OYO Hotels and Homes has said that its hotel sales globally went up by 4.3x from $0.4 billion in 2017 to $1.8 billion in 2018.
OYO Hotels and Homes has said that its hotel sales globally went up by 4.3x from $0.4 billion in 2017 to $1.8 billion in 2018, PTI reported.
“Globally, we have reached over 4,58,000 fully controlled leased and franchised keys (rooms) with a realised value run rate of $1.8 billion,” said its CFO Abhishek Gupta.
Realised value run rate is referred to realised value net of cancellations, discounts and forward bookings annualised on the basis of December of respective year.
The company claimed of soon turning into the world’s largest hotel chain with the number of rooms it continues to add and the realised value run-rate, it said in a statement.
“OYO continues to add more rooms than the top 3 hotel chains combined. The global stayed room nights increase from 6 million in December 2016 to a whopping 75 million in December 2018, with the growth of 5.7x on Y-o-Y basis,” the company said.
The company attributed the revenue growth to “notable increase in exclusive room supply, 5.7 times increase in stayed room nights and consistent increase in commission incomes.”
OYO is currently present in over 500 cities across 8 countries and has more than 13,000 franchised and leased hotels.
Its India business saw a 3.5x growth in its operating revenue to Rs 416 crore in FY18 from Rs 120 crore in the preceding fiscal year, the company said.
OYO India’s revenue estimates for the current fiscal year is more than Rs 1,400 crore along with further 50% improvement in the economics and a 10.4% cut in losses.
73% of the revenue for OYO India came from repeat customers in quarter ending December 2018.
The company claimed that over 93% of its demand is through its own channels instead of third party online travel agents.
OYO recently said that Southeast Asian nation, Indonesia has become its next large market after China and India in less than 3 months of foray in the country.
The company claimed of adding 70 hotels per month and is aiming at 100-city presence by end of 2019 in Indonesia.