Oyo Reduces FY23 Losses to Rs 1,287 Crore, Reports Revenue of Rs 5,464 Crore

In the financial year 2023, Oyo, a hospitality and travel tech startup, has significantly reduced its losses, narrowing them down to Rs 1,287 crore, compared to a loss of Rs 1,942 crore in the previous fiscal year (FY22). This improvement is a positive sign for the company's financial performance.

Oyo also reported increased revenues in FY23, totaling Rs 5,464 crore, up from Rs 4,781 crore in the previous fiscal year. The company's domestic revenue services showed growth, reaching Rs 1,383 crore, compared to Rs 1,139 crore in FY22. Additionally, Oyo reported income from export revenue services at Rs 4,081 crore, surpassing the Rs 3,642 crore in FY22.

Earlier this year, Oyo's founder, Ritesh Agarwal, mentioned the company's aim to achieve adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) of nearly Rs 800 crore in FY24. He also emphasized the company's commitment to maintaining a healthy cash runway and cost-effective operations.

Oyo had previously filed preliminary documents with the Securities and Exchange Board of India (SEBI) in September 2021 for an Rs 8,430-crore initial public offering (IPO). Subsequently, the company has refiled its draft red herring prospectus (DRHP) with SEBI under the recently introduced pre-filing route. This indicates Oyo's continued interest in going public and is part of its strategic plans for future growth and expansion.