Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh Agarwal

Hospitality startup Oyo posted a net profit of Rs 229 crore for 2023-24, founder and chief executive Ritesh Agarwal said in a post on X.

“One big learning for me over the years is under-promise and over-deliver,” he said, while adding that the net profit had exceeded his earlier estimate of Rs 100 crore. “Now with Rs 0.36 EPS (earnings per share) done, now to Re 1 EPS and beyond at FY25. Lots of improvements still left to do. Proud of what we are building together,” he wrote on the microblogging site.



Agarwal said the audited results have been published after adoption by its board, but the financial statements for FY24 were not available with the Registrar of Companies Wednesday evening.

In May, Agarwal had posted on X that the January-March quarter of 2024 was Oyo’s eighth consecutive quarter of positive Ebitda, while providing a provisional number of ₹100 crore for profit after tax.

The same month, the SoftBank-backed firm, founded in 2012, withdrew its regulatory filings to go public and instead went for a private fundraising at a valuation that was significantly lower than the previous round.

Oyo recently closed the deal to raise Rs 1,457 crore from a consortium of investors. The round was led by an entity reportedly floated by Agarwal, which infused Rs 830 crore. The remaining capital was put in by InCred Wealth and some family offices.

This round happened at a valuation of about $2.5 billion, compared with its peak value of $9 billion.

Agarwal did not disclose the revenue figure for 2023-24. ET reported earlier that Oyo, in its recent meetings with investors, projected revenue of $957 million for fiscal 2024, compared with $657 million in FY24. It also forecast a gross booking value of $1.8 billion for FY25, after having closed FY24 at $1.2 billion.

Oyo was hit hard by the pandemic, as did the hospitality industry in general, but has since recovered and also restructured its business.

In India, the Gurugram-based company largely provided hotel aggregation services, while in Europe, it focuses on the home rental business, after having acquired Amsterdam-based Leisure Group in 2019.

It has 95% of storefronts in core growth markets of India, Europe, Malaysia and Indonesia, and has virtually checked out of countries such as the US and China.

The company also operates a premium brand of hotels called ‘Sunday’, which it launched in May 2023, through a joint venture with the SoftBank Group. Earlier this month, the company said it was planning to launch 25 new properties under this brand by March 2025.