Oyo Records Revenue Of INR 1459 Crore In Q1 The company is internally working towards a January IPO as executives are encouraged by a pick-up in demand

Oyo, a hospitality and travel tech firm, has filed its fresh IPO documents on Monday, stating that the company has reported a revenue of INR 1459 crore in the three-month period ended on June 30, 2022.

As per reports, for FY22, revenue from contract with customers was at INR 4781 crore, In FY21, it was at INR 392 crore, INR 13168 crore at FY20. As per the regulatory filing, Oyo's restated loss for the three-month period stood at INR 414 crore. In the fiscal year ended at March 31, 2022 the company had posted a loss of INR 1940 crore.

As per available reports, the Softbank-backed company currently aims at an initial public offering in early 2023 provided that India's stock market continues to hold up and economic conditions will improve. The company is internally working towards a January IPO as executives are encouraged by a pick-up in demand.

Oyo's number of storefronts stood at 1.68 lakh as on March 31, 2022 whereas it was 168,012 as on June 30, 2022. "The growth in our business was primarily driven by organic growth in the number of storefronts. The decrease in the number of storefronts for the hotels was largely due to the measures that the we took to improve our gross bookings value (GBV) per storefront per month, including temporarily pausing operations for storefronts that were operating at subpar GBV per storefront per moth levels and delivering an unsatisfactory customer experience," said the company in a filing.