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Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal
Economic Times
·
11m ago
Medial
Hospitality startup Oyo announced a net profit of Rs 229 crore for the fiscal year 2023-24, exceeding the founder's earlier estimate of Rs 100 crore. The audited results have been published after adoption by its board, but the financial statements for FY24 were not available with the Registrar of Companies. Oyo recently raised Rs 1,457 crore in funding at a valuation of about $2.5 billion. The company has rebounded from the pandemic and restructured its business, focusing on core growth markets. It also operates a premium brand of hotels called 'Sunday'.
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OYO races to IPO as debt deadline looms
YourStory
·
5m ago
Medial
Travel tech platform OYO is expediting its IPO plans due to a debt repayment deadline, while creditors demand founder Ritesh Agarwal to settle a $383 million loan. OYO had to pause IPO efforts due to the pandemic but is now reconsidering a $5 billion valuation listing. The company recorded Rs 5,541.6 crore in revenue and a net profit for FY24, with strategic moves including acquisitions and upgrades from credit agencies. Agarwal recently invested $95 million.
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Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million
Economic Times
·
7m ago
Medial
Hospitality startup Oyo has acquired G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, for $525 million. This acquisition is expected to boost Oyo's earnings and significantly enhance its presence in North America. The transaction adds approximately 1,500 franchised hotels to Oyo's portfolio and is projected to generate a gross booking value of around $3 billion. Oyo's founder, Ritesh Agarwal, is also planning to increase his stake in the company by buying additional shares worth Rs 550 crore. Oyo reported its first-ever profit after tax of approximately Rs 229 crore in FY24.
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OYO Looking To Triple PAT To INR 700 Cr In FY25: Ritesh Agarwal
Inc42
·
11m ago
Medial
OYO founder and CEO, Ritesh Agarwal, announced during a town hall meeting that the company's profit after tax for Q1 FY25 reached INR 132 Cr. Agarwal highlighted the rapid growth of OYO in international markets, with the opening of a new property every three days. In the previous fiscal year, OYO reported a net loss of INR 1,286.51 Cr, but in FY24, it achieved a profit after tax of INR 229.57 Cr.
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Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation
Entrackr
·
7m ago
Medial
Oyo raises $65 Mn from Ritesh Agarwal’s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the company’s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyo’s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.
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Oyo to report maiden net profit of Rs 16 crore in ongoing quarter
Economic Times
·
1y ago
Medial
Hospitality company Oyo's parent firm, Oravel Stays, claims to be on the brink of reporting its first-ever profit after tax (PAT) in the current quarter. Founder Ritesh Agarwal, in an email to top management, stated that Q2 FY24 is projected to be Oyo's maiden profitable quarter with a PAT of over INR 16 crore. The company achieved operational profitability in FY23, with an adjusted EBITDA of INR 277 crore. Oyo plans to expand its hotel network after pruning incompatible properties and aims to become an experience-focused offering.
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SoftBank's Sumer Juneja to join Oyo board
Economic Times
·
1y ago
Medial
Sumer Juneja, Managing Partner at SoftBank Vision Fund, is set to join the board of OYO's parent company, Oravel Stays Ltd. The appointment, subject to shareholder approval, highlights SoftBank's support for OYO as it turns profitable. OYO reported its first profitable fiscal year in 2023-24, with net earnings of nearly Rs 100 crore. Juneja's appointment comes after the departure of Munish Varma, SoftBank's previous nominee on OYO's board. SoftBank is showing renewed interest in OYO and aims to boost its growth in international markets. Other board members include founder Ritesh Agarwal and executives from Lightspeed Venture Partners and Starbucks.
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OYO achieves first profitable year with PAT of nearly Rs 100 Cr in FY24, says founder
YourStory
·
1y ago
Medial
Indian hospitality chain OYO has reported a profit after tax of nearly INR 100 crore ($12 million) for fiscal year 2024, marking its eighth consecutive quarter of positive earnings before interest, taxes, depreciation, and amortization (EBITDA). OYO's founder Ritesh Agarwal said the company had its maiden net profitable year and a cash balance of about INR 1,000 crore ($120 million). The company's long-term foreign and local currency issuer default rating was upgraded by rating agency Fitch to 'B' from 'B-' due to its improving financial profile.
