Oyo’s Annual Losses Ballooned to $335 Million in 2019
Oyo appears to be taking its once-explosive global expansion strategy down a few notches, and that could be a good thing for the young company in the face of still-uncertain impacts from the coronavirus and the reputational damage it recently suffered. These losses aren't pretty.
Losses for Oyo Hotels & Homes surged to $335 million in fiscal year 2019 compared to $50 million in red ink the year before, as the fast-growing budget hotel chain has been forced to pull back on its sweeping global growth strategy.
Overall, the India-based hospitality startup posted a consolidated revenue of $951 million in fiscal year 2019, a year-on-year growth 4.5 times higher than the reported revenue of $211 million in the previous year.