TBM Staff - Mumbai According to Business Standard, Oyo poised for a public listing, aims to triple its profit after tax (PAT) to over INR 700 crore for the current financial year, according to founder Ritesh Agarwal. Earlier this year, Oyo reported its first-ever PAT of nearly INR 229 crore for FY24 and achieved a PAT of about INR 132 crore in Q1 FY25, recovering from a INR 108 crore loss in the same quarter last year.
Agarwal highlighted that the company’s growth strategy is driven by its strong presence in key markets like India and Southeast Asia, and achieving profitability in FY24. Additionally, Oyo is seeing steady growth in the United States, opening a new property every three days. Agarwal also noted that Oyo has become the largest value hotel platform in Indonesia and recently expanded its European presence through a deal with Checkmyguest in France.
In mid-August, Oyo raised INR 1,457 crore in a new funding round. Agarwal himself invested INR 830 crore through his wholly-owned entity, Patient Capital, increasing his stake to 32.57% from 29.97%. The round values Oyo at USD 2.4 billion. Since its founding in 2013, Oyo has expanded to over 157,000 storefronts across 35 countries.
