Oyo reports six-fold rise in losses
Rapidly expending Oyo Hotels and Homes saw losses widen to $332 million in the year to March 2019.
That represents a six-fold increase compared to the previous year, although revenues more than quadrupled.
The unaudited financial results filed with India’s ministry of corporate affairs come as its main backer SoftBank reported its first quarterly loss for 14 years.
Oyo has spent heavily to enter several new markets in the past few months including the US, UK, Japan and has strengthened its market position in China.
In fact its China operations account for about 40% of its losses.
Since September last year, Oyo raised about $1.3 billion, and is hoping to secure another $1.5 billion in a Series F financing round.
A big chunk of the new funding will go toward bankrolling expansion in the US.
Its own financial projections say it will likely continue to make a loss in its India and China operations until at least 2022.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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