Budget hotel aggregator OYO Rooms, run by Oravel Stays Pvt. Ltd, narrowed its losses for the financial year ended March 2017 to Rs 325 crore from Rs 496 crore in the previous year, said a post on the company website.
The SoftBank-backed firm, however, did not disclose its revenue figures for the fiscal.
OYO’s chief financial officer Abhishek Gupta clarified in the post that these were “interim unaudited” numbers.
The hotel aggregator said its gross booking value run rate had risen to $400 million annually in the quarter ended June 2017.
“In the quarter ended June 2017, we witnessed our highest grossing months with total booking value closing just shy of $100 million…Net of cancellations, our average daily realised rooms nights have grown 30% quarter-on-quarter and 1.7X year-on-year,” Gupta said.
“We turned take rate-positive in March 2016 and this number has been trending upwards. In fact, last month, for over 33% of our booking value, we made a net take rate of more than 20%,” he added.
Take rate is the commission that a marketplace charges on sales by third-party players.
The Gurgaon-based firm currently operates 7,000 hotels and 70,000 rooms across more than 200 Indian cities. It is also present in Malaysia and Nepal.
In January, OYO had announced the launch of OYO Townhouse, positioning itself as a friendly neighbourhood hotel.
“Until now, we have been very private about our financial and operating metrics. But, we have realised that this creates a perception that the company is not being forthcoming,” the post further said.
Like this report? Sign up for our daily newsletter to get our top reports.
Leave Your Comment
10 months ago
Chinese hotel operator China Lodging Group Ltd has picked up less than 5% stake...
10 months ago
Branded budget hotels marketplace OYO has raised $250 million (Rs 1,600 crore)...
9 months ago
The mystery over the supposed acquisition of rival Zo Rooms by budget hotel...