India, Malaysia, Indonesia, and Europe. Operations in markets including the US and China have been reduced. The company now has fewer than ten employees.
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