Thursday, March 30, 2023

OYO estimates revenue will jump to $751M in FY23, says CEO Ritesh Agarwal

Travel tech firm OYO estimates its revenue in 2022-23 to be $751 million, on the back of which it expects to post its first operating profit in a full year, company Founder and Group CEO Ritesh Agarwal told its employees.

At an employees townhall held this week, Ritesh is understood to have shared how the company has been able to gradually strengthen its financials after overcoming the challenges of the pandemic.

OYO expects its revenue in FY23 to be $751 million, up 19% from $629 million in FY22, he told the employees through a presentation during the town hall. On the back of improving financials, Agarwal said OYO is progressing towards its “first ever full fiscal year of EBITDA profitability”.

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