Oyo Said to Expect Revenue to Increase by 19 Percent to Over Rs. 5,700 Crore in FY23

Oyo's sustained growth in India, Indonesia, the US and the UK and optimisation and synergies in its European business led to better financials.

Advertisement
By Press Trust of India | Updated: 27 March 2023 15:57 IST
Highlights
  • Oyo has sustained growth in India, Indonesia, the US and the UK
  • It ahs also seen relevant optimisation as well as synergies in Europe
  • In January, Oyo was asked by Sebi to refile the draft IPO

Ritesh Agarwal outlined that the key focus areas of Oyo in the calendar year 2023

Photo Credit: Bloomberg

Hospitality and travel-tech firm Oyo estimates its revenue in FY23 to be more than Rs. 5,700 crore, up 19 percent from Rs. 4,780 crore it had recorded in FY22, according to its Founder & Group CEO Ritesh Agarwal. At a town hall on Monday, Agarwal told employees of the firm that Oyo is aspiring to reach adjusted EBITDA of nearly Rs. 800 crore in the next financial year.

Sustained growth in India, Indonesia, the US and the UK and relevant optimisation as well as synergies in its European vacation homes business have led to better financials of the company, he said in a presentation at the gathering with employees.

In the presentation, Agarwal said Oyo's revenue for FY2023 is expected to be over Rs. 5,700 crore, up around 19 percent from the Rs. 4,780 crore achieved in FY2022.

Advertisement

Agarwal outlined that the key focus areas of Oyo in the calendar year 2023 will be on Profit After Tax (PAT) along with consistent momentum in EBITDA; achieve cash flow positive in FY24; cost efficiency and improving contribution margins and making storefront additions, among others.

EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortisation.

He said the company is expected to close FY23 with more than 1.72 lakh storefronts, as compared to 1.69 lakh in FY22, a growth of nearly 2 percent.

Advertisement

When contacted, an Oyo spokesperson declined to comment.

Agarwal told the employees that Oyo has a current cash balance of Rs. 2,700 crore and the company hoped it would end up consuming very little of it for existing operations.

Advertisement

With an improvement in cash flow, Oyo's reliance on external funds has also gradually decreased overtime, he added.

The company reported an adjusted EBITDA of Rs. 63 crore in the first half of FY2023 in its filing with Securities and Exchange Board of India (Sebi) in an update to its Draft Red Herring Prospectus (DRHP).

In January, Oyo was asked by Sebi to refile the draft IPO (Initial Public Offering) papers with certain updates. In September 2021, Oyo had filed preliminary documents with Sebi for a Rs. 8,430 crore-IPO.

Advertisement

The IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around $7-8 billion (roughly Rs. 57,700 crore to Rs. 65,900 crore) instead of the $11 billion (roughly Rs. 90,600 crore) it was targeting initially.


Realme might not want the Mini Capsule to be the defining feature of the Realme C55, but will it end up being one of the phone's most talked-about hardware specifications? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
 

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: OYO, Oyo app, Oyo ceo, Ritesh Agarwal
Advertisement

Related Stories

Popular Mobile Brands
  1. Flipkart Big Billion Days 2025: Best 5G Smartphones You Can't Miss
  2. Juinor OTT Release: Kireeti Reddy and Sreeleela Starrer Arrives on Amazon Prime Video
  3. Sundarakanda OTT Release Date: When and Where to Watch it Online?
  1. Study Links Microbial Colonization to Ancient Meteorite Crater: What You Need to Know
  2. SpaceX Moves Starship to Launch Pad for Final Version 2 Test Flight
  3. NASA Confirms Discovery of 6,000 Exoplanets Beyond Our Solar System
  4. Satellite Observations Record Arctic Sea Ice at Lowest Level of the Year
  5. SpaceX Launches 28 Starlink Satellites on Falcon 9, Booster Lands Safely
  6. Study Suggests Primordial Black Hole Burst as Source of Detected High-Energy Neutrino
  7. Aramm 2 Now Streaming Online: Know Everything About Nayanthara Starrer Tamil Drama
  8. Madharaasi OTT Release Date: When and Where to Watch Psychological Thriller Online?
  9. Odum Kuthira Chaadum Kuthira OTT Release Date: When and Where to Watch Fahadh Faasil Starrer Online?
  10. F1: The Movie to Arrive on Blu-ray Soon, Studio Confirms Release Details
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.