Budget hotels network Oyo is now targeting to grow its number of keys from 70,000 to 1, 80,000 by the end of December 2018. The company does not have any immediate plans to come out with an IPO, its founder and CEO Ritesh Agarwal has hinted.
Raised $250 Million Capital
“We also recently raised $250 million in private capital. So, we have a healthy balance-sheet for the time being,” said Agarwal.
On in the case of opening up to the world is a possibility in the medium term “From my perspective, I don’t think so but again it’s something that I cannot give a specific yes or no answer.”
Occupancy and Demand from Customers
“We (OYO) are already operating with 80 percent-plus occupancies in top cities of India; 70 percent is the national average (for OYO), which means there are enough occupancy and demand from customer,” Agarwal said
Focusing on the Low-Cost and Mid-Market Segment
The Softbank-upheld firm is at present centred on the minimal effort and mid-advertise fragment in India, which Agarwal, said is a four million rooms opportunity, and bringing more decision for its clients.
“In the last three years we have been able to consistently improve and upgrade our quality of services, expand and double our revenues and ensure that we are doing it with very stable margins, Agarwal said.”