Oyo's revenue surges 4 times to $951 million in FY19, but loss widens too

The SoftBank-backed firm has been reported to have been in the process of laying off close to 2,000 employees as it shifts focus towards profitability

Oyo Hotels & Homes on Monday reported over 4x increase in revenue for the financial year ended March 2019 to $951 million, while consolidated losses widened to $335 million because of expansion to overseas markets, said the home-grown hotel chain. 

“The inherent costs of establishing new markets, including those related to talent, market-entry, operational expenses, among others, resulted in an increase in Oyo’s net-loss percentage in the near-term,” it said in a statement. 

However, in a call with reporters on Monday, Rohit Kapoor, India and South Asia chief executive officer, said the firm is focused on executing a ‘clear path’