Travel tech platform Oyo has posted its maiden annual net profit of Rs 100 crore for FY24, founder and group CEO, Ritesh Agarwal said in a post on X on Thursday.
“We had our maiden net profitable financial year at nearly Rs 100 crore. This (January-March) was our eighth consecutive quarter of a positive Ebitda and we also have a cash balance of about Rs 1,000 crore,” Agarwal said, adding that the numbers were provisional, but the audited financials will likely be close to these.
He said that he sees growth ahead, not just in India but also in Oyo’s other key markets of Nordics, South East Asia, the US and UK.
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“While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well,” Agarwal shared.
He also highlighted that global credit rating firm Fitch has also taken note of Oyo’s improved performance and strong cash flows, upgrading its credit rating.
Earlier this week, Fitch Ratings announced it has upgraded the rating of Oyo parent firm Oravel Stays, citing the hospitality company’s improved financial profile.
Fitch upgraded Oravel Stay’s long-term foreign and local currency issuer default ratings to ‘B’ from ‘B-‘ with a ‘Stable’ outlook, according to a statement. It also upgraded the rating on the company’s $660-million senior secured term loan facility due 2026 to ‘B’ from ‘B-‘.
In FY24, Oyo added about 5,000 hotels and 6,000 homes globally.
Oyo is also looking to raise a small round of equity from private investors, including family offices, at a valuation of around $3-4 billion, which will be a decline of 60% from its last discussed valuation of $10 billion. With this, Oyo will join a list of unicorns, which includes Pharmeasy and Udaan, that has recently raised funds in a downround.
From: financialexpress
Financial News
