IPO-Bound OYO Posts INR 175 Cr Adjusted EBITDA In Q1
“Our Q1 adjusted EBITDA of around INR 175 Cr makes it an exciting start to the year. If you annualise this outcome, it sets us up for INR 700 Cr adjusted EBITDA this financial year, though, in all likelihood, we will achieve or probably surpass our previously stated target of INR 800 Cr,” OYO founder and CEO Ritesh Agarwal told the employees.
Earlier this year, Agarwal told employees that the startup expected to mark its first full year of EBITDA profitability in FTY23. In the latest town hall meeting, Agarwal also informed employees that OYO added over 1,000 hotels and 3,500 homes to its platform in Q1 FY24.
Ahead of going public in a turbulent market, OYO has doubled down on its profitability goals in the past few quarters. Credit rating agency Moody’s projected earlier this year that OYO would continue to remain EBIDTA positive in FY24.
OYO first filed the draft red herring prospectus (DRHP) for its initial public offering (IPO) in September 2021 and initially aimed to raise INR 8,430 Cr ($1.2 Bn). However, it later took the confidential route to pre-file its draft documents and cut the IPO size to $400-$600 Mn (INR 3,286 Cr-INR 4,929).
However, as per a source, OYO is waiting for the market sentiment to recover adequately so that it can go ahead with the IPO plans.
https://inc42.com/buzz/ipo-bound-oyo-posts-inr-175-cr-adjusted-ebitda-in-q1/
