Thursday, June 13, 2024
Outlook India
Outlook Business

Ritesh Agarwal

The beauty services startup aims to achieve 1 million bookings per month in the next five years

Oyo has denied the news, responding to a query, stating that the information is inaccurate and has not been officially confirmed by the company.

The senior executives of Oyo have shared with SEBI the advancements made in Oyo's bottom line and other parameters over the last four quarters, according to the ET.

Oyo founder Ritesh Agarwal stated that the company clocked an adjusted EBITDA of Rs 750 crore in FY23 and expects to clock an adjusted EBITDA of Rs 1,000 crore in FY24.

This announcement comes on the heels of OYO's successful buyback of a portion of its Term Loan B (TLB), totaling Rs1620 crore

The program will focus on high-traffic metros such as Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, Goa, Chennai, and others

The new hotels will be strategically located near the stadiums, ensuring ease of access for cricket fans traveling from around the world to witness their favourite teams in action, OYO said in a statement

Gangtok, Darjeeling, and Shillong in the East; and Lonavala and Mahabaleshwar in the West will also see new OYO hotels, it added

H World Group (HWG), which held 0.78 per cent shareholding in Oravel Stays Ltd runs OYO, sold around one crore shares to a clutch of UAE-based family offices and institutional investors in a series of transactions

The company estimates that the addition of new markets will add over 5,000 listings to the online wedding planning platform. It presently has over 35,000 banquet/venue listings and other related ancillary services on the platform