 "OYO posts over four-fold jump in hotel sales globally to $1.8 bn in 2018")
Hospitality firm OYO on Thursday said it posted over four-fold jump in its hotel sales globally to $1.8 billion in the calendar year 2018.
It had posted a revenue of $0.4 billion for 2017, OYO said in a statement.
"We have had a great year. 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 for the calendar year 2018 representing a 4.3x year-on-year growth," OYO Hotels & Homes Chief Financial Officer Abhishek Gupta said.
Currently, the company is operational in eight countries, he added.
"The revenue growth has been driven by strong underlying business drivers notably increase in exclusive room supply, 5.7 times increase in stayed room nights and consistent increase in commission incomes," the statement said.
Globally, OYO Hotels & Homes is present in over 500 cities across eight countries - India, China, Malaysia, Nepal, the UK, UAE, Indonesia, and the Philippines, with more than 13,000 franchised and leased hotels and over 6,000 homes.