New documents were filed with SEBI, the company's sales increased and the losses reduced. Oyo files fresh financial documents with Sebi for IPO in early 2023 | NewsBust New documents were filed with SEBI, the company's sales increased and the losses reduced. Oyo files fresh financial documents with Sebi for IPO in early 2023 | NewsBust

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New documents were filed with SEBI, the company’s sales increased and the losses reduced. Oyo files fresh financial documents with Sebi for IPO in early 2023

By Amit - September 19, 2022

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New Delhi3 hours ago

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OYO Hotels IPO may come in early 2023. The hotel-booking company has filed new financial documents with SEBI on Monday. OYO had filed IPO documents in November 2021, but the company’s plans for IPO listing were shelved earlier this year after the coronavirus pandemic hit the company and had to cut thousands of jobs.

Sales have increased and losses have also decreased
The addendum filed by OYO on Monday shows that in the first quarter of FY23, i.e. April, May and June, the company’s sales have increased and losses have come down. OYO’s revenue from operations in the first quarter stood at Rs 1,459.3 crore. The firm has registered a growth of 47% in gross booking value per hotel in Q1FY23. It stood at Rs 3.25 lakh, which was Rs 2.21 lakh in FY22.

44.4% reduction in expenses
OYO claimed that its general and administrative expenses have come down by 44.4% in FY22. In FY22, it became 515.4 crores, which was Rs 927 crores in FY21. Employee expense also declined by 26.5% to Rs 1,117.2 crore from Rs 1,520.4 crore in FY21. Oyo said its ‘storefronts’ stood at 1.68 lakh at the end of Q1FY23, from around 1.57 lakh at the end of FY21.

IPO by Q4 of FY23
Sebi may consider IPO document of Oyo Hotels after submission of financials for the second quarter. Considering this speed, OYO Hotels can launch its IPO by the fourth quarter of FY23.

Oyo was started in 2013
Oyo was started in 2013 by Ritesh Agarwal, who was then 19 years old. OYO Rooms targeted affordable hotels. He used to go to the hoteliers and associate them with him. He then worked on the hotel’s branding, marketing, technology support, customer management and its look and feel. Due to this the business of the hotel increased by 2 times. Gradually the concept started becoming popular and funding started pouring in.

Focus on India, Malaysia, Indonesia and Europe
With the backing of high-profile investors such as SoftBank and Lightspeed Venture Partners, it rapidly expanded into Southeast Asia, China, Europe and the Americas. However, the startup is now focusing on four main regions: India, Malaysia, Indonesia and Europe. It has cut down operations in markets like the US and China. Here now the number of its employees is in single digits.

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Amit

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