OYO is FINALLY Profitable 👏👏
OYO is finally profitable, the company has posted a net profit of 229 Crore Rs in FY24, which far exceeded Ritesh Aggarwal’s expectations of 100 Crore Rs profit.
This is massive news for the 12-year-old company, which has already delayed its IPO twice, because of heavy losses.
But it seems, the company has now found a working model, its revenue is seeing a constant increase, and its losses have decreased from 13,000 Crore Rs in FY-20, to a net profit of 229 Crore Rs in FY24.
So what changed?
The first thing the company did was to change its ‘minimum guarantee price’ model; it now works on a revenue-sharing model with hotel owners. This has reduced the fixed costs for the company in a big way.
Next, OYO has moved towards the ‘premiumisation’ of its brand. For this, the company has shut down thousands of properties that weren’t making money and is now focussing on the ones that did.
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