Thursday, March 28

Tag: hotel booking app

OYO Narrowed Losses by 27%, Witnessed Seven Times Revenue Growth In 2017
BUSINESS

OYO Narrowed Losses by 27%, Witnessed Seven Times Revenue Growth In 2017

Online hotel booking startup OYO has narrowed its losses by 27 per cent to Rs 363.7 crore in 2016-17, mainly on account of a high degree of operating leverage in the business model. The company's losses were at Rs 496.8 crore during FY16, OYO said in a release issued here. OYO has witnessed seven times revenue growth at Rs 125 crore in FY17 compared to Rs 17 crore during 2015-16. The revenue growth has been fueled by more than two times growth in room nights and significant improvement in commissions, the company said. OYO continue to focus on steady business growth by making strategic investments in building capabilities, partner relations and market expansion. "2017 has been a watershed year for us. We steered our growth trajectory by upgrading and bringing beautiful living-s...