Budget hotel brand OYO, backed by SoftBank, plans to double its inventory of 70,000 rooms to 1.5 lakh by the end of next year to cater to growing business and leisure travel in the country. It will add between 10,000 and 20,000 rooms by the end of 2017.
OYO trimmed its losses to Rs 325 crore in the 2016-17 from Rs 496 crore in the previous year, according to a blog posting on its website by CFO Abhishek Gupta dated July 28, 2017. The company’s gross bookings run rate grew to Rs 2,563 crore annually.
According to reports in April, OYO was closing a $250 million funding round led by SoftBank, which was half the amount initially proposed by the Japanese investor this year.
OYO is working on making bookings easier for customers and will provide more details of its properties. Each property will be given a unique number to distinguish it from neighbouring OYO properties and the signages are expected to display the address more clearly. More local residents will be allowed to use OYO as there was growing demand for this facility for various reasons.