Ritesh Agarwal, CEO and founder of Oyo / Photo credit: Oyo
Oyo recorded net profits of around US$12 million in the 2023-2024 fiscal year – the first time the company has done so. Founder Ritesh Agarwal shared these details on his X account.
Agarwal added that with these results, Oyo has maintained positive EBITDA for eight consecutive quarters, boosting its cash reserves to US$120 million. The founder said these are “provisional numbers, but the audited financials will likely be close to these.”
The numbers would bring a rare bright spot for the company amid its recent troubles. Last week, Oyo had once again withdrawn its application for a public offering – its second attempt to do so, following an initial filing in 2021 and a re-filing in 2023.
Neither filing was approved by India’s Securities and Exchange Board.
Earlier this month, before announcing the withdrawal of its IPO application, Oyo was reportedly seeking pre-IPO funding at a significantly reduced valuation of US$2 billion to US$2.3 billion. The company, which was valued at US$10 billion in 2019, already reduced its IPO valuation target to US$7 billion in 2022, aiming for a more modest raise at listing.
Despite these difficulties, the company has demonstrated financial progress, reporting an adjusted EBITDA of US$107 million in FY 24 – a significant increase from US$33 million in FY 23, Moneycontrol reported.
See also: From bust to boom: Zomato turns the tide
Editing by Putra Muskita and Dhania Putri Sarahtika
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