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Unpacking Oyo profitability and its financial position in FY24
Entrackr
·
11m ago
Medial
IPO bound Hospitality firm Oyo reported steady revenues during the fiscal year ending March 2024, but the SoftBank-backed company made a turnaround as far as bottomline is concerned. Oyo has posted Rs 230 crore profit in the last fiscal year as compared to Rs 1,286 crore losses in FY23. Oyo’s revenue from operations declined 1.4% to Rs 5,389 crore in FY24 from Rs 5,464 crore in FY23, its consolidated annual report shows. Income from the sale of accommodation services formed 63.8% of the total operating revenue which decreased by 7.3% to Rs 3,441 crore in FY24. Income from commission and bookings brought Rs 1,344 crore to the firm’s coffers. The sale of tour packages, events, cancellation income, and insurance services fees were other revenue drivers for Oyo. The Gurugram-based company also made Rs 153 crore from interest on fixed deposits and gain in foreign exchange difference which took its overall revenue to Rs 5,542 crore in FY24 from Rs 5,602 crore in FY23. See TheKredible for the detailed revenue breakup The cost of its lease rental and service component lease accounted for 50% of its overall cost which declined 8% to Rs 2,885 crore in FY24. This payment was made to hotel owners that includes lease rent and services such as housekeeping, electricity, and maintenance among others. The company’s burn on salaries and other employee benefit schemes nosedived 52% to Rs 744 crore in FY24, primarily due to a reduction in ESOP costs, which fell to Rs 107 crore in FY24 from Rs 363 crore in FY23. Oyo paid Rs 844 crore (around $100 million) in interest during FY24 on the $660 million term loan it secured from various lenders in FY22. Its advertising, commissions, brokerage, legal, IT, and other overheads catalyzed its total expenditure to Rs 5,726 crore in FY24. See TheKredible for the complete expense breakdown Despite the flat revenue, Oyo’s cost-control approach and Rs 453 crore income from exceptional items (mostly a fair value gain of Rs 240 crore on the acquisition of OYO Hotels Cayman and Reversal of financial liability of Rs 249 crore) led Oyo to turn profitable with Rs 239 crore in FY24 as compared to a loss of Rs 1,286 crore in FY23. FY23-FY24 FY23 FY24 EBITDA Margin -4.23% 15.52% Expense/₹ of Op Revenue ₹1.24 ₹1.06 ROCE -8.60% 13.40% With the improved bottom line, Oyo’s ROCE rose to 13.4%, and EBITDA to 15.5%. On a unit level, it spent Rs 1.06 to earn a rupee in FY24. Meanwhile, Oyo has managed to raise $175 million in two tranches of which $100 million was pumped in by the company’s founder Ritesh Agarwal.
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Oyo value to hit ₹32,000 cr as CEO Ritesh invests ₹550 cr: Report
Inshorts
·
8m ago
Medial
Oyo CEO Ritesh Agarwal is set to increase his stake in the company from 30% to 32% by investing another ₹550 crore, reports said. Agarwal will buy over 12.9 crore shares at ₹42.60 apiece and the investment will value Oyo at ₹32,000 crore, reports added. This comes after Agarwal led Oyo's Series G funding round with a ₹830 crore investment.
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Jaipur Resort Files FIR Against OYO for Alleged GST Fraud Over Fake Bookings
OutlookIndia
·
3m ago
Medial
Samskara Resorts in Jaipur has filed a FIR against OYO and its CEO, Ritesh Agarwal, alleging GST fraud through fake bookings that inflated its turnover, resulting in a ₹2.66 crore show cause notice. The complaint accuses OYO of recording fraudulent bookings under Samskara’s name to boost annual turnover and includes charges of cheating, criminal breach of trust, forgery, and conspiracy. This follows claims that OYO submitted inflated bills to the GST office affecting multiple hotels.
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